Press releases and news

Ad hoc announcement pursuant to art. 53 LR

Highlights

• Sales up by 5% at constant exchange rates and by 8% at actual exchange rates, on the back of strong comparatives and disruption of trading in mainland China due to Covid
• Sales growth across all regions with the exception of Asia Pacific, significantly impacted by mainland China’s underperformance
• Growth across all distribution channels, led by retail and online retail channels
• Double-digit sales growth reported at the Jewellery Maisons and Other business areas (+8% and +6% at constant exchange rates, respectively) offsettting a 3% sales reduction at the Specialist Watchmakers (-5% at constant exchange rates)
• Further increase of the Group’s net cash position to € 5.5 billion, up € 0.6 billion, following the quarter’s solid trading, notwithstanding increased dividend and stock replenishment during the year

Review of trading in the three-month period ended 31 December 2022 versus the prior-year period, at constant exchange rates

Following the 24 August 2022 announcement of an agreement to sell a controlling stake in YOOX NET-A-PORTER (YNAP) subject to a number of conditions including the receipt of certain anti-trust approvals, YNAP’s results are presented as ‘discontinued operations’. Watchfinder & Co.’s results are now reported within the Other business area. Prior-year comparatives are represented accordingly. Any long form references to Hong Kong, Macau and Taiwan within this company announcement are Hong Kong SAR, China; Macau SAR, China; and Taiwan, China respectively. Unless otherwise stated, all sales comments below relate to continuing operations.

Group sales rose by 5% versus the prior-year period notwithstanding strong comparatives and a significant disruption to retail trading due to the massive Covid resurgence in mainland China. Sales increases were recorded in all channels, and most regions and business areas. Excluding the impact from Russia, Group sales rose by 7% at constant exchange rates.

Japan continued to lead growth with sales up by 43%, followed by Europe where sales grew by 19%. Japan saw both solid domestic sales and a gradual return of tourism supported by the lifting of Covid restrictions mid-October as well as a comparatively weaker yen. In Europe, sales growth was driven by continued strength in local and tourist demand, primarily from the US and the Middle East, underpinned by favourable exchange rates. France, Italy and Switzerland’s performances were particularly noteworthy. Sales in the Middle East & Africa region rose by 10%, benefitting also from the Qatar World Cup, which added inbound tourist purchases to sustained local demand. In the Americas, sales growth moderated to 3%, partly reflecting a greater share of purchases abroad given the strong US dollar. Overall, sales to the American clientele remained solid, growing by high-single digits. In Asia Pacific, sales declined by 9% overall as marked sales growth in South Korea and Southeast Asia, notably in Australia and Singapore, only partially mitigated lower sales in mainland China, Hong Kong and Macau. The massive increase of Covid cases negatively impacted customer traffic and, due to staff unavailability, led to a reduction of boutique opening hours or temporary closures of points of sale in mainland China, leading to a sales drop of 24% during the period under review.

Against strong comparatives, all distribution channels recorded sales growth. The retail and online retail channels drove growth, with sales up by 6% each. Retail posted higher sales in all regions with the exception of Asia Pacific. Online retail increased its contribution to 7% of Group sales such that direct sales to consumers represented 76% of Group sales. Wholesale sales were 1% above the prior-year period, adversely impacted by trading in Asia Pacific.

The Group’s Jewellery Maisons sales grew by 8%, primarily driven by strong jewellery sales across Buccellati, Cartier and Van Cleef & Arpels. Watch sales increased, albeit at a softer pace. All channels and regions posted growth except for Asia Pacific. Specialist Watchmakers sales were 5% lower reflecting double-digit declines in Asia Pacific, which accounted for close to half of the Specialist Watchmakers’ sales, more than offsetting double-digit increases in Europe and Japan. Performance varied across Maisons, with an ongoing outperformance of A. Lange & Söhne and Vacheron Constantin. The Group’s Other business area (primarily the Group’s Fashion & Accessories Maisons) delivered a 6% sales growth, fuelled by higher sales across most Maisons, and in particular at Alaïa and Peter Millar (including G/FORE). Most channels and regions posted growth.

YNAP, now presented as ‘discontinued operations’, posted a 6% sales reduction (-1% at actual exchange rates).

Trading in the nine-month period ended 31 December 2022

Sales over the nine-month period to December 2022 increased by 12% at constant exchange rates and by 18% at actual exchange rates, on top of significant growth in the prior-year period (+55% year-on-year at constant and actual exchange rates). A quarter-by-quarter sales overview is presented in Appendix 1.

The Group’s net cash position at 31 December 2022 amounted to € 5.5 billion (2021: € 4.9 billion), primarily reflecting the quarter’s good trading tempered by higher dividends, including a special dividend, and inventory replenishment.

Corporate calendar

The Group’s results for the financial year ending 31 March 2023 will be announced on Friday 12 May 2023.

The Group’s corporate calendar is available on https://www.richemont.com/en/home/investors/corporate-calendar/

About Richemont

At Richemont, we craft the future. Our unique portfolio includes prestigious Maisons distinguished by their craftsmanship and creativity, alongside online distributors that cultivate expert curation and technological innovation to deliver the highest standards of service. Richemont’s ambition is to nurture its Maisons and businesses and enable them to grow and prosper in a responsible, sustainable manner over the long term.

Richemont operates in three business areas: Jewellery Maisons with Buccellati, Cartier and Van Cleef & Arpels; Specialist Watchmakers with A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; and Other, primarily Fashion & Accessories Maisons with Alaïa, AZ Factory, Chloé, Delvaux, dunhill, Montblanc, Peter Millar including G/FORE, Purdey, Serapian as well as Watchfinder & Co. In addition, Richemont operates NET-A-PORTER, MR PORTER, THE OUTNET, YOOX and the OFS division.

Richemont ‘A’ shares are listed on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index (‘SMI’) of leading stocks. Richemont South African Depository Receipts are listed on the Johannesburg Stock Exchange, Richemont’s secondary listing.

Investor/analyst and media enquiries

Sophie Cagnard, Group Corporate Communications and IR Director
James Fraser, Investor Relations Executive

Investors/analysts enquiries: +41 22 721 3003; investor.relations@cfrinfo.net
Media enquiries: +41 22 721 3507; pressoffice@cfrinfo.net; richemont@teneo.com

Disclaimer

The financial information contained in this announcement is unaudited.

This document contains forward-looking statements as that term is defined in the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements are not guarantees of future performance. Richemont’s forward-looking statements are based on management’s current expectations and assumptions regarding the Company’s business and performance, the economy and other future conditions and forecasts of future events, circumstances and results. Our retail stores are heavily dependent on the ability and desire of consumers to travel and shop and a decline in consumers traffic could have a negative effect on our comparable store sales and/or average sales per square foot and store profitability resulting in impairment charges, which could have a material adverse effect on our business, results of operations and financial condition. Reduced travel resulting from economic conditions, retail store closure orders of civil authorities, travel restrictions, travel concerns and other circumstances, including disease epidemics and other health-related concerns, could have a material adverse effect on us, particularly if such events impact our customers’ desire to travel to our retail stores. International conflicts or wars, including resulting sanctions and restrictions on importation and exportation of finished products and/or raw materials, whether self-imposed or imposed by international countries, non-state entities or others, may also impact these forward-looking statements.

As with any projection or forecast, forward-looking statements are inherently susceptible to uncertainty and changes in circumstances. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside the Group’s control. Richemont does not undertake to update, nor does it have any obligation to provide updates of, or to revise, any forward-looking statements.

© Richemont 2023

Appendix

This part is only available in the full PDF which can be downloaded above.

From 27 March to 2 April, the heart of Geneva will beat to watchmaking rhythms. The Salon will open its doors to the general public over a weekend. Visitors will therefore be able to discover the wonders that the 48 watch brands and manufacturers will be unveiling and dive into the world of exceptional watches. For the first time this year, Watches and Wonders will also take place ‘In the City’. Watchmaking Boutiques are already preparing for this highly anticipated event.

Watches and Wonders will be inviting the inhabitants of Geneva, both novices and enthusiasts and all visitors to enjoy an immersive experience at the heart of a Salon, designed as a sumptuous village with its squares, alleys, restaurants and watchmaking worlds. In total, nearly 50 Maisons and watch manufacturers will be exhibiting their wonders in Geneva.

The curtain will rise on this exhibition of exceptional pieces on 27 March of this year.   At this event, eagerly awaited by the main players in the watchmaking industry, the Maisons will unveil their latest creations. The first days are reserved for business visitors, while the general public is expected on 1 and 2 April, when they can take a journey into the heart of time.

More than just a trade show, it will be a passionate experience to be enjoyed in person or online via the watchesandwonders.com platform. Watches and Wonders is also a place where you can listen to and learn from the professionals. An extensive programme of talks has been specially organised for the general public on 1 and 2 April. Around six talks and discussion panels will be held each day in the Auditorium. Renowned experts and speakers have been lined up to analyse watch trends, explain what makes a watch valuable, or how to start a vintage watch collection. Topical subjects will also be discussed, such as the metaverse, NFTs, blockchain and circularity.

Watches and Wonders is devoted to time: first, the past, through objects crafted respecting a centuries-old tradition, then the present, with timepieces which are revolutionising this art, and finally, the future, which will be discussed in the LAB, an area dedicated to innovation and new technologies, driven by projects from the exhibiting Maisons which are looking to introduce the future into the heart of watch movements.

The Salon has a number of wonders for visitors to explore, including the ‘What time is it?’ photographic exhibition presented by Karine Bauzin. It investigates our relationship with time and how it is perceived. This Swiss press photographer asked people she met in 20 different countries ‘What time is it?’. Their answer can be summed up in one hand gesture, the same one repeated all over the world and which watchmakers themselves used when they invented the wristwatch. It took her ten years to complete this ethnographic work.

While the Salon is the highlight of this annual rendez-vous, the whole of Geneva will hum to the rhythm of watch movements for a whole week. The major watch stores on Rue du Rhône and Rues Basses will also open their doors In the City in order to unveil special designs, ornate pieces and rare watch complications during a skilfully orchestrated rally. Each of the participating brands' boutiques has planned specific activities  to welcome visitors and showcase their expertise. A special evening event dedicated to watchmaking will be held in the Rues Basses on Thursday, 30 March from 5 to 9 pm. This will be an opportunity to be drawn into the wonderful world of watchmaking, amidst concerts, street entertainment and famous artists. Those who wish to prolong the experience can attend the talks on ‘Geneva and watchmaking’ at the Pont de la Machine. This venue will also serve as an information centre throughout the week.

Whether you are an amateur or an enthusiast of beautiful watches, Watches and Wonders is a rare event not to be missed: online ticketing opens on 1 February at noon on the watchesandwonders.com platform.

RICHEMONT - EXHIBITING MAISONS

LANGE & SÖHNE | BAUME & MERCIER | CARTIER | IWC SCHAFFHAUSEN | JAEGER-LECOULTRE | MONTBLANC | PANERAI | PIAGET | ROGER DUBUIS | VACHERON CONSTANTIN | VAN CLEEF & ARPELS

Official visuals
Available in English or French version

Learn more on watchesandwonders.com

Press contact
press@watchesandwonders.com

Social media
#watchesandwonders2023

We are proud to share that Richemont China has been recognized for the third consecutive year as a winner of the 100 Excellence Employer of China of 2022 and the 2022 Excellence in Diversity & Inclusion award sponsored by 51job. These awards reflect the strong commitment towards our greatest asset: our people who are the heart and soul of our business and exceptional creations. Respecting, nurturing and empowering all our employees is what makes us succeed.

Ad hoc announcement pursuant to art. 53 LR

Richemont announces the publication of its interim report and accounts for the six months ended 30 September 2022. The report is available for download from the Richemont website at: www.richemont.com/en/home/investors/results-reports-presentations

The interim report reflects the information contained in the Richemont results announcement issued on 11 November 2022 as well as the unaudited condensed interim consolidated financial statements posted on the Group’s website the same day.

In accordance with stock exchange regulations in Switzerland and South Africa, Richemont no longer prints its interim report.

About Richemont

At Richemont, we craft the future. Our unique portfolio includes prestigious Maisons distinguished by their craftsmanship and creativity, alongside online distributors that cultivate expert curation and technological innovation to deliver the highest standards of service. Richemont’s ambition is to nurture its Maisons and businesses and enable them to grow and prosper in a responsible, sustainable manner over the long term.

Richemont operates in three business areas: Jewellery Maisons with Buccellati, Cartier and Van Cleef & Arpels; Specialist Watchmakers with A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; and Other, primarily Fashion & Accessories Maisons with Alaïa, AZ Factory, Chloé, Delvaux, dunhill, Montblanc, Peter Millar including G/FORE, Purdey, Serapian as well as Watchfinder & Co. In addition, Richemont operates NET-A-PORTER, MR PORTER, THE OUTNET, YOOX and the OFS division.

Richemont 'A' shares are listed on the SIX Swiss Exchange, Richemont's primary listing, and are included in the Swiss Market Index ('SMI') of leading stocks. Richemont South African Depository Receipts are listed in Johannesburg, Richemont's secondary listing.

Investor/analyst and media enquiries

Sophie Cagnard, Group Corporate Communications & Investor Relations Director
James Fraser, Investor Relations Executive

Investor/analyst enquiries: +41 22 721 30 03; investor.relations@cfrinfo.net
Media enquiries: +41 22 721 35 07; pressoffice@cfrinfo.net; richemont@teneo.com

Watches and Wonders is taking up residence for three months on the island of Hainan, at the cdf Mall in Sanya, and for the first time at the newly opened cdf Mall in Haikou. Thirteen watchmaking Maisons will be taking part in this event where the public will be able to discover the latest collections as well as a specially curated and unique watchmaking exhibition.

Watches and Wonders is taking up residence for three months on the island of Hainan, at the cdf Mall in Sanya, and for the first time at the newly opened cdf Mall in Haikou. Thirteen watchmaking Maisons will be taking part in this event where the public will be able to discover the latest collections as well as a specially curated and unique watchmaking exhibition.

Watches and Wonders Hainan, which will be held from 2 December 2022 to 28 February 2023, aims to create a timeless interlude... all the better to create an immersive experience. Three months of exhibitions and encounters, spanning two calendar years, with the Chinese New Year Festivities on 22 January 2023 serving as the high point.

