Richemont news and archive

Luxury sector faces dilemma of 'exceptional Maisons' versus groups seeking recovery

The luxury sector is entering a new era of polarisation, according to several recently published articles and market studies. This dynamic now pits two types of players against each other: 'exceptional Maisons', capable of preserving rarity and vertical integration, and multi-brand groups that must redefine their strategy to regain their...

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EU fines Gucci, Chloé and Loewe millions for violating competition rules

Brussels, Belgium – The European Union announced on Tuesday that it had imposed fines totalling 157 million euros on luxury firms Gucci, Chloé and Loewe for breaching competition rules. The sanctions follow surprise raids conducted in April 2023 and an antitrust investigation by the European Commission in July 2024. The EU's executive arm...

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Richemont chairman hopeful of negotiated solution on US tariffs

Zurich - Richemont chairman Johann Rupert expressed optimism for a negotiated solution regarding US tariffs on Swiss goods. He stated on Wednesday that the luxury group remains "well-positioned" for the long term. "I am in contact with the Swiss government and the heads of the negotiations in the US", Rupert said at the annual general meeting in...

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New book from Federico Marchetti, "The Geek of Chic," set for September release

Federico Marchetti's new book, with a foreword by Giorgio Armani, will be released in English on September 9th. The book, "The Geek of chic: an american dream italian style" (304 pages, 18.99 dollars), is published by the American publisher Post Hill Press. The book is described as an "inspiring story full of successes, mistakes, honesty and...

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Richemont starts financial year with sales growth

Jewellery and watch group Richemont increased sales in the first three months of the 2025/26 financial year. The important Asian market is also showing signs of stabilisation. This comes after the company, like many other luxury companies, felt the effects of a recent consumer slump in China. Between April and June, Richemont's sales increased...

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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...

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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...