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Richemont Chairman Rejects Department Store Trend for Luxury Brands Amid Record Profits May 16, 2023 (0 comments)


Geneva, Switzerland--Richemont, the Swiss luxury conglomerate, parent of Cartier and Van Cleef & Arpels, unveiled record operating profits recently, thanks to the easing of Covid restrictions in China. The company's operating profits leaped 34% to a whopping €5 billion ($5.5 billion) in the fiscal year ending in March.

[Image via Creative Commons]

“The final quarter recorded a significant sales increase as sales in Asia Pacific resumed growth following the removal of travel and health restrictions in mainland China,” said Johann Rupert, Richemont's chairman, as per a report in Observer.

Rupert further commented on recent advertising mishaps at Balenciaga and Bud Light, arguing such events would never transpire at Richemont. “It’s not our role to be social adjudicators,” he added in the report. “Don’t go pick low-hanging fruit, just grow within yourself and keep the brand’s equity top of mind.”

Rupert also addressed rumors of a possible Richemont acquisition by luxury rival LVMH. Despite regular interactions with LVMH chairman Bernard Arnault, Rupert assured Richemont remained independent.

The report stated that Cyrille Vigneron, CEO of Cartier, shared Rupert's skepticism about the trend of brand flagships featuring amenities like cafes and artwork. He stressed that luxury jewelry should not turn into a department store, a sentiment echoed by Rupert.

Learn more in the report on Observer.

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