Thirteen Maisons will be participating - A. Lange & Söhne, Baume & Mercier, Cartier, Girard-Perregaux, Hermès, IWC Schaffhausen, Jaeger-LeCoultre, Montblanc, Panerai, Piaget, Roger Dubuis, Ulysse Nardin and Vacheron Constantin - and unveil their watch collections in the two malls, providing a unique opportunity for the general public to discover exceptional pieces.

Thanks to its original format of one event, two destinations and three months of exhibition, Watches and Wonders Hainan will deliver a panoramic view of watchmaking history, its complications and its most spectacular designs.

The new cdf Mall in Haikou will be the stage for a unique event combining the boutiques of the exhibiting Maisons with a cultural exhibition which will be held in an exclusive dedicated space of 800 square metres. A truly interactive and immersive village in four parts has been entirely created for the occasion. It will include an exhibition retracing the history of watchmaking from its earliest origins to today, an educational area to learn about the most famous complications, a practical workshop supervised by a trainer and finally, the digital Time Design exhibition focusing on the development of the wristwatch over the eras.

Each Maison is also planning in-store events to showcase their new models. A. Lange & Söhne will offer a retrospective of its history as seen through the prism of its new Grand Lange 1; IWC will concentrate on photo opps, with four corners where one can pose with the new Portofino collection; Cartier has opted for an animation table designed to give visitors a deep dive into its Coussin, Pasha and Panthère creations. Baume & Mercier, which is fully committed to sustainable watchmaking, has developed an innovative concept of a Seed Vending Machine, to be harvested alongside its new Riviera watches. Finally, Montblanc will invite their guests to express themselves with an Ink Bar where they can write than post a card featuring the latest models of the 1858 collection.

Next stop Hainan island to discover a different side of watchmaking. The two destinations of Haikou and Sanya are only three-hours' apart by road. All watch lovers and enthusiasts take note!

RICHEMONT - EXHIBITING BRANDS

A. LANGE & SÖHNE | BAUME & MERCIER | CARTIER | IWC SCHAFFHAUSEN | JAEGER-LECOULTRE | MONTBLANC | PANERAI | PIAGET | ROGER DUBUIS | VACHERON CONSTANTIN

Learn more at watchesandwonders.com

Press contact
press@watchesandwonders.com

Social media
#watchesandwonders2022

For the third consecutive year, Richemont is ranked on Forbes' listing of the world's best employers, among the top 800 companies that receive the highest scores.

In cooperation with global market researcher Statista, Forbes conducted a survey of more than 150,000 workers from 57 countries to evaluate multinational companies and institutions "on aspects such as economic impact and image, talent development, gender equality and social responsibility". The evaluation was based on respondents' willingness to recommend employer brands and their satisfaction with various work-related statements.

Ad hoc announcement pursuant to art. 53 LR

Group highlights

• Strong sales and operating profit from continuing operations of € 9.7 billion and € 2.7 billion, respectively
• Agreement with FARFETCH and Alabbar to sell a controlling interest in YNAP to create a neutral industry-wide platform and advance the realisation of Maisons’ Luxury New Retail vision; YNAP business reclassified to ‘discontinued operations’
• Continued progress on sustainability objectives: 10% energy reduction plan implemented in offices and boutiques across Europe; on track to source 100% renewable electricity globally before end of 2025

Financial highlights

• Sales up by 24% at actual exchange rates and 16% at constant exchange rates, with double-digit increases at actual exchange rates across all business areas and channels
• Improved momentum in Asia Pacific with sales up 3% at actual rates; double-digit increases in all other regions
• Growth momentum led by retail, up 30% at actual exchange rates and 21% at constant exchange rates, representing 67% of Group sales
• Operating profit from continuing operations increased by 26%, delivering improved operating margin of 28.1% driven by:
  
  • Jewellery Maisons achieving 24% sales growth at actual exchange rates (+16% at constant rates) and delivering a 37.1% operating margin
  • Specialist Watchmakers expanding sales by 22% at actual exchange rates (+13% at constant exchange rates) and achieving 24.8% operating margin
  • ‘Other’ business area (predominantly F&A Maisons) growing 27% at actual exchange rates (+19% at constant exchange rates) and generating a 4.3% operating margin
• 40% increase in profit for the period from continuing operations to € 2.1 billion; € 2.9 billion loss from discontinued operations primarily resulting from € 2.7 billion non-cash write-down of YNAP net assets
• Strong net cash position of € 4.8 billion, with € 1.5 billion cash flow generated from operating activities, targeted inventory build-up and increased dividend

Key financial data (unaudited)

Chairman’s commentary

Overview of results

In the first six months of the financial year, Richemont reported another set of strong results as the momentum seen in the first quarter of the financial year continued into the second quarter. Sales from continuing operations increased by 24% to € 9.7 billion and operating profit from continuing operations by 26% to € 2.7 billion.

Compared to the prior-year period, double-digit sales increases were recorded, at actual exchange rates, across all business areas, channels and regions excluding Asia Pacific where sales grew by 3%. Growth was led by the retail channel which, together with the online channel, contributed 73% of Group sales.

In terms of business areas, all grew profitably, with the highest growth rates in sales at +27%, recorded by the ‘Other’ segment mostly composed of Fashion & Accessories Maisons, and the highest profitability at 37.1%, generated by the Jewellery Maisons.

With a 24% sales growth overall and higher sales in all regions and distribution channels, our Jewellery Maisons, Buccellati, Cartier and Van Cleef & Arpels, reaffirmed their leading position. To further support their strong development, manufacturing sites are being expanded, operational teams reinforced, and communication initiatives intensified. Their superior growth was driven by the retail channel, which generated over three quarters of the Maisons’ sales.

Our Specialist Watchmakers expanded sales by 22%, with all Maisons, regions and distribution channels recording growth, a reflection of their strong appeal and the successful ‘iconisation’ of their collections. The Specialist Watchmakers also benefited from an overall growing interest for high quality watches across generations. Three of the Maisons are now of very significant scale, approaching one billion euros in annual sales. Of note is the continued shift in demand towards directly operated stores, both physical and online, and mono-brand franchise stores. Sales in these branded environments accounted for over 70% of the Specialist Watchmakers’ sales. Their operating margin strengthened to 24.8%.

The Group’s ‘Other’ business area, which now includes Watchfinder, saw nearly all Maisons post sharp sales growth across channels and regions. Creativity and execution drove a 27% sales growth and improved profitability of € 56 million. Chloé, Montblanc and Peter Millar, including G/FORE, contributed most to the sales increase. Delvaux generated the sharpest growth rate in sales. We are carefully nurturing this promising Maison for the long term.

At Group level, operating profit and operating margin from continuing operations rose to € 2.7 billion and 28.1%, respectively. Profit for the period from continuing operations increased to € 2.1 billion, benefiting from a strong operating profit and lower net finance costs. The € 2.9 billion loss from discontinued operations reflected the combined result of YNAP for the six-month period and the € 2.7 billion non-cash loss on remeasurement of its net assets to fair value, based on current market data, as a result of the transfer to ‘Held for Sale’. At € 4.8 billion at the end of September 2022, our net cash position remained solid.

Our Luxury New Retail (‘LNR’) partners

The agreement for Farfetch and Alabbar to acquire 47.5% and 3.2% of YNAP, respectively, leaving Richemont holding 49.3%, will realise my long-standing goal of making YNAP a neutral industry-wide platform, with no controlling shareholder. In exchange, Richemont will receive Farfetch shares, expected to represent 12-13% of Farfetch’s issued share capital, to further align interests. Subject to a number of conditions, including the receipt of certain antitrust approvals, the initial stage of the transaction is expected to complete before the end of calendar year 2023. By that point, Richemont Maisons will adopt Farfetch's technology to create the best ‘route to market’ and realise their ‘Luxury New Retail’ vision. We will strive to achieve efficiency, flexibility and speed in addressing our clients’ needs, getting our products to the right place, at the right time, in a seamless manner. Meanwhile, YNAP will adopt Farfetch Platform Solutions to accelerate the shift towards a hybrid model that will significantly enhance its prospects.

Annual General Meeting and Board changes

At the Annual General Meeting (‘AGM’) in September 2022, two valued and long-serving non-executive directors, Ruggero Magnoni and Jan Rupert, stepped down from the Board. They parted with our warmest wishes and I wish to thank them again for their immense contributions to the development of Richemont. The Board’s size has been reduced to 16, with female representation reaching 31%. We expect this ratio to increase further as the Board’s rejuvenation continues to further address age, tenure, skills and representation from the Americas and Asian regions.

We also announced that the process has been launched to select the next Group’s external auditor. Given the complexity of the project, with Richemont being present in over 36 locations, we expect the process to be finalised by late 2024, in time for the 2025 AGM and our shareholders’ approval.

Also at this year’s AGM, a resolution allowing for ‘A’ shareholder representation was voted on for the first time, at the request of a shareholder. This is allowed for under Swiss law, yet had never previously been requested. The Board nominated Wendy Luhabe to this role. She was elected by 84% of the ‘A’ shareholders casting their votes and elected to the Board with 98% supportive votes. Two other proposed items were rejected. The notion of a divided board representing different shareholder factions is alien to our concept of a collegial board, a philosophy which has prevailed since Richemont’s foundation 34 years ago. All non-executive directors have been elected by the majority of ‘A’ shares cast, and by a considerable margin. They all represent ‘A’ and ‘B’ shareholders’ interests.

I would like to heartily thank our long-term shareholders for their overwhelming support. Having dedicated much of my working life to the Group’s development, I am deeply grateful for their loyalty, trust, and support. We can now continue planning for the medium and long term, taking brave actions when needed, to create value for our shareholders, communities and colleagues.

Sustainability

Richemont has a long-standing commitment to doing business responsibly, striving to create benefits for all of its stakeholders. We are currently rolling out a strengthened sustainability roadmap to drive further environmental and social progress within Richemont and its stakeholder community, including suppliers and partners. We have updated key internal policies to ensure that our respect for human rights is embedded into our decision-making processes and over the six-month period have engaged with several NGOs to progress on our revised Human Rights Strategy as well as our biodiversity, climate and circularity policies.

Regarding the topical matter of energy savings, we aim to reach a 10% energy saving on gas and electricity in our offices and boutiques across Europe over the next six months compared to the prior-year period. We are also well positioned to achieve our objective to source 100% renewable electricity ahead of our initial target of the end of calendar 2025.

Outlook

As I conclude my comments, I would like to reiterate my tribute to my personal mentor, the late Maître Jean-Paul Aeschimann, who served with unparalleled distinction as Richemont’s Deputy Chairman for 22 years, from the Group's foundation in 1988 till 2010. Following his advice, we adopted the collegial board model, where all directors serve the interest of all shareholders. That has stood the test of time. His contribution to Richemont was immense and he is sorely missed.

I would also like to thank all the teams at Richemont for their commitment, creativity and operational excellence that have underpinned our strong performance. All our business areas have performed strongly. We have strengthened our sustainability operations and further heightened our sustainability ambition. We have also made major strides in our digital transformation.

It is highly uncertain how the political, economic and social landscapes will evolve in Europe and in our other key markets. We only know that we will likely face volatile times ahead as central banks seek to rein in inflation while governments try to manage severe cost of living pressures. At Richemont, we will continue to be guided by our values, seeking to build value for the long term in a sustainable and responsible manner, not seeking short-term, expedient solutions. The Group is in the fortunate position of being in good health, with a clear strategy, highly desirable and enduring creations, strong Maisons, professional teams and a robust balance sheet. These assets will enable Richemont to weather uncertain times and draw upon strength in demand, allowing us to look to the future with a mix of vigilance and confidence.

Johann Rupert
Chairman

Compagnie Financière Richemont SA

Financial review

Any long form references to Hong Kong, Macau and Taiwan within this Company Announcement are Hong Kong SAR, China; Macau SAR, China; and Taiwan, China respectively.

Following the 24 August 2022 announcement of an agreement, subject to a number of conditions, including the receipt of certain anti-trust approvals, to sell a controlling stake in YOOX NET-A-PORTER (YNAP), the results of YNAP for the period ended 30 September 2022 are presented as ‘discontinued operations’. Prior-year period comparatives are represented accordingly. Unless otherwise stated, all comments below relate to the results of the continuing operations. The results of Watchfinder & Co. (‘Watchfinder’) are now reported within the ‘Other’ business area.

Sales

In the first six months of the year, Richemont reported a strong performance with sales from continuing operations increasing by 24% at actual exchange rates and 16% at constant exchange rates.

This performance reflected double-digit sales growth in all regions excluding Asia Pacific where sales grew by 3% at actual exchange rates as the impact of recurring temporary boutique closures in mainland China was offset by robust performances in other Asian markets, in addition to positive foreign exchange impacts. In constant currencies, sales in the Asia Pacific region returned to growth during the second quarter but contracted by 5% for the six-month period to September 2022. In the Americas and Europe, the solid sales growth seen in the first quarter of the financial year continued during the second quarter, with six-month sales rising by 40% and 45% respectively, at actual exchange rates. European sales, in particular, benefited from the resumption of international tourism, primarily from North American and Middle Eastern clients.

Sales through the Group’s directly operated stores network outperformed the other sales channels, with sales up by 30% during the period, driven by growth in all regions. Online retail sales, now excluding sales made by YNAP, grew by 19% while wholesale sales increased by 14%.

All business areas enjoyed double-digit sales increases compared to the prior-year period. Sales at the Jewellery Maisons and Specialist Watchmakers grew by 24% and 22% respectively, reflecting growth in all regions and distribution channels. The ‘Other’ business area, now including Watchfinder, delivered the largest relative sales growth, of 27%. ‘Discontinued operations’, comprised of YNAP, grew sales by 11%.

Further details on sales by region, distribution channel and business area are given in the Review of Operations.

Gross profit

Year-on-year, gross profit rose by 27% to € 6 667 million, with the corresponding gross margin increased to 68.9% of sales.

This 140 basis point gross margin increase is mainly driven by price increases, a more favourable geographical sales mix and a further client shift towards retail. All these positive factors more than offset an increase in raw materials cost and inflationary pressures throughout the supply chain.

Operating profit

Increases in sales and gross profit and the Group’s ongoing focus on cost control have delivered a six-month operating profit of € 2 723 million, up 26% over the prior-year period. Operating margin rose to 28.1%.

