Richemont
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| Type | Public |
|---|---|
| Traded as | SIX: CFR, JSE: CFR[1] |
| Industry | Management |
| Predecessor(s) | Rembrandt Group Limited[2] |
| Founded | Geneva, Switzerland (1988)[3] |
| Founder(s) | Johann Rupert[3] |
| Headquarters | Bellevue, Switzerland[4] |
| Area served | Worldwide |
| Key people | Johann Rupert, Executive Chairman and CEO[5] |
| Services |
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| Revenue |
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| Operating income |
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| Profit |
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| Total assets |
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| Total equity |
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| Owner(s) |
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| Employees |
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| Divisions |
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| Subsidiaries | See article section |
| Website | richemont.com |
Compagnie Financière Richemont SA is a Switzerland-based luxury goods holding company founded in 1988 by South African businessman Johann Rupert. Through its various subsidiaries, Richemont designs, manufactures, distributes and sells premium jewelery, watches, leather goods, writing instruments, clothing and accessories. Richemont is a publicly traded company listed on the SIX Swiss Exchange and on the JSE Securities Exchange.
As of November 2012[update] Compagnie Financière Richemont SA is the sixth largest corporation by market capitalization in the Swiss Market Index. As of 2009[update], Richemont is the third-largest luxury goods company in the world.
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History [edit]
Johan Rupert founded Compagnie Financière Richemont SA in 1988 when he spun out the international assets of Rembrandt Group Ltd. (now Remgro Limited), a South Africa-based company founded in the 1940s by his father, Dr. Anton Rupert.[11][12] The luxury good investments of Rembrandt Group combined with Rothmans International formed the initial group of Richemont subsidiaires.[2][3][13]
In March 2007, Richemont and Polo Ralph Lauren Inc. announced the formation of a 50/50 joint venture, the Polo Ralph Lauren Watch and Jewelery Company SÀRL.[14]
As of November 2012[update] Compagnie Financière Richemont SA is the sixth largest corporation by market capitalization in the Swiss Market Index.[15] As of 2009[update], Richemont is the third-largest luxury goods company in the world, but, losing this position to PPR in 2010 trailing market leader LVMH Moët Hennessy - Louis Vuitton SA.[16]
Organization [edit]
Compagnie Financière Richemont SA organizes its business activities into four operating divisions: Jewellery Maisons, Specialist Watchmakers, Montblanc Maison and Other Businesses.[17] Cartier and Van Cleef and Arpels constitute the Jewellery Maisons. The Specialist Watchmakers group is composed of A. Lange & Söhne, Baume & Mercier, IWC, Jaeger-LeCoultre, Officine Panerai, Piaget, Roger DuBuis, Vacheron Constantin and the Ralph Lauren Watch & Jewelery Co. Montblanc is the sole member of the Montblanc Maison. The Other Businesses division includes Alfred Dunhill, Alaïa, Chloé, Lancel, The Net-A-Porter Group, James Purdey & Sons and Shanghai Tang.[18]
Ownership and control [edit]
The largest significant shareholder of Compagnie Financière Richemont SA is Compagnie Financière Rupert, a Swiss company that hold shares controlled and principally owned by Johann Rupert. Compagnie Financière Rupert owns 522,000,000 Class "B" shares of Compagnie Financière Richemont SA, representing 9.1% of the equity and 50% of the voting rights. Johann Rupert and Compagnie Financière Rupert also hold 2,836,664 class "A" shares or "A" share equivalents as of the end of March 2012.[4]
Investments [edit]
Subsidiaries [edit]
The following companies are wholly owned subsidiaries of Compagnie Financière Richemont SA unless otherwise noted.[19]
- Alfred Dunhill Limited — men's clothing, watches and leather goods; based in London, United Kingdom
- Baume & Mercier SA — watches; based in Geneva, Switzerland
- Société Cartier — jewelery and watches; based in Paris, France
- Chloé International — women's clothing; based in Paris, France
- IWC International Watch Co. AG — watches; based in Schaffhausen, Switzerland
- James Purdey & Sons Limited — firearms, ammunition; based in London, United Kingdom
- Lancel Sogedi — leathergoods; based in Paris, France
- Lange Uhren GmbH — watches; based in Glashütte, Germany
- Maison Azzedine Alaïa — women's fashions; based in Paris, France
- Manufacture Jaeger-LeCoultre SA — watches; based in Le Sentier, Switzerland
- Manufacture Roger Dubuis SA (60%) — watches; based in Geneva, Switzerland
- Montblanc – Simplo GmbH — writing instruments and watches; based in Hamburg, Germany
- Net-A-Porter.com — clothing sold via the Internet; based in London, United Kingdom
- Officine Panerai Marketing e Communicazione Srl — watches; based in Florence, Italy
- Peter Millar — men's and women's apparel; based in Durham, NC, USA
- Piaget SA — jewelery, watches; based in Geneva, Switzerland
- Shanghai Tang — men's and women's fashions; based in Hong Kong, China
- Vacheron Constantin SA — watches; based in Geneva, Switzerland
- Van Cleef & Arpels SA — jewelery, watches; based in Paris, France
Joint ventures [edit]
- Ralph Lauren Watch and Jewelry Company SÀRL (50%) — watches, jewelery; based in Geneva, Switzerland[19]
Former investments [edit]
Richemont acquired British clothing retailer Hackett Limited in 1992.[20] After the acquisition, Hackett Limited became a wholly owned subsidiary of Richemont. On 2 June 2005, Richemont announced that it had entered into an agreement to sell Hackett Limited to Spanish investment company Torreal S.C.R., S.A.[21][22]
Richemont and Mimi So formed a joint venture in 2004, executing a plan to launch the American jewelry designer's boutiques in New York, Tokyo and Beverly Hills CA.[23][24] In 2007, Richemont requested to become the majority partner. So declined and purchased Richemont's stake in the venture. Mimi So was Richemont's first interest in an American brand or living designer.[25]
Due to changes in the tax laws of Luxemborg, Richemont decided to spin-off all of its non-luxury goods businesses, principally Richemont's stake in British American Tobacco, into a newly formed, separately traded holding company, Reinet Investments S.C.A.[2][26][27]
Notes [edit]
- ^ Richemont 2012, p. 39.
