Richemont news and archive

Richemont stock rises following Third Point investment rumours

Richemont surged on the Swiss stock exchange on Monday on press reports that the US activist hedge fund Third Point has bought a stake in the luxury goods group. According to the Financial Times newspaper and the Miss Tweed online news portal, the New York-based hedge fund founded by US activist investor Daniel Loeb has bought into the...

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Richemont acquires Belgian luxury goods house Delvaux

Switzerland-based luxury giant Richemont has acquired a 100 percent stake of Delvaux, the renowned Belgian luxury leather goods company, in a private transaction. Commenting on the acquisition, Philippe Fortunato, CEO of fashion and accessories maisons at Richemont, said: “Delvaux’s rich archives and creative momentum over the last 10 years...

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Richemont posts sales growth, profit increases 38 percent

Richemont’s fourth quarter sales increased by 30 percent and 36 percent, at actual and constant exchange rates, respectively. Overall, the company said that the decline in sales for the year was contained to 8 percent at actual exchange rates and to 5 percent at constant exchange rates to 13, 144 million euros. Profit for the year increased by...

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Alber Elbaz dies from Covid-19

Alber Elbaz, the designer best known for his feminine, whimsical collections at Lanvin, has suddenly died at the age of 59. Industry sources say Elbaz was ill with Covid-19 for three weeks. Elbaz had only recently launched AZ Factory, backed by Swiss-based luxury group Richemont. “We are devastated – Alber passed away from Covid after being in...

Business

LVMH, Prada and Cartier join forces to form blockchain consortium

Fashion conglomerate LVMH is joining forces with the Prada Group and Cartier, part of Richemont, to form the Aura Blockchain Consortium to address the “shared challenges” of communicating authenticity, responsible sourcing and sustainability in a secure digital format. The move marks the first global blockchain consortium dedicated to the luxury...

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Net-a-Porter launches localised site for Middle East

Leading luxury pureplayer Net-a-Porter has launched a localised site and app for the Middle Eastern market. The dual-language site will be available in both Arabic and English and will encompass local editorial content and product curation. Customers can shop curated edits in local currencies, as well as consult specialised personal shopping....

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Maison Alaïa appoints Pieter Mulier as Creative Director

Paris-based fashion house Alaïa has appointed Belgian designer Pieter Mulier as its new creative director. A significant appointment, it is the brand’s first creative head since the passing of founder Azzedine Alaïa in November 2017. The Richemont-owned Maison made the announcement on Friday, with Mulier’s first collection to debut for Spring...

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Alber Elbaz returns to fashion with AZ Factory

Alber Elbaz marked his return to fashion with his start-up AZ Factory with a personality-filled digital presentation during Paris Haute Couture Week. Offering what he calls a “digital entertainment take on luxury,” Elbaz used his presentation to share not only his fashion creations but also the ethos of the company, “smart fashion that cares”. “...

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Growth in Asia drives 5 percent sales increase at Richemont

For the third quarter to December 31, 2020, sales at Compagnie Financière Richemont SA increased by 1 percent at actual exchange rates and by 5 percent at constant exchange rates to 4,186 million euros compared to the prior year period. In the nine-month period, the company recorded sales decrease of 16 percent at actual exchange rates and by 14...

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Alber Elbaz’s AZ Factory partners with Farfetch and Net-a-Porter

Alber Elbaz is making his long-awaited return to fashion as an invited guest member of the Fédération de la Haute Couture et de la Mode with his joint venture with Richemont, AZ Factory. In a statement, AZ Factory said it will present its first product stories as part of Paris Haute Couture Week on January 26 at 8pm CET, which will then go to...

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Farfetch announces major tie-up with Alibaba and Richemont

Chinese e-tailer Alibaba and Swiss luxury group Richemont, two titans of the fashion industry, have invested 1.1 billion dollars in London-based fashion marketplace Farfetch as it looks to expand its presence in China. The tie-up will see Alibaba launch Farfetch luxury shopping channels on its Tmall Luxury Pavilion and Luxury Soho. Alibaba and...

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Richemont H1 profit drops as Covid-19 hits sales

In the six month period under review, Richemont said, trading was significantly impacted by the worldwide spread of the Covid-19 pandemic and its resulting negative impact on trading conditions. Sales decreased by 26 percent at actual exchange rates and by 25 percent at constant exchange rates to 5.5 billion euros. The company added that as...