Operating expenses grew by 28% over the prior-year period, slightly above the 24% sales progression rate. The year-on-year 27% increase in selling and distribution expenses partially reflected higher retail sales and the growth of the Group’s retail operations. As a percentage of sales, they amounted to 22.8% of sales in the current period compared to 22.3% a year ago. Strategic investments in communication led to a 33% increase in expenses, representing 8.3% of sales, compared to a low of 7.7% in the prior-year period.

The 24% increase in administrative expenses partially reflected a relatively stronger Swiss franc as well as increased logistics and IT-related expenses.

Profit for the period

Profit for the period from continuing operations rose to € 2 105 million, an increase of € 602 million, or 40%, compared to the prior-year period. Increased operating profit was partially offset by net finance costs of € 202 million (compared to € 382 million in the prior-year period). This charge included non-cash fair value losses of € 163 million (net) on financial instruments, including € 66 million on the Farfetch convertible note and Farfetch China option, offset by net foreign exchange gains on monetary items of € 95 million resulting notably from a stronger US dollar versus the Swiss franc.

The result from discontinued operations represents the operating result of YNAP for the six-month period in addition to the € 2.7 billion non-cash charge on transfer of YNAP net assets to ‘Held for Sale’ at 30 September. This charge depends on several variables, mainly the listed share price of Farfetch Limited and the US dollar/Euro foreign exchange rate at the reporting date. It also takes into account the expected fair value of the shareholding that the Group will retain in YNAP. This charge is therefore subject to change before the publication of the Group’s annual consolidated financial statements for the year ending 31 March 2023.

Earnings per share (1 ‘A’ share/10 ‘B’ shares) amounted to € (1.337) on a diluted basis. Excluding YNAP, diluted earnings per share (1 ‘A’ share/10 ‘B’ shares) from continuing operations were € 3.665.

To comply with the South African practice of providing headline earnings per share (‘HEPS’) data, the relevant figure for headline earnings for the period ended 30 September 2022 was € 1 930 million (2021: € 1 235 million). Basic HEPS for the period was € 3.396 (2021: € 2.181); diluted HEPS for the period was € 3.357 (2021: € 2.150). Further details regarding earnings per share and HEPS, including an itemised reconciliation, may be found in note 10.3 of the Group’s condensed consolidated interim financial statements.

Cash flow

Cash flow generated from operating activities, including YNAP, amounted to € 1 540 million compared to € 1 781 million in the prior-year period. The increase in operating profit for the period was partly offset by additional investments in working capital, including in precious materials inventories as well as higher levels of receivables reflecting strong sales growth during the period.

At € 314 million, net investment in property plant and equipment was 46% higher than in the prior period. The largest portion of the capital expenditure was focused on the renovation and expansion of the Group Maisons’ directly operated stores network, the strengthening of manufacturing operations at the Jewellery Maisons as well as further investments in technology.

The 2022 dividend of CHF 2.25 per share (1 ‘A’ share/10 ‘B’ shares), and the exceptional dividend of CHF 1.00 per share (1 ‘A’ share/10 ‘B’ shares) were paid to shareholders and to South African Depository Receipt holders, net of withholding tax, in September. The overall dividend cash outflow in the period amounted to € 1 851 million.

Proceeds from the exercise of share options by executives and other hedging activities during the period under review amounted to a net cash inflow of € 116 million.

Balance sheet

At 30 September 2022, the assets and liabilities of YNAP are classified as ‘Assets of disposal groups held for sale’ and ‘Liabilities of disposal groups held for sale’, respectively. The remainder of the balance sheet reflected only the assets and liabilities of the continuing operations. The prior-year period has not been restated.

Inventories of € 7 027 million were € 1 067 million higher than at 31 March 2022 excluding the impact of the reclassification of YNAP inventories, or € 72 million lower including that impact. Inventory rotation improved to 15.5 months (September 2021: 16.0 months).

The Group’s gross cash position at 30 September 2022 amounted to € 10 718 million while the Group’s net cash position stood at € 4 763 million, a € 488 million decrease compared to the position at 31 March 2022. The variation is largely explained by the dividend cash outflow. The Group’s net cash position included highly liquid, highly rated money market funds, short-term bank deposits and short-duration bond funds, primarily denominated in Swiss franc, Euro and US dollar as well as external borrowings, including € 6 billion Euro denominated corporate bonds.

Shareholders’ equity represented 46% of total equity and liabilities compared to 50% at 31 March 2022.

Sale of a controlling interest in YNAP

During the period, the Group reached an agreement with Farfetch and Alabbar, which is subject to a number of conditions, including the receipt of certain anti-trust approvals, to sell a controlling interest in YNAP. In the initial stage, Farfetch and Alabbar will acquire 47.5% and 3.2%, respectively, of YNAP’s share capital, making YNAP a neutral platform with no controlling shareholder. Upon completion of the sale, Richemont will receive Farfetch Class A ordinary shares, expected to represent 12-13% of the issued share capital of Farfetch. Richemont will also receive USD 250 million (expected to be settled in Farfetch Class A ordinary shares) on the fifth anniversary of completion of the initial stage of the transaction. Alabbar, Richemont and YNAP’s longstanding partner in the Middle East, will acquire a 3.2% interest in YNAP in exchange for its shares in the joint venture with YNAP in the Gulf Cooperation Council region. The initial stage of the transaction is currently expected to complete before the end of calendar year 2023.

The potential second and final stage of the transaction provides for Farfetch to increase its ownership of YNAP share capital to 100% through a put and call option mechanism.

YNAP’s performance

YNAP’s performance is shown under ‘Results from discontinued operations’ which saw sales grow by 11% at actual exchange rates and by 4% at constant exchange rates. Growth was led by Net-A-Porter and Mr Porter, with marked performances in the UK and the US. YOOX revenues grew mid-single digit, expanding its marketplace offering with the introduction of the Home and Art category. The Outnet, which launched in the US in May, was impacted by reduced product availability and increased competition. FengMao revenues grew at high double digits compared to the prior-year period.

YNAP continued the localisation of its online stores with several important launches due by December 2022, notably in Italy, Japan and South Korea. It also announced an industry collaboration with online retailers ABOUT YOU and ZALANDO to develop a bespoke learning platform to support their brand partners in setting science-based climate targets, which in turn will support YNAP’s own scope 3 reduction targets.

Review of operations

This part is only available in the full PDF which can be downloaded above.

Appendix

This part is only available in the full PDF which can be downloaded above.

Presentation

The results will be presented via a live audio webcast on 11 November 2022, starting at 09:30 (CET). The direct link is available from 07:00 (CET) at www.richemont.com. The presentation may be viewed using a mobile device or from a browser.

• Live telephone connection:
  
  • pre-registration required here
• An archive of the audio webcast will be available at 15:00 (CET) the same day from
  
  • www.richemont.com/en/home/investors/results-reports-presentations/
• A transcript of the audio webcast will be available on 12 November from:
  
  • www.richemont.com/en/home/investors/results-reports-presentations/

Statutory information

The Richemont 2022 Interim Report will be available for download from the Group’s website from 18 November 2022 at www.richemont.com/en/home/investors/results-reports-presentations/

Registered office
50 chemin de la Chênaie
CP 30, 1293 Bellevue
Geneva
Switzerland
+41 22 721 3500
www.richemont.com

Registrar
Computershare Schweiz AG
P.O. Box, 4601 Olten
Switzerland
+41 62 205 7700
share.register@computershare.com

Auditor
PricewaterhouseCoopers SA
50 avenue Giuseppe-Motta
1202 Geneva
Switzerland

Secretariat contact
Swen Grundmann
Company Secretary

+41 22 721 3500
secretariat@cfrinfo.net

Investor/analyst and media enquiries
Sophie Cagnard
Group Corporate Communications and IR Director

James Fraser
Investor Relations Executive

+41 22 721 3003 (investor relations)
investor.relations@cfrinfo.net

+41 22 721 3507 (media)
pressoffice@cfrinfo.net
richemont@teneo.com

‘A’ shares issued by Compagnie Financière Richemont SA are listed and traded on SIX Swiss Exchange, the Company’s primary listing (Reuters ‘CFR.VX’/Bloomberg ‘CFR:VX’/ISIN CH0210483332). South African depository receipts in respect of Richemont ‘A’ shares are traded on the Johannesburg Stock Exchange, the Company’s secondary listing, (Reuters ‘CFRJ.J’/Bloomberg ‘CFR:SJ’/ISIN CH0045159024).

The closing price of the Richemont ‘A’ share on 30 September 2022 was CHF 94.28 and the market capitalisation of the Group’s ‘A’ shares on that date was CHF 49 214 million. Over the preceding six-month period, the highest closing price of the ‘A’ share was CHF 122.35 (5 April) and the lowest closing price was CHF 91.76 (20 May).

About Richemont

At Richemont, we craft the future. Our unique portfolio includes prestigious Maisons distinguished by their craftsmanship and creativity, alongside online distributors that cultivate expert curation and technological innovation to deliver the highest standards of service. Richemont’s ambition is to nurture its Maisons and businesses and enable them to grow and prosper in a responsible, sustainable manner over the long term.

Richemont operates in three business areas: Jewellery Maisons with Buccellati, Cartier and Van Cleef & Arpels; Specialist Watchmakers with A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; and Other, Fashion & Accessories Maisons with Alaïa, AZ Factory, Chloé, Delvaux, dunhill, Montblanc, Peter Millar including G/FORE, Purdey, Serapian as well as Watchfinder & Co. In addition, Richemont operates NET-A-PORTER, MR PORTER, THE OUTNET, YOOX and the OFS division.

Disclaimer

This document contains forward-looking statements as that term is defined in the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements are not guarantees of future performance. Richemont's forward-looking statements are based on management's current expectations and assumptions regarding the Company's business and performance, the economy and other future conditions and forecasts of future events, circumstances and results. Our retail stores are heavily dependent on the ability and desire of consumers to travel and shop and a decline in consumers traffic could have a negative effect on our comparable store sales and/or average sales per square foot and store profitability resulting in impairment charges, which could have a material adverse effect on our business, results of operations and financial condition. Reduced travel resulting from economic conditions, retail store closure orders of civil authorities, travel restrictions, travel concerns and other circumstances, including disease epidemics and other health-related concerns, could have a material adverse effect on us, particularly if such events impact our customers’ desire to travel to our retail stores. International conflicts or wars, including resulting sanctions and restrictions on importation and exportation of finished products and/or raw materials, whether self-imposed or imposed by international countries, non-state entities or others, may also impact these forward-looking statements. As with any projection or forecast, forward-looking statements are inherently susceptible to uncertainty and changes in circumstances. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside the Group's control. Richemont does not undertake to update, nor does it have any obligation to provide updates of, or to revise, any forward-looking statements.

Ad hoc announcement pursuant to art. 53 LR

Richemont announces today that, effective 11 November 2022, Patricia Gandji will join the Group’s Senior Executive Committee in her capacity as Chief People Officer and CEO of Regions.

Patricia Gandji will continue to report to Jérôme Lambert, Chief Executive Officer of Richemont and a Director on the Board of Compagnie Financière Richemont SA.

Ms Gandji brings close to 30 years of diverse managerial experience and international exposure in the luxury industry. A graduate of the Hochschule Landshut, Germany, with a Master’s Degree, Ms Gandji began her career in the fashion industry in Italy and in Germany where she held various operational and strategic positions. She joined the Group in 2007 where, until 2016, she held a number of key roles with Cartier, first as Retail Director Northern Europe in Germany, promptly being promoted in 2008 to Managing Director Northern Europe, and in 2014 moved to Geneva to become Managing Director Europe, Middle East & Africa. In 2017, Ms Gandji joined Richemont in Geneva as Group CEO of Regions and, in 2020, expanded her role to ultimately take on the responsibility of Chief People Officer.

Commenting on the appointment, Johann Rupert, Chairman, said:

“I am delighted for Patricia Gandji to be joining Richemont’s Senior Executive Committee. Patricia brings not only her deeply human perspective but also her expansive knowledge of the regions and understanding of our Maisons. Patricia takes an empathetic approach to leadership, a quality that she is successfully promoting within Richemont and that is essential to our customer-focused mindset.

This strategic appointment is in recognition of the strong value Patricia has created leading our five regions and developing our Human Resources capabilities across the Group. It also reaffirms the importance of both people and regional matters as Richemont continues its transformation journey.”

About Richemont

At Richemont, we craft the future. Our unique portfolio includes prestigious Maisons distinguished by their craftsmanship and creativity, alongside online distributors that cultivate expert curation and technological innovation to deliver the highest standards of service. Richemont’s ambition is to nurture its Maisons and businesses and enable them to grow and prosper in a responsible, sustainable manner over the long term.

Richemont operates in three business areas: Jewellery Maisons with Buccellati, Cartier and Van Cleef & Arpels; Specialist Watchmakers with A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; and Other, primarily Fashion & Accessories Maisons with Alaïa, AZ Factory, Chloé, Delvaux, dunhill, Montblanc, Peter Millar including G/FORE, Purdey, Serapian as well as Watchfinder & Co. In addition, Richemont operates NET-A-PORTER, MR PORTER, THE OUTNET, YOOX and the OFS division.

Richemont 'A' shares are listed on the SIX Swiss Exchange, Richemont's primary listing, and are included in the Swiss Market Index ('SMI') of leading stocks. Richemont South African Depository Receipts are listed in Johannesburg, Richemont's secondary listing.

Investor/analyst and media enquiries

Sophie Cagnard, Group Corporate Communications & Investor Relations Director
James Fraser, Investor Relations Executive

Investor/analyst enquiries: +41 22 721 30 03; investor.relations@cfrinfo.net
Media enquiries: +41 22 721 35 07; pressoffice@cfrinfo.net; richemont@teneo.com

After the success of the first edition of Watches and Wonders Geneva in 2022, Rolex, Richemont and Patek Philippe have decided to create the Watches and Wonders Geneva Foundation (WWGF), a not-for-profit foundation based in Geneva. It comes into existence today.

The mission of the Watches and Wonders Geneva Foundation is to promote watchmaking excellence throughout the world. The purpose of this new foundation, established in September 2022, is to organise either in-person or digital watch and jewellery exhibitions, in Geneva and beyond our borders.

