Richemont news and archive

Mytheresa secures regulatory clearance for YNAP acquisition

German e-tailer Mytheresa has said that it has received clearance to acquire Yoox Net-a-Porter (YNAP) from the European Commission. With this, the company has now secured all necessary approvals from regulatory authorities to move forward with the sale and plans to close the transaction by April 23, 2025. Mytheresa had first announced its...

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Richemont, a fundamental reorganisation at the top of the watchmaking industry

Richemont Group, officially known as Compagnie Financière Richemont SA, is embarking on a major transformation of its internal organisation. Under the leadership of CEO Nicolas Bos, the Specialist Watchmakers (SWM) division is being dissolved, leading to strategic reassignments within the group's watchmaking companies. Among these changes,...

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Panerai names Emmanuel Perrin as chief executive

Italian luxury watch manufacturer Panerai, part of conglomerate Compagnie Financière Richemont, has appointed Emmanuel Perrin as chief executive officer, effective April 1. Perrin, who is currently head of specialist watchmakers distribution, will succeed Jean-Marc Pontroué, who announced his departure from the company this week after a 25-year...

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Richemont announces senior executive committee changes

Switzerland-based luxury goods company Richemont has announced changes to its board of directors and senior executive committee (SEC), effective immediately. The company stated that Catherine Rénier, chief executive officer of Van Cleef & Arpels, Louis Ferla, CEO of Cartier, and Marie-Aude Stocker, chief people officer of Richemont, have been...

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Luxury’s uneven runway: LVMH takes a tumble as rivals soar

French conglomerate LVMH, traditionally among the last to disclose its financials during the reporting season, has delivered results that not only fell short of market expectations but also lagged behind the momentum exhibited by some of its contemporaries. In contrast, Richemont, the parent company of Cartier, delivered a strong and unexpected...

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Demand for 'hard luxury' takes Richemont to new heights

Richemont, the Swedish luxury conglomerate, has reached a market value of more than 100 billion Swiss francs (about 88.9 billion pounds) for the first time. Richemont's shares rose 0.5 percent to 169.15 Swiss francs, marking the sixth consecutive day of gains, Bloomberg reported. In the third quarter of fiscal year 2024/25, Richemont achieved a...

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Mytheresa nominates Richemont CFO Burkhart Grund to supervisory board

Mytheresa has announced the appointment of Burkhart Grund, chief financial officer of Richemont, as a new supervisory board member, following the completion of its acquisition of YNAP. “We are pleased to welcome Burkhart Grund, a highly experienced financial expert, to our board,” said Nora Aufreiter, chair of the supervisory board of Mytheresa....

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Richemont: Q3 sales increase by 10 percent to 6.15 billion euros

Zurich – Swiss luxury giant Richemont reported better-than-expected sales for its third quarter on Thursday, despite pressure on demand in China, posting double-digit growth in its other major markets. For the period from October to December 2024, the group, which owns the Cartier jewelry house among others, saw its sales increase by 10 percent...

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Will luxury's musical chairs continue in 2025?

The luxury industry is in flux, grappling with shifting consumer preferences, economic pressures, and a pronounced slowdown in growth. For many houses, 2024 is not ending on a high note. Sales growth, once propelled by logo-laden accessories and high-visibility branding, is losing momentum as younger, more discerning shoppers increasingly favour...

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Luxury shares tumble as Richemont posts sales decline

Swiss luxury conglomerate Richemont, owner of such brands as Cartier, Chloe, and Alaïa, experienced a sharp 6 percent drop in its share value this week, after announcing weaker-than-anticipated earnings. The company reported quarterly sales of 2.2 billion euros, falling short of analysts' projections of 2.45 billion euros, with profits marking a...

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Richemont posts sales decline in Q3

Richemont’s first half sales at 10.1 billion euros were down 1 percent at actual exchange rates, while operating profit from continuing operations reached 2.2 billion euros, down by 17 percent or by 12 percent at constant exchange rates, resulting in a 21.9 percent operating margin. During the period under review, the company completed the...

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Mytheresa closes the deal to acquire YNAP from Richemont

Mytheresa has acquired 100 percent of the share capital of Yoox Net-A-Porter Group (YNAP). At transaction closing, Richemont will sell YNAP to Mytheresa with a cash position of 555 million euros and no financial debt. Richemont will also make available a six-year revolving credit facility of 100 million euros to finance YNAP’s general corporate...