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Richemont Sees Alibaba JV Operational At End Of September
Richemont’s Eric Vallat To Step Down For Personal Reasons -Statement
Richemont has recruited CEO for Alibaba joint venture
Compagnie Financiere Richemont SA (Richemont) is a Switzerland-based jewelry company. The Company's segments include Jewellery Maisons and Specialist Watchmakers. The Jewellery Maisons segment includes businesses, which are engaged in the design, manufacture and distribution of jewelry products. The businesses include Cartier, Van Cleef & Arpels and Giampiero Bodino. Its Specialist Watchmakers segment includes businesses whose primary activity includes the design, manufacture and distribution of precision timepieces. The businesses in the Watchmakers segment include Piaget, A. Lange & Sohne, Jaeger-LeCoultre, Vacheron Constantin, Officine Panerai, IWC Schaffhausen, Baume & Mercier and Roger Dubuis. The Company's other operating segments include Montblanc, Alfred Dunhill, Chloe, Purdey, Shanghai Tang, Peter Millar, investment property companies and other manufacturing entities.
Jewelry & Silverware
Chemin de la Chenaie 50
Johann P. Rupert
Chairman of the Board of Directors
Chief Executive Officer, Member of the Group Management Committee and Senior Executive Committee, Executive Director
Independent Non-Executive Deputy Chairman of the Board of Directors
Chief Financial Officer, Member of the Group Management Committee and Senior Executive Committee, Executive Director
Group Human Resources Director, Member of the Group Management Committee and Senior Executive Committee, Executive Director
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French spirits group Remy Cointreau <RCOP.PA> said on Wednesday it had picked Richemont's <CFR.S> Eric Vallat as its new chief executive officer.
* BREXIT, GEOPOLITICAL TENSIONS HAVE POTENTIAL TO SIGNIFICANTLY HARM OUR INDUSTRY
Luxury goods group Richemont <CFR.S> said its head of fashion and accessories, Eric Vallat, had decided to leave to pursue a "wonderful opportunity outside the group" after just over a year in the job.
* RICHEMONT ANNOUNCES THAT MR ERIC VALLAT, HEAD OF FASHION & ACCESSORIES MAISONS, WILL STEP DOWN FROM HIS CURRENT POSITION AND FROM SENIOR EXECUTIVE COMMITTEE FOR PERSONAL REASONS
Strong demand in mainland China helped Cartier-owner Richemont <CFR.S> offset a weaker performance elsewhere in its first quarter, as protests in Hong Kong hit sales, revenues fell in Europe and its watch business faltered.
Strong sales in Asia helped Cartier owner Richemont on Thursday post a 9% rise in comparable revenue for the quarter to June 30, offsetting a weaker performance in Europe and in spite of protests in Hong Kong which weighed on sales.
A senior executive at Richemont has bought 245.8 million Swiss francs ($247.6 million) worth of shares in the luxury goods group since May 22, filings on the SIX Swiss stock exchange website show.
* CEO SAYS HAS RECRUITED CEO FOR ALIBABA JOINT VENTURE, BUT HAS OTHER POSITIONS TO FILL Further company coverage: (Reporting by Silke Koltrowitz)
* Shares down 1.2%, lag sector index (Adds management, analyst comment, background, shares.)
* EXEC SAYS GROUP HAD VERY GOOD MOMENTUM IN THE U.S. WITH DOUBLE-DIGIT GROWTH
Luxury goods group Richemont said sales of its watches and jewellery both grew by 10 percent in the year to the end of March, with the Americas and Asia performing well.
* First big luxury group to report end of year sales (Adds analyst comments, shares)
European shares slipped on Friday as mining and oil stocks sold off and weak results from Thyssenkrupp and Richemont weighed on sentiment.
* Sales slowed in September, but October back to H1 level -CFO
* CFO SAYS HAD DOUBLE-DIGIT GROWTH AT YNAP IN H1 AND THAT IS GOOD INDICATOR OF WHAT TO EXPECT IN THE FUTURE
* CFO SAYS TRADING IN ASIA PACIFIC WEAKER IN SEPTEMBER THAN IN PREVIOUS MONTHS DUE TO VARIOUS FACTORS, INCLUDING WEATHER AFFECTING REGIONAL TOURISM
Luxury goods group Richemont said economic and geopolitical uncertainties were weighing on customer sentiment after net profit fell, excluding a one-off gain, in the six months to Sept. 30 and sales growth slowed towards the end of the period.
Cartier-owner Richemont is teaming up with Alibaba to try to crack China's online shopping market, potentially a major growth driver for luxury firms but which has proven difficult to tackle for outsiders going it alone.
Swiss luxury group Compagnie Financiere Richemont SA and Chinese group Alibaba are joining forces to target the Chinese retail market, Richemont said on Friday.
Cartier-owner Richemont <CFR.S> is considering buying Italian jeweler Buccellati from the Chinese group that acquired it in 2017, an Italian newspaper reported on Monday.
Quote and financial data from Refinitiv. Fund performance data provided by Lipper. All quotes delayed a minimum of 15 minutes.