The WWGF will be managed by a Foundation Board, with Jean-Frédéric Dufour serving as Chairman and Emmanuel Perrin as Vice-Chairman. Along with the founding members, they will define the major strategic areas of this ambitious project. The Exhibiting Committee, made up of representatives from the participating Maisons, will, on the other hand, continue to take all the decisions to ensure the exhibition runs smoothly. Matthieu Humair, current CEO of the Fondation de la Haute Horlogerie, will become the CEO of the Watches and Wonders Geneva Foundation. The WWGF will be based in Geneva, an opportunity for the city to
consolidate its reputation as the world’s watchmaking capital.

The next Watches and Wonders Geneva edition will be held from 27 March to 2 April 2023 in Palexpo, Geneva’s exhibition centre. For the first time, the event, gathering nearly 50 brands, will open its doors to the public over the weekend, on 1 and 2 April 2023. Amateurs and collectors will thus have the opportunity to wander through the aisles of this prestigious Salon and discover the latest designs and trends for the year. Tickets will be available exclusively online on the watchesandwonders.com platform in early February 2023 at the price of 70 CHF. The first five days will be reserved for the press, retailers and the guests of the 49 exhibiting Maisons. The full programme will be disclosed in the coming weeks.

More information about the ambition of Watches and Wonders Geneva Foundation to transform Geneva into the world's leading watchmaking destination will follow!

Learn more at watchesandwonders.com

Press contact
press@watchesandwonders.com

Social media
#watchesandwonders2023

Richemont is pleased to announce that Cartier has been selected by the committee of the Japan Association for the 2025 World Exposition, to present the "Women’s Pavilion" at Expo 2025 Osaka, Kansai, Japan.

Cartier was invited to be a candidate for the "Women’s Pavilion" at Expo 2025 in light of the Maison’s long-standing commitment in women empowerment through the Cartier Women’s Initiative and other targeted corporate and philanthropic programs as illustrated by the outstanding success of the Women’s Pavilion at Expo 2020 Dubai.

With a proposal that clearly met the objectives set by the Japanese government, to contribute to the achievement of the Sustainable Development Goals (SDGs), Cartier’s winning project included innovative and compelling proposals such as the reuse of building materials of the Japan Pavilion at the Expo 2020 Dubai whose façade was designed by YUKO NAGAYAMA & ASSOCIATES and built by OBAYASHI CORPORATION.

"We are thrilled to continue our journey to support women empowerment and gender equality across the globe, though meaningful partnerships with the World Expos", said Cyrille Vigneron, President and CEO of Cartier. "With the Women’s Pavilion at Expo 2025 Osaka, Kansai, Japan we aim at providing a global platform to recognize the impact of women and their influence on our society, as well as to empower global citizens to create a better future for the next generations."

The Women’s Pavilion’s name and details will be revealed after the consultation with the Japan Association for the 2025 World Exposition and the Japanese government.

About Expo 2025 Osaka, Kansai, Japan

Expo 2025 Osaka, Kansai, Japan will bring together millions of people for The World’s Greatest Show, celebrating human brilliance and achievement under the theme ‘Designing Future Society for Our Lives’. The six months from April 13 to October 13, 2025 will be a moment in time to be part of an unparalleled event. 28.2 million visits are expected.

About Cartier

A reference in the world of luxury, Cartier, whose name is synonymous with open-mindedness and curiosity, stands out with its creations and reveals beauty wherever it may be found. Jewellery, fine jewellery, watchmaking and fragrances, leather goods and accessories: Cartier's creations symbolize the convergence between exceptional craftsmanship and a timeless signature.
Today, Cartier is part of Richemont and has a worldwide presence through its network of flagships and boutiques, authorized retail partners, and online on www.cartier.com

Compagnie Financière Richemont SA (the "Company") held its 2022 Annual General Meeting ("AGM") in Geneva today.

The General Assembly voted in favour of the re-appointment of all Board members who stood for re-election this year for a further one-year term. All directors have been elected by a large majority of Class 'A' votes represented in addition to the Class 'B' votes.

In addition, 'A' shareholders were asked to formally designate one person to serve as representative of all 'A' shareholders on the Board. Following the vote of 'A' shareholders only, Ms Wendy Luhabe was designated as representative of the 'A' shareholders with a compelling majority.

The proposals to amend the Company's Articles of Incorporation put forward by Bluebell Capital Partners Ltd. did not achieve majority approval and were rejected by A and B shareholders.

All other matters on the agenda were approved by the shareholders, with most of them by an overwhelming majority.

Specifically, the results for the year, including the proposals of the Board of Directors for the appropriation of retained earnings at 31 March 2022, were approved.

An ordinary dividend of CHF 2.25 per 'A' share was approved and will be paid on the listed 'A' registered shares while a dividend of CHF 0.225 per share will be paid on the 'B' registered shares in the Company. A special dividend of CHF 1.00 per 'A' share and CHF 0.10 per 'B' share was also approved. The dividends will be payable on Friday 23 September 2022 in Swiss francs. The dividends in respect of Richemont South African Depository Receipts will be payable on Thursday 29 September 2022 in rand to residents of the South African Common Monetary Area ('CMA') but may, dependent upon residence status, be payable in Swiss francs to non-CMA residents. They will be subject to Swiss withholding tax at the rate of 35%. The remaining available retained earnings of the Company, after payment of the dividend, are to be carried forward to the next business year.

Johann Rupert, Chairman of Richemont commented:

"I am deeply grateful to all our shareholders and wish to thank them for their vote of confidence in the leadership and governance of the company. The Board can now continue to work in a collegial manner, in the interest of all our shareholders. We remain focused on building value for shareholders by supporting our Maisons as they adapt to clients' evolving purchasing patterns, while staying true to their heritage. The recently announced partnership with Farfetch and Alabbar is an important step in delivering on this strategy.

The Board believes the current governance structure has underpinned Richemont's performance, allowing the Group to take a long-term view on sustainable value creation, unencumbered by short-term considerations. We recognise, however, that there are reservations about aspects of our governance which we will continue to address."

All information on the AGM, including the Chairman's address and detailed voting results will be available for download in due course from the Richemont website at AGM/EGM | Investors (richemont.com).

About Richemont

At Richemont, we craft the future. Our unique portfolio includes prestigious Maisons distinguished by their craftsmanship and creativity, alongside Online Distributors that cultivate expert curation and technological innovation to deliver the highest standards of service. Richemont's ambition is to nurture its Maisons and businesses and enable them to grow and prosper in a responsible, sustainable manner over the long term.

Richemont operates in four business areas: Jewellery Maisons with Buccellati, Cartier and Van Cleef & Arpels; Specialist Watchmakers with A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; Online Distributors with Watchfinder & Co., NET-A-PORTER, MR PORTER, THE OUTNET, YOOX and the OFS division; and Other, primarily Fashion & Accessories Maisons with Alaïa, AZ Factory, Chloé, Delvaux, dunhill, Montblanc, Peter Millar including G/FORE, Purdey and Serapian.

Richemont 'A' shares are listed on the SIX Swiss Exchange, Richemont's primary listing, and are included in the Swiss Market Index ('SMI') of leading stocks. Richemont South African Depository Receipts are listed in Johannesburg, Richemont's secondary listing.

Investor/analyst and media enquiries

Sophie Cagnard, Group Corporate Communications & Investor Relations Director
James Fraser, Investor Relations Executive

Investor/analyst enquiries: +41 22 721 30 03; investor.relations@cfrinfo.net
Media enquiries: +41 22 721 35 07; pressoffice@cfrinfo.net; richemont@teneo.com

Ad hoc announcement pursuant to art. 53 LR

Following today’s announcement on the partnership between Richemont, FARFETCH and Symphony Global to advance the digitalisation of the luxury industry, Richemont’s investment in YOOX NET-A-PORTER (‘YNAP’) will be classified as ‘held for sale’ in its consolidated interim financial statements for the six months ending 30 September 2022 as, subject to mandatory anti-trust approvals, a controlling shareholding in YNAP will be sold within the following 12 months.

The carrying value of this investment will be written down to the expected fair value less costs to sell, resulting in a charge to the consolidated income statement of the Group. Based on FARFETCH’s share price on 23 August 2022, Richemont currently assesses the write down to be approximately EUR 2.7 bn. This amount depends on several variables, mainly the listed share price of FARFETCH Limited and the USD/EUR foreign exchange rate at the reporting date and is therefore subject to change before the publication of the Group’s FY23 interim and annual consolidated financial statements. The value of net assets transferred to ‘held for sale’, upon which this charge is calculated, includes goodwill balances originally allocated to Richemont Maisons for impairment testing purposes.

YNAP results, as well as the aforementioned loss on transfer of the net assets of YNAP to ‘held for sale’, will be presented as discontinued operations for the six-month period ending 30 September 2022 and subsequent reporting dates until completion of the transaction.

About Richemont

At Richemont, we craft the future. Our unique portfolio includes prestigious Maisons distinguished by their craftsmanship and creativity, alongside Online Distributors that cultivate expert curation and technological innovation to deliver the highest standards of service. Richemont's ambition is to nurture its Maisons and businesses and enable them to grow and prosper in a responsible, sustainable manner over the long term.

Richemont operates in four business areas: Jewellery Maisons with Buccellati, Cartier and Van Cleef & Arpels; Specialist Watchmakers with A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; Online Distributors with Watchfinder & Co., NET-A-PORTER, MR PORTER, THE OUTNET, YOOX and the OFS division; and Other, primarily Fashion & Accessories Maisons with Alaïa, AZ Factory, Chloé, Delvaux, dunhill, Montblanc, Peter Millar including G/FORE, Purdey and Serapian. Find out more at www.richemont.com.

Richemont 'A' shares are listed on the SIX Swiss Exchange, Richemont's primary listing, and are included in the Swiss Market Index ('SMI') of leading stocks. Richemont South African Depository Receipts are listed in Johannesburg, Richemont's secondary listing.

Investor/analyst and media enquiries

Sophie Cagnard, Group Corporate Communications & Investor Relations Director
James Fraser, Investor Relations Executive

Investor/analyst enquiries: +41 22 721 30 03; investor.relations@cfrinfo.net
Media enquiries: +41 22 721 35 07; pressoffice@cfrinfo.net; richemont@teneo.com

Ad hoc announcement pursuant to art. 53 LR

• FARFETCH and Alabbar to acquire a 47.5% and 3.2% stake, respectively, in YOOX NET-A-PORTER (“YNAP”), making YNAP a neutral platform with no controlling shareholder
• Richemont and FARFETCH to have put and call options, respectively, for FARFETCH to acquire the remainder of YNAP, subject to certain conditions
• YNAP to adopt FARFETCH Platform Solutions to advance growth and shift towards a hybrid business model
• Richemont Maisons to adopt FARFETCH Platform Solutions to advance the realisation of their Luxury New Retail (“LNR”) vision
• Richemont Maisons to open e-concessions on the FARFETCH Marketplace

Johann Rupert, Chairman of Richemont, said:

“Today’s announcement is a significant step towards the realisation of a dream I first voiced in 2015 of building an independent, neutral online platform for the luxury industry that would be highly attractive to both luxury brands and their discerning clientele. We knew back then that if we wished to control our own destiny and protect the uniqueness of the luxury industry as it was digitalised, we would need to collaborate as the task was too big to undertake on our own.

FARFETCH's sophisticated technology will enable Richemont Maisons to benefit from the best route to market and realise their Luxury New Retail vision, while implementing a hybrid model at YNAP will greatly enhance its prospects. We have adjusted YNAP’s valuation to bring it in line with today’s market environment and will receive, in exchange, shares in FARFETCH, further aligning our interests. As a supportive shareholder and a Luxury New Retail partner, we will look to build the perfect platform for the future, enabling the luxury industry to flourish in an increasingly digital economy.

I am truly delighted to partner with José Neves and Mohamed Alabbar. I would also like to offer a particular thanks to my son Anton, whose technology prowess and creative thinking have been integral in building this partnership, and, of course, to my colleagues for their relentless work over the last two years that has enabled Richemont to reach this inflection point in its transformational journey towards Luxury New Retail.”

José Neves, FARFETCH Founder, Chairman and CEO, said:

“Today, FARFETCH and Richemont advanced significantly our Luxury New Retail vision for the digitization of Luxury. This significant partnership unequivocally establishes FARFETCH as a pre-eminent global platform for luxury.

Our FARFETCH Platform Solutions’ capabilities are perfectly tailored to the Luxury industry, and that has now been recognised by Richemont’s Maisons as well as pioneering luxury e-tailer YNAP, who will all be able to elevate the digital experiences of their global customers, by leveraging FARFETCH Platform Solutions.

The launch of Richemont Maison’s e-concessions on the FARFETCH Marketplace is a step change in our strategy for hard luxury, which represents more than 20% of the Luxury industry globally, but just 3% of FARFETCH sales, and is an area where we see much stronger customer demand relative to the supply we have had to date.

Last but not least, we are excited to acquire 47.5% of YNAP and partner with Richemont in YNAP’s transformation into a hybrid business model which we believe will drive strong growth and profitability for YNAP. This investment and work we will do with FARFETCH Platform Solutions for YNAP will pave the way to a potential acquisition by FARFETCH, which would create a complementary portfolio of iconic luxury destinations, appealing to different demographics, price points and regions.

I’d like to thank Johann Rupert and Anton Rupert for their vision and look forward to working more closely with them.”

Mohamed Alabbar, Founder and owner of Symphony Global, said:

“I am delighted at the opportunity to build further on my long-standing relationship with Richemont and YNAP, and participate, this time, in the realisation of their Luxury New Retail vision. YNAP is one of the most coveted global luxury shopping destinations and the partnership with FARFETCH, by continuing to develop YNAP’s marketplace business, will further enhance the experience for its brand partners and discerning clientele.

I am also confident that our deep understanding of the Middle Eastern luxury market, with its tech-savvy and influential customers, will be of great value to YNAP going forward.”

On 15 August 2022, the Board of Directors (the 'Board') of Compagnie Financière Richemont SA (the 'Company') provided additional information regarding the Company's 2022 Annual General Meeting. Since then, the Board has received queries from Bluebell Capital Partners LP ('Bluebell') in relation to items 4.1 and 5.17 of the Notice of Meeting and the related Board recommendations. In the spirit of transparency towards shareholders, the Company is providing the following additional information on the queries and the Company's response.

