The Swiss luxury group Richemont , which owns Cartier and other jewellery brands, is regularly the subject of takeover rumours which its founder, the South African billionaire Johann Rupert , always dismisses. Secure your financial future by opening a JustInvest Account today. Learn more But Bernard Arnault , chief executive of rival LVMH , the number one in the field, is building up a stake in Richemont – a move which so far has triggered more questions than answers.
In May, Richemont announced that Rupert, 74, would hand off some of his responsibilities to a new CEO, Nicolas Bos . What makes Richemont a prize asset? The answer is in the figures. Jewel in the crown Based in Geneva, Richemont’s turnover was €20.
6 billion during its 2023/2024 financial year to the end of March. It is the world number two or three in the sector, along with the Gucci-owning French luxury group Kering , depending on annual sales figures. Jewellery makes up 69 percent of Richemont’s turnover thanks to Cartier, its flagship brand nicknamed the “jeweller of kings and the king of jewellers” for its links with royalty.
The group does not disclose its sales by brand, but according to Jean-Philippe Bertschy, an analyst at Swiss investment managers Vontobel, Cartier’s turnover was around €11 billion during the past financial year. Richemont also owns the Van Cleef & Arpels luxury brand, which has experienced “exceptional” growth in recent years, Bertschy said. By anchoring in jeweller.