Richemont

Richemont watch news, blog posts, updates and other posts about Richemont watches as well as Richemont watch infos. Richemont watches are available globally.

Time is Money: The 26 Richest Swiss Watch Barons

Swatch Group CEO Nick Hayek Jr.

Each year the respected Swiss business magazine, Bilan, publishes a list of the 300 richest Swiss with a rough estimate of their fortunes. For this article in WatchTime's November-December issue, on sale now, we examined the 2013 list to see which members of the watch industry made the ranking. Here they are: … [Read more...]

Mountain Climbing: Montblanc’s Journey to Haute Horlogerie

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In this profile piece from WatchTime's January-February 2009 issue, executive editor Norma Buchanan reveals how Montblanc, a brand best known for pens, entered the heady world of haute horlogerie, and explores the brand's ultra-complicated Grand Tourbillon Heures Mystérieuses. … [Read more...]

A. Lange & Söhne CEO Wilhelm Schmid: The WatchTime Q&A

ALS CEO Wilhelm Schmid

Wilhelm Schmid came aboard as CEO of the German luxury watch brand A. Lange & Sohne in January 2011 after eight years in senior sales and marketing positions at BMW. Recently, WatchTime sat down with Schmid at the New York City offices of Lange's parent company, the Richemont Group, for a conversation about his growth plans for Lange, his passion for watches, and the challenges of keeping the … [Read more...]

Richemont Specialist Watchmaker Sales Up 34%

At its Annual General Meeting held today in Geneva, Richemont announced that its overall sales for the five months ended August 31 increased by 29% at actual exchange rates. At constant exchange rates, sales increased by 35%. The Specialist Watchmakers saw an increase of 34% at constant exchange rates, and 28% at actual exchange rates. … [Read more...]

EU Probes Watch Manufacturers Over Parts Supply Policies

European Union (EU) antitrust regulators have announced that they will investigate claims that luxury watch manufacturers are refusing to supply spare parts to independent watchmakers and repairers, a breach of EU competition rules. The European Commission did not identify the companies involved in the probe, however Swatch Group has confirmed that it is one of the targets. … [Read more...]

Richemont Reports Strong Results for the Fiscal Year Ended March 31

Richemont saw strong sales growth across all segments and geographic regions for the year ended March 31, with the specialist watchmakers posting record sales and profits despite the stronger Swiss franc. The group reported record cash flow from operations of €1.696 billion. Operating profit increased by 63%, double the rate of growth of sales, to €1.355 billion. … [Read more...]

North American Institute of Swiss Watchmaking Celebrates First Graduating Class

The North American Institute of Swiss Watchmaking celebrated its first graduating class on April 2. The Class is comprised of students who have completed a two year program and will receive a North American Institute of Swiss Watchmaking Watchmaker Certificate. … [Read more...]

Richemont Reports Strong Sales Results

Richemont has announced that its sales for the five months ended August 31 2010 increased by 37 percent at actual exchange rates. At constant exchange rates and excluding the impact on sales of the acquisition of Net-a-Porter.com in April 2010, sales increased by 22 percent. The Group acknowledges that its results reflect, in part, low sales figures for 2009. … [Read more...]

The Good, the Bad, and the Ugly: Watch Company Financial Results for 2009

For the most part, the Great Recession of 2009 pretty much mugged corporate sales and profits. In the watch sector, for example, the Bulgari and Movado groups reported red ink for the year. But there were exceptions to the battered sales and profits syndrome. Fossil, for one, had its most profitable year ever. Here’s a survey of the full-year results of publicly traded firms who are watch … [Read more...]

Richemont Announces Deal to Acquire Online Luxury Retailer Net-a-Porter.com

Compagnie Financière Richemont SA has announced that it will acquire online luxury retailer Net-a-Porter.com. Richemont purchased a 33% interest in Net-a-Porter in 2002, and in this deal Richemont will acquire the remaining shares. The transaction values Net-a-Porter at about $530 million. Net-a-porter sells expensive women's clothes and accessories, offering collections from more than 300 … [Read more...]

Johann Rupert Assumes Richemont CEO Role Effective April 1, 2010

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Richemont has announced that effective April 1, 2010, Johann Rupert will assume the role of CEO, replacing Norbert Platt who will retire at the end of the year for health reasons. Mr. Platt will remain as a director of Compagnie Financière Richemont SA and will act as an advisor to the Group. … [Read more...]

Executive Sweep

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September was a tough month for watch executives, and not just because of the continuing slump in sales. A small army of top executives – three worldwide CEOs, and five U.S. ones – resigned or were fired. … [Read more...]

Richemont Results for Year Ending March 31, 2009

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Swiss luxury goods group Richemont has announced its audited results for the year ending March 31, 2009. Overall group sales increased 2 percent, however good growth in the first six months was largely offset by lower sales in the second half of the year. For the group as a whole, operating profit declined 12%. Richemont's specialist watchmakers saw sales increase 4% over the prior year, from … [Read more...]