Bluebell has asked the Board to withdraw its recommendation not to elect Mr Francesco Trapani if he were to be designated as representative of the holders of 'A' shares. To Bluebell, this recommendation is inadmissible because it is made without a valid reason within the meaning of Swiss law. The Company has responded to Bluebell and noted the following:

• under Swiss law, the election to the board of directors of the designated representative of a class of shares can be refused by the general meeting of shareholders only if there is a "valid reason" to do so;
• in the Company's case, it will be up to the holders of 'A' shares to choose a representative and then to all shareholders, including the holder of 'B' shares, to determine if there is a valid reason not to elect this representative. Contrary to what Bluebell seems to believe, the role of the Board is therefore not to make a determination as to whether there is a valid reason not to elect Mr Trapani;
• the Board however has a fiduciary duty to tell shareholders what the Board believes they should know before they cast their votes. It is in furtherance of this duty that the Board made its recommendation to vote (i) against the designation of Mr Trapani (item 4.1) and (ii) against his election to the Board in the event he would be designated as representative of the holders of 'A' shares (item 5.17).

The Board continues to believe that Mr Trapani is an inappropriate candidate for election to the Board and that, if there should be one director who is designated as representative of the holders of 'A' shares, it should be Ms Wendy Luhabe.

There is therefore no reason for the Board to withdraw its recommendations.

About Richemont

At Richemont, we craft the future. Our unique portfolio includes prestigious Maisons distinguished by their craftsmanship and creativity, alongside Online Distributors that cultivate expert curation and technological innovation to deliver the highest standards of service. Richemont's ambition is to nurture its Maisons and businesses and enable them to grow and prosper in a responsible, sustainable manner over the long term.

Richemont operates in four business areas: Jewellery Maisons with Buccellati, Cartier and Van Cleef & Arpels; Specialist Watchmakers with A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; Online Distributors with Watchfinder & Co., NET-A-PORTER, MR PORTER, THE OUTNET, YOOX and the OFS division; and Other, primarily Fashion & Accessories Maisons with Alaïa, AZ Factory, Chloé, Delvaux, dunhill, Montblanc, Peter Millar including G/FORE, Purdey and Serapian. Find out more at www.richemont.com.

Richemont 'A' shares are listed on the SIX Swiss Exchange, Richemont's primary listing, and are included in the Swiss Market Index ('SMI') of leading stocks. Richemont South African Depository Receipts are listed in Johannesburg, Richemont's secondary listing.

Investor/analyst and media enquiries

Sophie Cagnard, Group Corporate Communications & Investor Relations Director
James Fraser, Investor Relations Executive

Investor/analyst enquiries: +41 22 721 30 03; investor.relations@cfrinfo.net
Media enquiries: +41 22 721 35 07; pressoffice@cfrinfo.net; richemont@teneo.com

Bellevue Geneva, 15 August 2022

Important notice regarding participation at the 2022 Richemont Annual General Meeting

Dear Fellow Shareholders,

We would like to provide you with some information relating to the Annual General Meeting of shareholders (‘AGM’) of Compagnie Financière Richemont SA (the ‘Company’), which will be held at 10:00 at the Four Seasons Hotel des Bergues, 33 Quai des Bergues, 1201 Geneva, Switzerland, on Wednesday, 7 September 2022.

Before I address the resolutions that the Board is submitting to the AGM, I would like to pay tribute to Maître Jean-Paul Aeschimann, who passed away in June. He served with incomparable distinction as Richemont’s Deputy Chairman for 22 years, from the Company's foundation in 1988 till 2010. His contribution to the work of the Board and the development of the Company was enormous, and we miss him greatly.

I would like to inform you that two respected and experienced non-executive directors, Messrs Jan Rupert and Ruggero Magnoni, will not seek re-election to the Board at this year’s AGM, having each served for 16 years. They made outstanding contributions to the development of Richemont and will be sorely missed. On behalf of the Board, I wish to thank each of them for their insightful and valuable support.

Full details of the proposals submitted to shareholders are set out in the formal Notice of Meeting.

Most of the resolutions relate to matters that are usual for an AGM, such as the approval of the consolidated financial statements of the Group, the financial statements of the Company and the directors’ report for the business year ended 31 March 2022, the appropriation of profits, release from liabilities for members of the Board and Executive Management, election of the Board and its Chairman, election of the Compensation Committee, re-election of the Auditor (noting that it has been decided to initiate a tender process, which may lead to the appointment of a new Auditor at next year's AGM), re-election of the Independent Representative of Shareholders, and votes on the aggregate amount of the compensation of the Board and of the Executive Management.

The Board considers that all these resolutions are in the best interests of the Company and its shareholders as a whole. Accordingly, it unanimously recommends that you vote in favour of the aforementioned Board proposals.

Amongst the resolutions proposed this year, I would like to draw your attention specifically to the following.

As we have announced, a fund manager, Bluebell, is proposing that the Company designates one of its representatives, Mr Francesco Trapani, as representative of all holders of the Company's 'A' shares and the election of that person to the Company's Board.

Until this year, Richemont's Board did not propose to elect one specific director to represent the holders of its 'A' shares, as it considers that directors must act in the interest of all shareholders and not only of one class of them. Swiss law however entitles Bluebell to request the appointment of such a representative. For this reason, and although no shareholder ever asked for the appointment of a class representative in the Company's 34 years of existence, 'A' shareholders will this year be asked to formally designate one person to serve as representative of all 'A' shareholders on the Board. A vote will be carried out under item 4 of the AGM's agenda.

Richemont's Board does however not believe that Bluebell, a fund manager with a relatively small stake in the Company, has legitimacy to represent all 'A' shareholders on the Board.

The Board further considers Bluebell's candidate, Mr Trapani, to be an inappropriate candidate for election to the Board, and his designation as representative of the 'A' shareholders and election to the Board not to be in the interest of the Company. Mr Trapani is not independent, as he has a long history of close relationship with the LVMH group and its main shareholder. Mr Trapani was the CEO of Bulgari when it agreed to be acquired by LVMH in 2011. He then served as Chairman and CEO of LVMH's Watches and Jewellery Division from 2011 through 2014, on LVMH's Board of Directors from 2011 through 2016 and as an advisor to LVMH’s Chairman and CEO from 2014 through 2016. Mr Trapani resigned from Tiffany's board in November 2019, the day after the merger agreement was executed with LVMH.

LVMH is one of our Company's key competitors. The Board may not responsibly recommend to shareholders to let a person who has a long history of association with that group – as well as a personal relationship with that group's main shareholder – become a director of our Company and intervene in our Company's decision-making process.

As mentioned above, the Board considers that its directors are acting in the interest of all shareholders, and not only of some of them, also noting that all existing directors have been elected by a majority of the votes cast by both 'A' and 'B' shareholders.

Each of the Company's independent directors can therefore legitimately put a claim to the position of representative of the 'A' shareholders. This is all the more so that 'A' shareholders include persons and institutions who have a wide spectrum of backgrounds, interests and personal circumstances, who neither Bluebell nor Mr Trapani have legitimacy to represent as a group. For this reason, the Board considers that its current independent directors are the best suited to serve as representatives of the 'A' shareholders on the Board.

However, since Swiss law and our Company's articles of incorporation only contemplate the appointment of one director in that capacity, the Board proposes the election of Ms Wendy Luhabe to that role instead of Mr Francesco Trapani. On account of the overwhelming 'A' shareholder support for her election to the Board (89% voted in favour at the 2021 AGM), Ms Luhabe was designated by the Company's independent directors for this role at a Board meeting that was held on 4 August 2022.

Ms Luhabe has extensive business and boardroom experience, which the Board believes qualify her to represent the ‘A’ shareholders. First elected to the Board in 2020, her business experience spans across many industries including in luxury and consumer goods. She is highly regarded both for her corporate governance acumen and for her contribution in the areas of diversity, equity and inclusion. She has notably played a pioneering role in South Africa in advancing the economic empowerment of women, through initiatives such as founding ‘Women in Infrastructure Development and Energy’, ‘Bridging the Gap’ and ‘Women Private Equity Fund’ and being a founder member of ‘Women Investment Portfolio Holdings’.

Ms Luhabe’s prior corporate experience includes serving inter alia as a previous Chair of Vodacom from 2000 to 2005, the Industrial Development Corporation (‘IDC’) from 2001 to 2009, the International Marketing Council (‘IMC’) from 2002 to 2009, Alliance Capital from 1997 to 2003, and Vendôme South Africa from 2001 to 2011. She has also been a Non-executive Director of Tiger Brands from 1994 to 2001, Telkom from 1994 to 2003, the Johannesburg Stock Exchange from 2003 to 2011 and World Rugby from 2016 to 2018, among others. She has also served on the boards of the reputed European IMD and ESSEC business schools.

Ms Luhabe currently serves as Non-Executive Chairman of Pepkor and Libstar.

Although Ms Luhabe has indicated that the boards she serves on do not make unreasonable demands on her time, she has indicated that she is considering stepping down from one of the boards she chairs when her mandate comes to term. This will enable her to prepare her succession in a quoted group in an orderly and responsible manner.

The Board considers that Ms Luhabe is ideally positioned to represent the Company's 'A' shareholders on the Board. The Board therefore recommends 'A' shareholders to vote against the designation of Mr Francesco Trapani as representative of the 'A' shareholders for the election to the Board (proposal 4.1), and in favour of the designation of Ms Wendy Luhabe in this capacity (proposal 4.2).

Swiss law requires that all shareholders be given the opportunity to participate in the election of Board members. Holders of 'B' shares are however only permitted to vote against the election of the representative of the 'A' shareholders if they have a valid reason to do so.

Bluebell proposes that Mr Trapani be elected to our Company's Board in the event that he is designated as representative of the 'A' shareholders. The Board believes that the Company already has the best jewellery and luxury experts inhouse, both on the Board and in the executive management, and that Mr Trapani's contribution in this respect would not justify adding one additional member to the Board. For this reason, and for the reasons regarding Mr Trapani's lack of independence outlined above, the Board recommends voting against that election (proposal 5.17).

Bluebell is also requesting that Article 22 of the Company's articles of incorporation, which relates to the composition of the Board, be modified such that the minimal number of Board members is increased from three to six, and that Article 22 be further amended such that each Board member be categorised as a representative of either the 'A' or the 'B' shares, and that the number of representatives of the 'A' and 'B' shall be equal.

The Board recommends voting against Bluebell's proposed amendments to Article 22 of our Company's articles of incorporation (proposals 10 and 11). Bluebell's proposals aim at creating a regime in which directors are not expected to act in the best interest of the Company and its stakeholders as whole, but only in the interest of either the 'A' or the 'B' shareholders. This narrow and limited definition of the role of a director is inconsistent with the Board's values of collegiality and conception of company stewardship, which presided over Richemont's value creation and success over the past decades. The Company's capital structure makes it possible for Richemont to plan for the medium and long term and to create value for shareholders, employees and their communities, while being protected from speculators' short-term considerations and demands. Changing this structure would be immensely prejudicial to the Company's prospects.

Sincerely yours,

On behalf of the Board of Directors of Compagnie Financière Richemont SA

Johann Rupert
Chairman of the Board

Johann Rupert, chairman of Richemont, opposes investor Bluebell Capital's plans and explains how the company is moving forward.

It has been three weeks since the activist investor Bluebell Capital demanded that the Geneva-based luxury goods manufacturer Richemont turns its board of directors upside down. On Monday, Richemont’s board rejected the request. In one of his rare interviews, Johann Rupert, Chairman of the Board of Directors, explains why he opposes Bluebell’s plans, how the move to a platform-based online-business is developing, why only few know the name of his successor and what Karl Marx was right about.

Mr Rupert, the luxury good sector is living through a challenging time. And exactly now, Richemont gets to important crossroads with the decision about the future of the online strategy and the various claims set by the activist Bluebell Capital Partners. What is your answer to this attack?
To my knowledge Bluebell Capital had invested previously in the company and then made money by selling the shares to a higher price. Now they are back. Yes, they bought about one million shares to be able to put items to the agenda of the annual general meeting. But in my opinion, they try to gain visibility and this with investing just a small amount of money. This is not about Corporate Governance, and it is not about performance either.

But with regard to the board of directors at Richemont, Bluebell may have a point, because none of the directors is designated to represent the shareholder of the listed A-shares.
Switzerland has this structure of every class of shareholders has the right to be represented. This was mainly or purely designed for private companies with a minority shareholder to have them protected. In the beginning we designated people. Then, late Maître Jean-Paul Aeschimann, who served as Richemont’s Deputy Chairman for 22 years said: No: I do not want two classes of board members. We are all responsible for everything. The discussions in our board meetings always take into consideration the interests of all shareholders, whether they own listed A-shares or non-listed B-shares. We always feel that the shareholders are represented by all our independent board members.

Richemont’s capital structure with multiple voting shares may be an argument though.
One thing I can assure you. I am not changing our capital structure. I have no legal reason to do so, and, more importantly, I don’t have a moral reason to do so because I did not take a penny out of the company. Since 1988, Compagnie Financière Rupert, which is a Swiss commandite partnership, has never received one penny, not one, except dividends pari passu with all the other shareholders. We’ve never had a fee nor do we take royalties and do not own real estate which we lease to the public company. I have never done a deal with the company. Every shareholder is treated exactly the same. Two examples for that.

Go ahead.
Firstly, when I started with Richemont, our family had too many public or listed or holding companies. I said to my father, let us put them all together in one company so I don’t have problems as to where to invest and what. We proposed to our shareholders that there would be one international holding company, called Richemont. We put to the vote of all shareholders, except the family, we did not vote. 100% of the shareholders agreed. We then listed the shares in Switzerland. Anybody who bought the shares ever since knew fully about the multiple voting share. I have chosen this structure, because it enables us to plan for the medium and long term. It is also critical to avoid that somebody, a raider, can come in, disturb and destroy the company and the life of all colleagues, and communities. All successful luxury goods companies have family-controlled structures. To be autonomous was my leitmotiv – and we have not done anything I could be embarrassed about.

And secondly?
Some years later Jacobs Suchard was bought by Philip Morris, and they paid a premium to the Jacobs family. So, the Swiss Stock Exchange came with the opting-in or opting-out rules. Of course, we decided for the opting-in. Every shareholder gets the same price as I will, if ever we would intend to sell which is absolutely not the case.

