Compagnie Financière Richemont S.A., commonly known as Richemont, is a Switzerland-based luxury goodsholding company founded in 1988 by South African businessman Johann Rupert. Through its various subsidiaries, Richemont produces and sells jewellery, watches, leather goods, pens, firearms, clothing, and accessories. Richemont is publicly traded as CFR on the SIX Swiss Exchange[2] and the JSE.[3]
As of 2017, Richemont was the third-largest luxury goods company in the world after LVMH and Estée Lauder Companies.[4] As of October 2023, Compagnie Financière Richemont S.A. was the sixth-largest corporation by market capitalization in the Swiss Market Index.[5]
Johann Rupert founded Compagnie Financière Richemont S.A. when he spun off the international assets of Rembrandt Group Ltd. (now Remgro Limited), a South Africa-based company founded in the 1940s by his father, Anton Rupert.[6][7] The division, originally founded on 5 March 1979 as Intercontinental Mining and Resources S.A., was later renamed IMR Group S.A. on 31 March 1987 and finally Richemont S.A. on 17 August 1988. The spin-off was completed on 20 September 1988. The luxury goods investments of Rembrandt Group combined with Rothmans International formed the initial group of Richemont subsidiaries.[8][9]
In October 2008, the Group divested all of its remaining interests in the tobacco industry.[10]
As of 2014, Richemont is the second-largest luxury goods company in the world after LVMH.[11]
In 2015, Richemont's Net-a-Porter Group was merged with the YOOX Group in an all-share transaction.[12][13] In August 2022, Richemont announced the prospective sale of a 47.5% stake in Yoox Net-a-Porter (YNAP) to Farfetch in exchange for Farfetch shares, and the sale of a 3.2% stake to Mohamed Alabbar.[14] In January 2024, Farfetch was acquired by Korean e-commerce company Coupang,[15] and delisted,[16] which ended Richemont's planned sale of the YNAP majority stake.[17][18]
In 2018, Jérôme Lambert was named CEO of Richemont Group.[19]
The compensation of the Richemont group's executives increased by an average of 14% in 2018.[20]
In July 2023, Richemont acquired a 70% stake in Italian shoemaker Gianvito Rossi.[21]
In May 2024, Nicolas Bos, the head of Van Cleef & Arpels was appointed CEO effective June 1 2024, replacing Jérôme Lambert. Jérôme Lambert would stay at Richemont Group as Chief Operating Officer reporting to Bos.[22]
In May 2024, Richemont acquired Italian jewellery brand Vhernier for an undisclosed sum.[23]
Compagnie Financière Richemont S.A. organizes its business activities into three operating divisions: Jewellery Maisons, Specialist Watchmakers, and Other Businesses.[1]
As of 2023, Compagnie Financière Rupert, a Swiss company that holds shares controlled and principally owned by Johann Rupert, was the only significant shareholder of Richemont with 3% or more of the voting rights. It held 6,263,000 Richemont Class "A" shares and 522,000,000 Richemont Class "B" registered shares, representing 10% of the equity of the company and controlling 51% of the company's voting rights.[24]
In 1998, Richemont bought a controlling stake in Shanghai Tang.[29] In July 2017, Richemont announced that it had sold Shanghai Tang to a group of investors headed by Italian entrepreneur Alessandro Bastagli.[30][31]
In 2000, the Group sold its minority stake in Vivendi, representing its exit from all previous media interests, which had included NetHold and Canal+.
Richemont and Mimi So formed a joint venture in 2004,[32][33] Richemont's first investment in an American brand.[34] In 2007, Richemont requested to become the majority partner of the joint venture. Mimi So declined and purchased Richemont's stake in the venture.
Richemont and Polo Ralph Lauren Corporation formed a 50/50 joint venture called The Polo Ralph Lauren Watch and Jewelry Company, S.A.R.L., in March 2007.[35] The joint venture lasted until 2018.[36]
Karimzadeh, Marc (4 January 2004). "Richemont Acquires Stake in Mimi So". Women's Wear Daily. 187 (8). New York: Condé Nast Publications: 3. ISSN0043-7581. Retrieved 21 November 2012. 'We are confident with the backing of Richemont, Mimi So will grow at both retail and wholesale,' [Ed McQuigg] said....We are confident her philosophy and unparalleled talent will translate into significant brand expansion both domestically and internationally for Mimi So.'(subscription required)
"Our Businesses". richemont.com. Compagnie Financière Richemont. 2011. Archived from the original on 2 January 2011. Retrieved 15 January 2011. In 2007, Compagnie Financière Richemont SA and Ralph Lauren combined their expertise to create the Ralph Lauren Watch & Jewelry Company in a joint-venture.
€19.95 billion[1] (2023)
€0.301 billion[1] (2023)
Swiss Market Index companies of Switzerland
Switzerland
