In line with expectations, Luxury powerhouse Richemont announced yesterday its audited consolidated results for the year ended 31 March 2017, plus some appointments for the board, with rather surprising backgrounds.
A Nobel prize laureate wrote in 1964 that, “The times they are a-changin’.”
It is now 2017, and the locus of the changes in the horological world is a company known as Compagnie Financière Richemont SA. And there are a lot of changes.
Having eased out top management earlier in the year in the wake of a 51% drop in first half profits, Richemont is now turning to its subsidiary brands. Bloomberg reported earlier today that the chief executives of Dunhill, Jaeger-LeCoultre, Vacheron Constantin and Piaget will be leaving, confirming speculation that had been brewing since last year. Swiss newspaper […]
Just days before SIHH 2017 is due to open – the event is dominated by Richemont’s subsidiary brands like Cartier and IWC – the Swiss group got a slight respite in its third quarter results, after a dismal first half that saw profits fall by 51%, leading to drastic management changes. Sales for the third quarter that […]
In October this year the Michelangelo Foundation was set up in Geneva, founded by Johann Rupert and Franco Cologni, according to The New York Times. Ironic given the founders’ roles in spawning the global luxury goods business, the nascent organisation aims to preserve old fashioned craftsmanship while nurturing a new generation of artisans. Focused on artisans in Europe to start […]
Shortly after announcing a sweeping management overhaul and slumping profits last month, Swiss luxury conglomerate Richemont declared it would cut 211 jobs at two subsidiary brands, Piaget and Vacheron Constantin. The axe would fall three locations – Geneva, Côte-aux-Fées and Vallée de Joux. That brought out some 300 protestors in Geneva, and another 400 outside the town hall of Le Sentier, […]
Editor’s note: Much ink (digital, no doubt, our print friends are still lagging behind the news due to print schedules) has been metaphorically spilt on the announcement by the Richemont Group’s re-organization last week. Here is our take, offered not as a professional analysis, but as personal musings of a young management…
In the biggest change to its management in years, Richemont has announced the retirement of its chief executive and chief financial officer, as well as eight members of its board. This represents a generational change for the Swiss luxury conglomerate, owner of brands like Cartier, IWC and Montblanc. The retirees who are in their 50s or 60s […]
A luxury giant that owns brands like Cartier and IWC, Richemont just concluded its annual general meeting and reported its results for the five months to end August 2016 and they aren’t pretty. Richemont saw sales and profits in every segment and geography fall, echoing the gloomy results its rival the Swatch Group announced last month. Excluding […]