The more important crossroad comes with the decision about Richemont’s online business. Richemont has invested a lot of money into it roughly 4,5 billion €, and is still writing losses with the platform YNAP. Your attempts to establish a platform with partners were not successful so far. Is your view still realistic?
Some companies continuously acquire other companies. This demands paying enormous goodwill. We strive to create goodwill. So yes, we have spent a lot of money – maybe half of it is wasted, but which half? – however our cashflow is much better, the losses at YNAP decreasing. Some years ago my son warned me to move from a linear model to a platform model. I should have acted quicker! We will move to a platform-based model, for sure. The key is to get the technology of Farfetch, then we can implement Luxury New Retail, LNR. Unfortunately, if you look at the capital market and what happened to online businesses, where share prices were decimated, it is more difficult to conclude the deal. The idea of running businesses with negative cashflow ad infinitum is gone.

That means, the conclusion of the deal is rather a question of valuation or are there any other issues to be solved?
It is on the route to be solved. We will have clarity within the next two months which way we are going.

You are still exploring alternatives then, maybe do it on your own.
No, not on our own. We will do it with Farfetch. Internally, we progressed a long way in understanding their technology which is the best of all the online businesses. In fact, it was Alibaba that has recommended them to us.

Does the expected deal exclude external partners?
Not necessarily, but we are not going to wait for them ad infinitum.

And what are the prospects in terms of earnings?
Once the platform has started, it will take the model two to three years to kick in into the profit and loss statement.

Not a short period of time…
Everybody focuses on the costs of the online business. They forget that we spend roughly a billion Euro a year on leases or rents. I would rather move a bigger percentage of sales online instead of having fixed leases. The more we sell online the less we need boutiques everywhere. To fully kick in, we would have to move 20 to 30% of that amount to online in the next five years, which is very doable. The goal is not to have an online business per se, the goal is to meet the needs of our clients and minimise fixed costs.

Could you please expand on this?
Every time when we are in a recession, fixed costs are a drag. You still have to pay rent and this is what pushes companies under. You are able to withstand economic downturns a lot better if you have variable costs. Our mission is to drive fixed costs out of the process and rather invest them in product innovation, design and communication.

These days the world is at the edge of a recession. Is this outcome inevitable? What are your expectations for the coming months?
Since I have been involved in the luxury good sector with Cartier in 1976, I have seen many ups and downs. Yes, I am worried about the external factors, and I think that Europe and the USA will find it very hard to avoid recessions. People talk a lot about heating because of gas, but the blow to German industry would be bigger, they cannot do it without gas. We will see more inflation, hopefully we don’t have a stagflation. The central banks and governments have been very reckless in their monetary and fiscal policy since 2008. They did socialise the debts in 2009, so Karl Marx, in fact, seemed to have it right in a way. We are still paying the costs. The actual interest rises will not hurt the big companies but the people, the middle-class society and it will make the poor people poorer, which is blatantly unfair. That worries me more than the conjuncture. We will survive the next downturn.

What are the advantages for Richemont in these turbulent times? How can the group withstand the storm?
We have prepared for these conditions. The company is in a very good shape with a strong balance sheet. Even though we have been accused several times by analysts who quoted our balance sheet as lazy, like from 2005 to 2007, we have benefitted by being prudent. It is very advantageous to have been conservative during the good times. And do not forget: one of the luxuries of Richemont is to have a family-controlled structure, with that we can plan ahead.

An important factor is China, a drag for a while now, how long will it take for a comeback, if ever?
China will recover. But it will take time, probably going through a partial lockdown through another winter.

Is Covid a game changer with regard to the growth potential the luxury goods industry sees in China?
No. The demand for ‘fine products that last’ is unbroken. What still doesn’t help the industry yet is the lack of tourists. Travelling is not nearly where it was. We see Americans in Europe, but the Chinese are missing.

What can we expect in terms of growth in the luxury goods sector globally?
Have you seen luxury goods industry growth rates in the last eighteen months? Although I am not sure that the extraordinary growth will be maintained at such a rate, I am confident that it is far more resilient than other business sectors.

A people factor?
We try to hire people with curiosity and empathy. Curiosity is the valuable starting point for later success. People with empathy are neither homophobic nor racist. Empathy is a mindset. An important characteristic when it comes to take care about the planet and ESG factors (Environmental Social Governance) in general. We are not being good custodians of the planet, that is why we, as mankind, should be embarrassed. ESG should not be a selling factor, it is basically your right to be at the table. If you don’t do it, you should not be in the game. Luckily, we have been in there for a while – ecology and conservation have been a concern for many decades, including for my family. This year for example, we spent well over 100 million € to get rid of PVC.

Richemont has the financial strength to add another culture to its family by the acquisition of a new brand. An option that you ponder?
When we bought Van Cleef & Arpels we paid just above 300 million €, its turnover and its loss were 60 million €. For the first six years analysts asked me every meeting when the investment will pay off. And our board members, an open and egalitarian board by the way, did the same. We would rather acquire smaller successful brands or Maisons as we call them and then build them up. Today Van Cleef & Arpels is a truly remarkable Maison.

As you did it recently with the Belgian leather goods company Delvaux?
Exactly, Delvaux is the Hermès of Belgium. Their products are of a remarkable quality. All in all, we have so much growth potential in our own brands that – unless it is a very special situation – we stay at the sideline. Buying sales in a large scale for an exaggerated price combined with doing the job the previous owner should have done is not part of our strategy. We try to create goodwill for our shareholders, not give it to the previous shareholders.

I would like to come back to the board’s qualities and the reshuffle suggested by Bluebell Capital. Why would a change be so critical?
It is an egalitarian board, a collegial and open one. According to the Swiss law it is accepted in the way it is. Why should we change it? There is no need to change it neither legally nor morally. Our board might be slower and more conservative than other boards. But its openness and collegiality are exactly its asset. I am not going to give in to coercion. We have some 35 000 colleagues who rely upon stability. In addition, we have trade partners who don’t want a change. I have looked after my colleagues, I have looked after my shareholders, that’s my role, not to look after guys who come in and leave in 3 months’ time.

Bluebell also nominated a candidate, Mr Francesco Trapani. What can you comment on that proposal?
The Board sees more value in that role being performed by an existing independent non-executive director, Ms Wendy Luhabe, who joined the Board in September 2020.

By the way: what happened with Third Point, another activist who invested in Richemont last year?
They never became hostile. As I said in the press, I think Dan Loeb believed me when I said that we are doing better. They have chosen the right moment to invest and made their money.

You have reached an age, if I may say, that rises speculations about a possible future without Johann Rupert at the helmet of Richemont. Your son Anton was named member of the board in 2017, is it an educated guess to see him in different role in the future?
My son has never been an executive. He has never drawn a salary or a fee, and we have stated that he will not be an executive. Anton is on the board to make sure that my colleagues can rest assured that they are not going to be raided by somebody with a short-term horizon. Anton is a mere member of the board who gives continuity and stability. And he is not planning to become an executive.

But I am sure you have a succession plan.
Of course, there is one. But the moment you disclose it, the designated person immediately is under scrutiny beforehand. The people on the board who should know, the non-executive directors, they know who that individual is. And these directors are unanimous.
It is not about size and power but ultimately it is about empowering the right individuals inside your organisation and supporting them. That is the role. Quite frankly, when I try to take it easy and appoint someone else, then there occurs something unexpected like Covid or now the war in Ukraine. It is not arrogance but I do not think there will be a job description like mine again. All what you really are is the conductor of an orchestra.

Ad hoc announcement pursuant to art. 53 LR

Richemont (the "Company") announces the publication of its Notice of Meeting for the upcoming annual general meeting ("AGM") to be held on 7 September 2022. The Notice of Meeting is available for download from the Richemont website at AGM/EGM | Investors (richemont.com).

The Company's Board proposes in particular an ordinary dividend of CHF 2.25 per 'A' share and CHF 0.225 per 'B' share, and an additional special dividend of CHF 1.00 per 'A' share and CHF 0.10 per 'B' share. The Board further proposes the re-election of all its members for a further one-year term, with the exception of Messrs. Ruggero Magnoni and Jan Rupert, who had already informed the Board that they will not seek re-election at this AGM.

The Notice of Meeting also includes the items requested by Bluebell Capital Partners Ltd. ("Bluebell"). After careful consideration, the Board recommends to vote against the designation of Bluebell's candidate as representative of the holders of 'A' shares, and against the election of that person to the Board. The Board proposes the election of its independent director Ms. Wendy Luhabe as representative of the holders of 'A' shares instead of the candidate proposed by Bluebell.

The Board is further recommending to vote against the changes to the Company's articles of incorporation proposed by Bluebell.

The Board will provide further information on its recommendations regarding Bluebell's proposals in its letter to shareholders.

About Richemont

At Richemont, we craft the future. Our unique portfolio includes prestigious Maisons distinguished by their craftsmanship and creativity, alongside Online Distributors that cultivate expert curation and technological innovation to deliver the highest standards of service. Richemont's ambition is to nurture its Maisons and businesses and enable them to grow and prosper in a responsible, sustainable manner over the long term.

Richemont operates in four business areas: Jewellery Maisons with Buccellati, Cartier and Van Cleef & Arpels; Specialist Watchmakers with A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; Online Distributors with Watchfinder & Co., NET-A-PORTER, MR PORTER, THE OUTNET, YOOX and the OFS division; and Other, primarily Fashion & Accessories Maisons with Alaïa, AZ Factory, Chloé, Delvaux, dunhill, Montblanc, Peter Millar including G/FORE, Purdey and Serapian.

Richemont 'A' shares are listed on the SIX Swiss Exchange, Richemont's primary listing, and are included in the Swiss Market Index ('SMI') of leading stocks. Richemont South African Depository Receipts are listed in Johannesburg, Richemont's secondary listing.

Investor/analyst and media enquiries

Sophie Cagnard, Group Corporate Communications & Investor Relations Director
James Fraser, Investor Relations Executive

Investor/analyst enquiries: +41 22 721 30 03; investor.relations@cfrinfo.net
Media enquiries: +41 22 721 35 07; pressoffice@cfrinfo.net; richemont@teneo.com

After leading the Partners in Action programme at the United Nations System Staff College and directing partnerships at the Global Alliance for Improved Nutrition, Dr Bérangère Ruchat held the position of Chief Sustainability Officer and then Senior Vice President Sustainability at fragrance and flavour designer Firmenich. She is now Chief Sustainability Officer of the luxury group Richemont.

What is your vision of regenerative luxury and what ambitions does this concept express?

I always try to be careful with the buzzwords often used in sustainable development. In recent years, the notion of regenerative has been used a lot to think about the protection of biodiversity and mainly in the context of regenerative agriculture. The B-Corp movement also uses this notion a lot. When using new concepts, it is important to understand scientifically what they are: how do we measure that one practice is more regenerative than another? Do we have the means to measure scientifically and in figures a claimed positive impact?

In the current climate emergency, only results count. A vast amount of work has been done by the OP2B (One Planet Business for Biodiversity) platform to scientifically define the challenges of regeneration. Measuring impacts on biodiversity is much more complex than measuring climate impacts. For several years now, we have already had standards for measuring climate change called Science Based Targets. The same process is underway for nature.

That said, luxury has a role to play in the regeneration of ecosystems. Therefore, acting at the source of value chains in collaboration with the producers of raw materials is strategic. New forms of collaboration from source to creation are crucial. New partnerships transform purely transactional business relationships into innovative collaborations in which it is not only about financing projects but also about sharing know-how and innovation.

Sustainable development is not only about climate and nature but also about social impacts. Regenerative practices can also focus on the regeneration of socio-economic ecosystems. Luxury has a key role to play in this area by preserving craftsmanship and supporting artisans in remote regions that are often lacking financial support. For example, the fabulous collaboration between Van Cleef & Arpels and a craftsman in the Swiss Jura region has helped to regenerate know-how and give a boost to a region in difficulty. This dimension is particularly touching for me because I grew up in this village with its unique know-how in art mechanics, which has suffered deep economic setbacks over the last few decades. On the other hand, the workshops, factories and luxury production sites in Europe employ several thousand women and men. Luxury has a positive impact on employment and is regenerating itself with the integration of young talent that I have had the pleasure of seeing working in the workshops.

In a word, the main lever for transformation is respect for materials and know-how, without which nothing is regenerated, and everything is lost.

As Chief Sustainability Officer, what are your daily missions and what place does eco-responsibility have within the Richemont Group?

I won't just talk about eco-responsibility because my role is not limited to environmental issues. My missions are based on three pillars that have replaced the traditional CSR tactics. Today, the role of the Chief Sustainability Officer is very holistic and includes all the dimensions of corporate responsibility: we talk about an ESG strategy (Environment, Social, Governance).

In particular, my team is in charge of the Group's non-financial reporting, this involves defining performance measures and, above all, creating transparency on our impacts and actions. In this context, we follow internationally recognised standards. Our latest report was published on 2 June 2022 and can be found on our website: it contains 170 pages and explains our approaches in detail. We are in a process of constant learning and improvement, but I am already very impressed by the work done by the 26 companies and businesses of the Group in the three ESG dimensions.

I joined Richemont on 1 February 2022 after dedicating 25 years of my career to public-private partnerships, first at the United Nations, then at the Bill & Melinda Gates Foundation and for the last 12 years at Firmenich. I am very fortunate to have a dedicated committee on the Board of Directors at Richemont. This committee supports the transformation ambitions driven by my team and the Group's network of sustainability leaders that includes all the Houses, regions and functions. My position reports directly to the Group CFO and I work with all the CEOs of the Houses, regions and functions.

In this context, my missions and those of my team are focused on sustainable transformation, which includes defining strategic priorities, measuring impact and performance, training and coaching. Like others, we have moved from managing peripheral initiatives to change management and performance measurement. We help prepare for the future, anticipate future risks and opportunities.

Chloé is the first luxury house in the group, but also in the industry, to have obtained B-Corp certification. How can this ambition be extended to the other Richemont Houses?

Chloé is a pioneer Maison in the Group and in the industry in terms of sustainable development. It is a transformation process led by an inspiring and determined leader, in collaboration with a committed artistic director and a talented Sustainable Development team. The human dimension of such success is paramount. The teams are inspired by a mission focused on women's empowerment.

The B-Corp certification validates and recognises the efforts of all the teams, from the purchase of raw materials to human resources management and creation, to mention just a few dimensions of the process.