- ^ a b c Richemont 2012a.
- ^ a b c Richemont 2012, p. 42.
- ^ a b c Richemont 2012, p. 38.
- ^ Richemont 2012, p. 2.
- ^ a b c Richemont 2012, p. 28.
- ^ a b Richemont 2012, p. 54.
- ^ Gale 2012.
- ^ Richemont 2012, p. 91.
- ^ Richemont 2012, p. 32.
- ^ Remgro 2011.
- ^ International Directory of Company Histories 2007.
- ^ Domisse & Esterhuyse 2009, pp. 322-324.
- ^ Richemont 2010.
- ^ Swiss Exchange 2012.
- ^ Campbell & Mulier 2009.
- ^ DeMarco 2012.
- ^ Richemont 2012, p. 21.
- ^ a b Richemont 2012, p. 106.
- ^ Menkes 2010.
- ^ Butler 2005.
- ^ Richemont 2005.
- ^ Thompson 2004.
- ^ Karimzadeh 2004.
- ^ Elite Traveler 2010.
- ^ Gelnar 2007, p. A.13.
- ^ Reinet 2012.
References [edit]
- Butler, Sarah (2005-06-03). "Spanish buy Hackett for 15m". The Times (London: Times Newspapers Ltd). ISSN 0140-0460. OCLC 488231355. Retrieved 2012-11-03. (subscription required)
- Campbell, Keith; Mulier, Thomas (2009-11-13). "Hyperinflation Worries? Buy My Jewelry, Richemont’s Rupert Says". Bloomberg Businessweek (Bloomberg). ISSN 0007-7135. Archived from the original on 2012-11-03. Retrieved 2012-11-03.
- DeMarco, Anthony (2012-01-16). "Richemont Q3 Revenue Soars 24%". Forbes (Forbes.com LLC). ISSN 0015-6914. Archived from the original on 2012-11-03. Retrieved 2012-11-03.
- Dommisse, Ebbe; Esterhuyse, Willie (2009). Anton Rupert, A Biography. Cape Town, South Africa: Tafelberg Publishers. ISBN 9780624048190.
- Gelnar, Martin (2007-11-20). "Richemont Raises Profile With Tobacco-Spinoff Plan". Wall Street Journal (New York: Dow Jones & Company). p. A.13. ISSN 0099-9660. Archived from the original on 2012-11-21. Retrieved 2012-11-21. (subscription required)
- Karimzadeh, Marc (2004-01-04). "Richemont Acquires Stake in Mimi So". Women's Wear Daily (New York: Condé Nast Publications) 187 (8): 3. ISSN 0043-7581. Retrieved 2012-11-21. "'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)
- Menkes, Suzy (2010-01-11). "Hackett: A ‘Heritage’ That’s Oh-So-British". The New York Times (New York: The New York Times Company). ISSN 0362-4331. OCLC 1645522. Archived from the original on 2012-11-18. Retrieved 2012-11-18.
- Thompson, Michael (2004-02-18). "Richemont Partners with Mimi So". Professional Jeweler (Philadelphia: Bond Communications/The Industry Group). ISSN 1097-5314. OCLC 38172124. Archived from the original on 2012-11-16. Retrieved 2012-11-16.
- "About Reinet Investments S.C.A". reinet.com. Reinet Investments. 2012. Archived from the original on 2012-11-16. Retrieved 2012-11-16.
- "Compagnie Financiere Richemont". Gale Business Insights: Essentials. Gale. 2012. Retrieved 2012-11-21. (subscription required)
- "Company History". remgro.com. Remgro Group. 2011. Archived from the original on 2012-11-03. Retrieved 2012-11-03.
- "History, including Significant Investments and Divestments". richemont.com. Compagnie Financière Richemont. 2012. Archived from the original on 2012-11-03. Retrieved 2012-11-03.
- International Directory of Company Histories 50. Farmington Hills, Michigan: St. James Press. 06 2007. ISBN 9781558627031.
- "Leaders In Luxury - Mimi So". elitetraveler.com. Elite Traveler. 2010. Archived from the original on 2012-11-16. Retrieved 2012-11-16.
- "Our Businesses". richemont.com. Compagnie Financière Richemont. 2011. Archived from the original on 2011-01-15. Retrieved 2011-01-15. "In 2007, Compagnie Financière Richemont SA and Ralph Lauren combined their expertise to create the Ralph Lauren Watch & Jewelry Company in a joint-venture."
- Richemont Annual Report and Accounts 2012 (PDF). Compagnie Financière Richemont. 2012-05-16. ISBN 9782970070948. Archived from the original on 2012-11-03. Retrieved 2012-11-03.
- "Richemont sells Hackett Limited to Torreal, S.A.". richemont.com. Compagnie Financière Richemont. 2005-06-02. Archived from the original on 2012-11-18. Retrieved 2012-11-18.
- "SMI – the Blue-Chip Index". six-swiss-exchange.com. SIX Swiss Exchange. 2012. Archived from the original on 2012-11-23. Retrieved 2012-11-23.
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