Richemont news and archive

Damiani Group signs agreement to acquire Baume & Mercier from Richemont

Swiss luxury conglomerate Richemont and Italian jewellery firm Damiani Group have signed an agreement for the latter to acquire full ownership of specialist watchmaker Baume & Mercier. The private transaction marks a significant shift for the historic watch brand as it joins one of Italy’s last independent family-run luxury groups. With a legacy...

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Richemont maintains strong momentum with 11 percent sales growth in third quarter

Swiss luxury group Richemont has reported a robust performance for its third quarter ended December 31, 2025, with sales reaching 6.40 billion euros (7.45 billion dollars). At constant exchange rates, revenue increased by 11 percent against demanding double-digit comparatives from the previous year, while growth at actual exchange rates stood at...

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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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Richemont H1 financial results show resilient growth

For the six-month period ended 30 September 2025, Richemont delivered resilient growth despite persistent macroeconomic and geopolitical headwinds. Group sales reached 10.6 billion euros (12.3 billion dollars), up 10 percent at constant exchange rates and 5 percent at actual rates, with a strong acceleration in the second quarter where sales...

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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...

People

Dunhill names new chief executive officer

British luxury menswear brand Dunhill has named Matthew Ives, former De Beers executive, as its new chief executive officer. Ives will join Dunhill on October 13 from diamond company De Beers, where he has served as senior vice-president and chief commercial officer for the last three years. Before that, he spent over 10 years at Richemont in...

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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...

Retail

Watchfinder opens first US retail store in New York City

Richemont-owned pre-owned luxury watch specialist Watchfinder & Co., founded in the UK in 2002, has opened its first US retail store in SoHo’s Spring Street in New York City. The debut US store is Watchfinder & Co.’s largest retail venture to date and aims to solidify its growing presence in the North American watch market, where it has seen...

Culture

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 increases revenue: Sale of YNAP not quite as burdensome

Jewellery and watch group Richemont increased its revenue in the past financial year. While the jewellery business grew, watch sales continued to decline, the company, which owns brands such as Cartier and IWC, announced in Geneva on Friday. Excluding the online division YNAP, which it sold, revenue in the financial year to the end of March rose...

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Environmental objectives of luxury groups: Who is aiming for what?

By 2040, Chanel is expected to achieve net-zero greenhouse gas emissions across its entire value chain. With this goal, the company aligns itself with the Paris Agreement signed in 2015, which aims in particular to keep global warming well below 2°C compared to pre-industrial levels by 2100. But what about the other luxury giants? FashionUnited...