What is important is the strategic framework of B-Corp, which is totally holistic and not limited to circularity or carbon emissions, but touches every dimension of the company's daily work. The ambition should not be to certify more B-Corps: so much the better if that is the case, but it is only a means to an end, not an end. The important thing is the B for "benefit", which must force us to understand our impacts on all our stakeholders, and this vision is clearly the one I want to instil in the entire Group. That said, many companies are already acting in this area of positive impact. For me, B-Corp is above all a state of mind and an approach that proposes a new role for the company in society, made up of new innovative collaborations.

How is your CSR strategy received in the Asia Pacific market? Is the health situation there holding back your projects compared to other markets which are growing exponentially?

It is important to note that the regional decision-makers and their teams are at the heart of the expansion of our social and environmental policies. We have an ESG committee representing each region of the Group, in which I participate. We measure our respective performances and share best practices. Then, at the heart of each region, there is ESG governance and, increasingly, there is a dedicated person who reports to the regional management. This governance works very well. It is led by highly motivated women and men, which is particularly the case in Asia Pacific.

It is true that our colleagues are going through the health crisis with additional difficulties, but their commitments remain unchanged. They continue to follow their roadmap on eliminating plastic, purchasing renewable energy and conducting numerous diversity and inclusion trainings. On the other hand, they are very active in supporting groups in need and their generosity has had many positive impacts. I remember an international focus on sustainability where ESG colleagues from Asia Pacific participated despite the unfavourable schedule.

Their message was that continuing their positive actions also contributed to their well-being. This is a crucial point to make: what we do is not something we allocate a budget to from time to time. It is a state of mind that is part of the long term. This is the Richemont culture, which is sometimes misunderstood. Our ethos is one of empathy, curiosity and loyalty, values of resilience in times of crisis.

Richemont is one of the top 2% of global companies rated in the world in terms of environmental, social and governance measures; what are the next steps to continue doing business responsibly

Indeed, our assessment by Sustainalytics, one of the leading rating agencies on ESG criteria, is very positive. However, there is no room for complacency. First of all, the world is experiencing numerous climatic, social, political and health crises: there are many emergencies and many priorities. We must remain humble about our ability to address the challenges of the present and the future. However, we must remain positive, believe in innovation and solutions and above all remember the role of our sector in society.

We are protectors of craftsmanship, creators of aesthetics and technical prowess, passionate about minute details, in constant search of beauty and excellence. We are passers-on of family stories, love stories and History with a capital H. A watch, a ring, a necklace, a bag, a dress, a pen tell stories about life, moments of happiness, memories. All this is not futile, quite the contrary. This wonderful universe must therefore be environmentally and socially responsible. In a few months, our new ambitions will reflect this ever-renewed desire. However, we must realise that the challenges go far beyond our Maisons and our Group. Some issues are specific to our entire industry and collaboration is becoming a very positive and pre-competitive reality.

Collaboration with our suppliers will also be central to achieving our social and environmental goals. I invite the reader to go to our website and read our sustainability report to discover our strategy and actions. We have little time left to reverse the impacts of climate change and contribute to greater inclusion in our societies. Our obsession in the coming months and years will be to accelerate: we must all be motivated by a sense of urgency.

Milan 10 August 2022 - Buccellati, one of the world’s most renowned high jewellery houses, is pleased to announce the launch of its newly designed global website www.buccellati.com.

Offering a seamless, personal customer experience across the Maison’s creations from jewellery and silverware to watches and gifts, the best-in-class e-commerce website, is fast, easy to navigate and designed for a wide range of mobile and desktop devices. Available in 15 countries and in 9 languages, the website integrates the latest dynamic functionality for a user-friendly, interactive shopping experience.

Taking Buccellati’s online experience to the next level, the new website features the latest e-Commerce functionality enabling “distance sales” across a large selection of products in stock in the Maison’s stores in the USA. Europe and the Rest of the World, with the exception of Mainland China, will follow in the coming months. Today, Chinese customers can purchase a selection of Buccellati products via Buccellati’s “WeChat” mini-program https://maison.buccellati.com.cn/.

Buccellati.com is optimized for the visually impaired and is ADA-compliant, encouraging accessibility in line with the Group’s Diversity & Inclusion policy.

BUCCELLATI

Buccellati is a renowned high-jewellery brand, admired for its craftmanship and the uniqueness of its creations. Distinctive is the use of rare stones with extraordinary colours, mixed with white and yellow gold, all nicely carved like laces. Today, the Buccellati jewels stand out for their design and for the techniques used to create them, such as the hand-engraving technique, dating back to the ancient goldsmithing traditions of the Italian “bottega” during the Renaissance times. The shapes of the collections are all inspired the historical archive drawings and by the very first creations of the founder, Mario Buccellati. Today, the Maison is 100% owned by Richemont, but the Buccellati family is still present in the company with top level managerial functions. Buccellati boutiques are present in the most important cities and in the most prestigious malls of the world.

French after English

Interview by Fanny Noghero, Le Temps

Bérangère Ruchat is the first head of sustainable development at Richemont. A position she has held since February 1 and which places her among the rare women leaders of the Geneva group, still mainly dominated by men.

Bérangère Ruchat is Richemont's first female head of sustainable development. A position she has held since February 1 and which makes her one of the few female executives of the Geneva-based group, which is still dominated by men.

After having completely reorganized its management structures last year, the Geneva-based luxury group Richemont is continuing its virtuous muse with the hiring of a CSO (Chief Sustainability Officer). Bérangère Ruchat has held this newly created position since February 1, 2022. She has the difficult task of rethinking the functioning of a group that has often been criticized for its governance problems. A woman of conviction, she intends to instill a sincere awareness in all of the group's 34,000 employees, so that all decisions taken internally are made through the prism of sustainable development.

Le Temps: Bérangère Ruchat, what led you to trace your career path in sustainability
Bérangère Ruchat: I was born in Sainte-Croix (VD), I spent my entire childhood in the forest, there is something emotional, a connection to nature. After my studies in Switzerland and the United States, I wrote my doctoral thesis on the collaboration between NGOs and companies. For me, sustainable development is a partnership, a collaboration, it is about solving global issues by bringing solutions from all sectors to the table. I've spent my entire career with this in mind, whether at the United Nations, the Bill & Melinda Gates Foundation and then at Firmenich.

Le Temps: You are the group's first Chief Sustainability Officer (CSO), what is your role
Bérangère Ruchat: Sustainable development is first and foremost the reflection of a new business model. It's about creating the future of a company, new leaders, people who think differently. It's a strategic role. If I report directly to the CFO, it's because non-financial value is fundamental. A lot of times, in companies, the sustainability manager has a bit of a secondary role. He writes a nice report every year and has two or three small projects with foundations. This is called CSR (corporate social responsibility). At Richemont, I don't do CSR. We are a business transformation team. Sustainable development, both environmental and social, must be a filter used daily by all employees to make decisions. My mission is to instill this state of mind in everyone, to make sure that everyone has the right tools and feels empowered on these issues so that my team and I won't need to be here in ten years' time.

Le Temps: There is a current trend to hire CSOs, isn't this a bit like "greenwashing" on the part of companies?
Bérangère Ruchat: On the contrary, we would be taking a huge risk if we didn't do it seriously. When we see how sophisticated the rating agencies and investors are in this area and when we observe the evolution of the taxonomy in Europe, which defines what is sustainable or not, it would be extremely negative and dangerous for the group to be accused of greenwashing. All our methodology is controlled by external experts, including with regard to governance. As for our report, it was audited for three weeks by EY. Moreover, sustainability is an expectation of employees, especially young people, who do not want to work in a company that pollutes or does not respect human rights. These are points that come up frequently in job interviews. It is an important argument for attracting and retaining talent.

Le Temps: In Richemont's sustainability report, there is a lot of talk about equality and women, but there are very few women in key positions in the group...
Bérangère Ruchat: That's not quite true. There is Catherine Rénier, President and CEO of Jaeger-LeCoultre. Patricia Gandji, President and CEO of Richemont for the regions. There are a number of very strong women in the group, but sometimes you have to look deeper into the houses. I am thinking in particular of Gabriela Hearst, creative director at Chloé. She is a very active woman, very committed, even politically. If there are not, for the moment, more, it is not linked to the group, but to the sector which is still a little bit traditionalist. Nevertheless, I observe a very interesting evolution and I am convinced that there will always be more.

Le Temps: How do you act on the ground in terms of human rights?
Bérangère Ruchat: We do things in an extremely methodical way, as we did with the environment. My team has a unit dedicated to human rights, with experts. We first sought to understand where we had an impact in order to be fully aligned with the future law that will result from the counter-project to the initiative on responsible business. It is above all a partnership with our suppliers. We have to take into account local realities, understand the communities we operate with, and find a way to have a positive impact. We can't just come in and impose our value system on our suppliers. We have to build collaboration, educate the teams.

Le Temps: Are there any concrete codes of conduct?
Bérangère Ruchat: Yes, our multidisciplinary teams have developed a code of conduct for suppliers. We organize learning seminars for them to integrate this code. The various certifications are also fundamental. To ensure that they are effective, we carry out controls, audits, are constantly on the ground and work with local authorities. We also train our buyers, so that they have the right filters and are able to report problems to us. This is much more complicated than in the environmental field, where we have the Science Based Targets initiative. There are no such tools for human rights or social impact. This is really an area where we are going to invest a lot in understanding how to better measure our impacts.

Le Temps: In March, the Richemont Group withdrew from the RJC (Responsible Jewellery Council), of which it was a founder. This was due to the presence among the members of a diamond producer, partly owned by the Russian state. He has since been excluded. Where are you today with the RJC?
Bérangère Ruchat: The RJC is in transition. The international context is changing, as are the demands of companies, brands and consumers for real transparency. We have not simply closed the door on the JCR, we are in dialogue. The RJC is the result of more than 15 years of work on a standard that is extremely precise, on audits that are absolutely fundamental. We are currently working on the future and I think it is important to have a standard. That said, we cannot, as a company, outsource our responsibility to a certification. It's good to have it, but we also have to do the work ourselves. Sometimes crises are healthy. Maybe this will allow us to see a strengthened RJC in some time.

Le Temps: Are there parts of the world where it is more difficult to talk about sustainability?
Bérangère Ruchat: You can't say that there is a part of the world that is not interested in these issues at all. There is a universal awareness, especially among young people. But we work in political or economic contexts that can sometimes be complicated. Nevertheless, we should not make excuses. We always look for solutions with local partnerships, with local or international NGOs. When Cartier designed the women's pavilion in Dubai, it showed that nothing is impossible, whatever the region.

Le Temps: In the end, isn't sustainability simply a matter of decreasing production
Bérangère Ruchat: This is the very definition of luxury. Luxury is not mass production, it is not collections that change every month. Luxury is local. It is tradition, know-how, knowledge of materials. Luxury is almost the definition of sustainable development, products that last for life, that are transmitted from generation to generation. At this level, we are in a sector where this question does not arise. When we produce a few hundred watches a year, we cannot talk about decreasing production.

Propos recueillis par Fanny Noghero, Le Temps

«Faire du greenwashing serait dangereux»

Bérangère Ruchat est la première cheffe du développement durable de Richemont. Un poste qu’elle occupe depuis le 1er février et qui la place parmi les rares femmes dirigeantes du groupe genevois, encore majoritairement dominé par les hommes.

Après avoir complètement réorganisé ses structures dirigeantes l’année dernière, le groupe genevois de luxe Richemont poursuit sa mue vertueuse avec l’engagement d’une CSO (Chief Sustainability Officer) ou en français cheffe du développement durable. Bérangère Ruchat occupe ce poste nouvellement créé depuis le 1er février 2022. Elle a la lourde tâche de repenser le fonctionnement d’un groupe qui a souvent été épinglé pour ses problèmes de gouvernance. Femme de conviction, elle entend insuffler une sincère prise de conscience à l’ensemble des 34 000 employés du groupe, afin que toutes les décisions prises à l’interne le soient au travers du prisme du développement durable.

Le Temps: Bérangère Ruchat, qu’est-ce qui vous a poussée à tracer votre parcours
professionnel dans la durabilité?
Bérangère Ruchat: Je suis née à Sainte-Croix (VD), j’ai passé toute mon enfance dans la forêt, il y a quelque chose d’émotionnel, une connexion à la nature. A l’issue de mes études menées en Suisse et aux Etats-Unis, j’ai rédigé ma thèse de doctorat sur les collaborations entre les ONG et les entreprises. Pour moi, le développement durable, c’est un partenariat, une collaboration, c’est résoudre des questions globales en mettant sur la table des solutions qui viennent de tous les secteurs. J’ai mené toute ma carrière avec cette optique, que ce soit aux Nations unies, à la Fondation Bill & Melinda Gates et ensuite chez Firmenich.

Le Temps: Vous êtes la première cheffe du développement durable (CSO) du groupe, en quoi consiste votre rôle?
Bérangère Ruchat: Le développement durable, c’est avant tout la réflexion sur un nouveau modèle d’affaires. C’est créer le futur d’une entreprise, de nouveaux leaders, des gens qui réfléchissent différemment. C’est un rôle stratégique. Si je rapporte directement au directeur financier, c’est parce que la valeur non financière est fondamentale. Bien souvent, dans les entreprises, le responsable de la durabilité a un rôle un peu secondaire. Il rédige un joli rapport chaque année et mène deux ou trois petits projets avec des fondations. C’est ce qu’on appelle de la RSE (responsabilité sociétale des entreprises). Chez Richemont, je ne fais pas de la RSE. Nous sommes une équipe de transformation de l’entreprise. Le développement durable, aussi bien environnemental que social, doit être un filtre utilisé au quotidien par tous les collaborateurs pour prendre des décisions. Ma mission est d’insuffler cet état d’esprit chez chacun, de m’assurer que tous aient les bons outils, se sentent responsabilisés sur ces sujets afin que mon équipe et moi nous n’ayons plus besoin d’être là dans dix ans.

Le Temps: N’est-ce pas dans la tendance actuelle d’engager des CSO et cela ne s’apparente-t-il pas un peu à du «greenwashing» de la part des entreprises?
Bérangère Ruchat: Au contraire, nous prendrions un risque énorme si nous ne le faisions pas sérieusement. Quand on voit à quel point les agences de notations et les investisseurs sont pointus en la matière et quand on observe l’évolution de la taxonomieen Europe, qui définit ce qui est durable ou pas, ce serait extrêmement négatif et dangereux pour le groupe de se faire accuser de greenwashing. Toute notre méthodologie est contrôlée par des experts externes, y compris en ce qui concerne la gouvernance. Quant à notre rapport, il a été audité durant trois semaines par EY. De surcroît, la durabilité est une attente des employés, surtout les jeunes, qui ne veulent pas travailler dans une entreprise qui pollue, ou qui ne respecte pas les droits humains. Ce sont des points qui reviennent fréquemment lors des entretiens d’embauche. C’est un argument important pour attirer les talents et les garder.

Le Temps: Dans le rapport de Richemont sur la durabilité, il est beaucoup question d’égalité et des femmes, mais on en retrouve très peu aux postes clés dans le groupe…
Bérangère Ruchat: Ce n’est pas tout à fait exact. Il y a Catherine Rénier, présidente directrice générale de Jaeger-LeCoultre. Patricia Gandji, présidente-directrice générale de Richemont pour les régions. Il y a nombre de femmes très fortes dans le groupe, mais il faut parfois regarder plus en détail dans les maisons. Je pense notamment à Gabriela Hearst, directrice créative chez Chloé. C’est une femme très active, très engagée, même politiquement. S’il n’y en a, pour l’heure, pas plus, ce n’est pas lié au groupe, mais au secteur qui est encore un petit peu traditionaliste. Néanmoins, j’observe une évolution tout à fait intéressante et je suis persuadée qu’il y en aura toujours plus.

Le Temps: Comment agissez-vous sur le terrain en matière de droits humains?
Bérangère Ruchat: Nous faisons les choses de manière extrêmement méthodique, comme nous l’avons fait avec l’environnement. Il y a dans mon équipe une cellule dédiée aux droits de l’homme, avec des experts. Nous avons, dans un premier temps, cherché à comprendre où nous avions un impact afin d’être totalement alignés avec la future loi qui va découler du contre-projet à l’initiative sur les entreprises responsables. Il s’agit avant tout d’un partenariat avec nos fournisseurs. Nous devons tenir compte des réalités locales, bien comprendre les communautés avec lesquelles nous opérons, et trouver un moyen d’avoir un impact positif. Nous ne pouvons pas juste arriver et imposer à nos fournisseurs notre système de valeur. Nous devons construire une collaboration, éduquer les équipes.

Le Temps: Existe-t-il des codes de conduite concrets?
Bérangère Ruchat: Oui, nos équipes multidisciplinaires ont élaboré un code de conduite destiné aux fournisseurs. Nous organisons des séminaires d’apprentissage à leur intention afin qu’ils intègrent ce code. Les différentes certifications sont également fondamentales. Pour qu’elles soient efficientes, nous effectuons des contrôles, des audits, nous sommes en permanence sur le terrain et nous travaillons avec les autorités locales. Nous formons également nos acheteurs, afin qu’ils aient les bons filtres et qu’ils soient capables de nous remonter l’information, de nous signaler les problèmes. C’est bien plus compliqué qu’en matière d’environnement où nous avons l’initiative Science Based Targets (Objectifs fondés sur la science). Il n’existe pas de tels outils pour les droits de l’homme ou l’impact social. C’est vraiment un domaine dans lequel nous allons beaucoup investir pour comprendre comment mieux mesurer nos impacts.

Le Temps: Au mois de mars, le groupe Richemont est sorti du RJC (Responsible Jewellery Council), dont il est pourtant un des fondateurs. Et ce, en raison de la présence parmi les membres d’un producteur de diamants, appartenant en partie à l’Etat russe. Depuis, il a été exclu. Où en êtes-vous aujourd’hui avec le RJC?
Bérangère Ruchat: Le RJC est en transition. Le contexte international évolue, tout comme les demandes des entreprises, des marques et des consommateurs, qui attendent une vraie transparence. Nous n’avons pas simplement fermé la porte au RJC, nous dialoguons. Le RJC, c’est plus de quinze ans de travail sur un standard qui est extrêmement pointu, sur des audits qui sont absolument fondamentaux. Nous travaillons actuellement sur le futur et je pense que c’est important d’avoir un standard. Cela dit, nous ne pouvons pas, en tant qu’entreprise, externaliser notre responsabilité à une certification. C’est bien de l’avoir, mais nous devons aussi faire le travail nous-mêmes. Parfois les crises sont salutaires. Peut-être que cela nous permettra de voir un RJC renforcé dans quelque temps.

Le Temps: Est-ce qu’il y a des régions du monde où il est plus difficile de parler de durabilité?
Bérangère Ruchat: On ne peut pas dire qu’il y a une partie du monde qui ne s’intéresse pas du tout à ces questions. Il y a une prise de conscience universelle, en particulier chez les jeunes. Mais nous travaillons dans des contextes politiques ou économiques qui peuvent être parfois compliqués. Il ne faut néanmoins pas se trouver d’excuses. Nous cherchons toujours des solutions avec des partenariats locaux, avec des ONG locales ou internationales. Quand Cartier conçoit le pavillon des femmes à Dubaï, cela démontre bien que rien n’est impossible, quelle que soit la région.
Le Temps: Au final, la durabilité n’est-ce pas tout simplement la décroissance, réduire la production?
Bérangère Ruchat: C’est la définition même du luxe. Le luxe, ce n’est pas une production de masse, ce ne sont pas des collections qui changent tous les mois. Le luxe est local. C’est la tradition, le savoir-faire, la connaissance des matières. Le luxe, c’est quasiment la définition du développement durable, des produits qui durent pour la vie, qui sont transmis de génération en génération. A ce niveau-là, nous sommes dans un secteur où cette question ne se pose pas. Quand on produit quelques centaines de montres par année, on ne peut pas parler de décroissance.

Building on the launch of BEYOND: The Future of Luxury Retail, a start-up incubation program, the co-hosts The Dubai Future Foundation and Richemont Middle East, India & Africa are proud to announce the six start-ups that will move to the prototyping phase. Selected from over 250 applications from the brightest minds around the world, the six finalists will spend two months at the Dubai Future Foundation where they will benefit from expertise and a unique innovation ecosystem, as well as from bespoke coaching and insight from executives at Richemont Maisons in the region.

The six finalists are:

1. Livecrew: a retailtech SaaS, LiveCrew helps retailers understand why their customers are buying and why they're leaving stores empty-handed, both on and off-line. LiveCrew was born at Station F, the world's largest start-up incubator.
   
   
2. Emperia: led by 3D/VR expert developers, fashion and art industry veterans and branding executives, Emperia develops immersive tailored virtual stores and galleries for luxury fashion and premium art.
   
   
3. Spaycial: enabling better relationships between people and brands, Spaycial turns payment data into cutting edge insights for bespoke marketing activations and personalized customer engagement.
   
   
4. Segmenta: with more than 35 years of customer intelligence experience, Segmenta enables brands to collect consensual self-reported data to deliver best-in-class customer experiences.
   
   
5. Q Emotion: using advanced emotional analytics, Q Emotion simplifies the setup of a Customer Experience Management System to better leverage emotional insights for an enhanced customer experience.
   
   
6. WANNA FASHION:Providing augmented reality try-on experiences, WANNA FASHION is revolutionizing shopping particularly in the field of luxury goods and footwear.

Bringing together the world's brightest minds, through a dynamic collaboration between start-ups, private entities, and government to design and test innovative solutions for the future, participants were invited to submit proposals to two challenges:

2 challenges were proposed:

Challenge 1 – Interactive Product Experience: How can Richemont engage customers through new and immersive in-store activations?

Challenge 2 – Data-Driven Personalisation: How can Richemont leverage customer insights to strengthen relationships between customers and Maisons across both digital and physical channels?

About Dubai Future Foundation

Dubai Future Foundation (DFF) is an economic development agency based in Dubai, United Arab Emirates. Established in 2017, the purpose of the Dubai Future Foundation is to build a cohesive innovation ecosystem that includes, accelerator programs, incubators, labs, regulatory sandboxes, and knowledge platforms – all with the purpose of challenging the status quo and designing a future-ready city powered by future leaders and disrupters. Find out more at: https://www.dubaifuture.ae/

About Richemont

At Richemont, we craft the future. Our unique portfolio includes prestigious Maisons distinguished by their craftsmanship and creativity, alongside Online Distributors that cultivate expert curation and technological innovation to deliver the highest standards of service. Richemont's ambition is to nurture its Maisons and businesses and enable them to grow and prosper in a responsible, sustainable manner over the long term.

Richemont operates in four business areas: Jewellery Maisons with Buccellati, Cartier and Van Cleef & Arpels; Specialist Watchmakers with A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; Online Distributors with Watchfinder & Co., NET-A-PORTER, MR PORTER, YOOX, THE OUTNET and the ONLINE FLAGSHIP STORE division; and Other, primarily Fashion & Accessories Maisons with Alaïa, AZ Factory, Chloé, Delvaux, dunhill, Montblanc, Peter Millar, Purdey and Serapian. Find out more at https://www.richemont.com/.

Media enquiries

Dubai Future Foundation
Hind Al Sumaiti, Project Manager
hind.alsumaiti@dubaifuture.gov.ae

Richemont MEIA
Natali Betabdishoo, Internal Communication MEIA
natali.betabdishoo@richemont.com

Future Foundation
https://www.dubaifuture.ae/about/ 

In a unique industry collaboration, the three online retailers are launching a bespoke learning platform to support their brand partners in setting climate targets aligned with science.

LONDON, UK / BERLIN & HAMBURG, GERMANY (20 JULY 2022) – ABOUT YOU, YOOX NET-A-PORTER and ZALANDO are teaming up and taking action with a shared aim to reduce carbon emissions within their value chains and across the fashion industry. The three online retailers are launching an online learning platform to support their brand partners in setting climate targets aligned with science, to reduce their greenhouse gas emissions. The work forms a critical part of the three retailers’ own respective climate journeys, with each having already set ambitious reduction targets themselves through the Science Based Targets initiative (SBTi).

The customised programme will be available to ABOUT YOU, YOOX NET-A-PORTER and ZALANDO brand partners at no cost and is designed to explain the value and process behind setting climate targets. It will provide step-by step learning on how to unlock the journey of measuring emissions, set ambitious targets that align with climate science, and submit them for approval to the Science Based Targets initiative. It will also provide a dedicated space for fashion brands to engage with one another and with sustainability experts.
While each of the three online retailers are committed to reducing their own direct emissions significantly, between 70% to 90% of the fashion footprint comes from upstream supply chain activities, such as material production, preparation, and processing. The initiative therefore serves two main goals: to scale climate action across the industry for a broader impact and systems transformation, whilst also contributing to reduction of the three online retailers’ own value chain (Scope 3) emissions.
Amid calls for industry players to take an ambitious position on climate action, science-based targets validated by the SBTi are internationally recognised and provide companies with clearly defined pathways to reduce their carbon emissions while future-proofing growth, adapting to a changing regulatory landscape, boosting investor confidence, and spurring innovation.

“We see an industry-changing momentum in aligning greenhouse gas emission reduction pathways with science. More than 1,500 companies had their targets approved by the SBTi as of July 2022. We have set science-based targets approved by the SBTi and are benefitting from our efforts now. 46.6% of our partners on greenhouse gas emissions had their targets approved by February 2022. We invite the remaining business partners to do the same.”, stated Hannes Wiese, co-founder and co-CEO at ABOUT YOU.

“Our commitment to climate action can only be realised through innovative partnership. This next step prioritises investing in brand partners at different stages in their climate journeys, supporting them to set their science-based targets. By collaborating with ABOUT YOU and ZALANDO, together we can drive a more consistent approach in our efforts towards reducing the emissions of luxury and fashion,” said Geoffroy Lefebvre, CEO at YOOX NET-A-PORTER.

“Decarbonizing supply chains in partnership with suppliers, brands, logistics, packaging partners and now also our competitors is a powerful lever for driving meaningful change in the fashion industry. We aim for 90% of our partners (by emissions) to set science-based targets by 2025, and the new learning platform is a key initiative towards realising this ambitious goal.”, says David Schneider, Co-CEO at Zalando.

The initiative, which is antitrust-compliant and run in collaboration with Quantis, a leading environmental sustainability consultancy with climate expertise, will be launched as a pilot with selected brand partners in Autumn 2022. In 2023, it will become available to all eligible brand partners. Looking forward, the three online retailers see potential for the platform to become an industry-wide initiative open to all interested fashion brands and retailers committed to ambitious climate action and creating a more sustainable future for fashion.

Note to Editors: The learning platform is part of an industry-led, antitrust-compliant initiative created by ABOUT YOU, YOOX NET-A-PORTER and ZALANDO. While it is not sponsored by the Science Based Targets initiative (SBTi), the content is fully aligned with the latest SBTi guidance and criteria. The learning journey is curated by Quantis, a leading environmental sustainability consultancy that has guided over 60 companies along their science-based targets calculation journey.

For press enquiries please contact:
Ann-Christine Klesper, presse@aboutyou.de;
Nicola Surgett, press@ynap.com;
Lars Müller, press@zalando.com;
Emanuela Boem, press@quantis-intl.com

Ad hoc announcement pursuant to art. 53 LR

Compagnie Financière Richemont SA (the "Company") has received requests from Bluebell Capital Partners Ltd, a fund manager, for inclusion of certain items on the agenda of the Company's upcoming annual general meeting.

Bluebell is requesting that the Company designates a representative of the holders of the Company's 'A' shares and the election of that representative to the Company's Board. Bluebell is further requesting that Article 22 of the Company's articles of incorporation be amended to increase the minimal number of Board members to six and to impose that each of the 'A' and 'B' shareholders have an equal number of representatives on the Board.

These proposals will be submitted to shareholders at the upcoming annual general meeting of the Company, which will be held on 7 September 2022. The Company's Board is considering the proposals and will communicate its recommendations on this subject in due course.

About Richemont

At Richemont, we craft the future. Our unique portfolio includes prestigious Maisons distinguished by their craftsmanship and creativity, alongside Online Distributors that cultivate expert curation and technological innovation to deliver the highest standards of service. Richemont’s ambition is to nurture its Maisons and businesses and enable them to grow and prosper in a responsible, sustainable manner over the long term.

Richemont operates in four business areas: Jewellery Maisons with Buccellati, Cartier and Van Cleef & Arpels; Specialist Watchmakers with A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; Online Distributors with Watchfinder & Co., NET-A-PORTER, MR PORTER, THE OUTNET, YOOX and the OFS division; and Other, primarily Fashion & Accessories Maisons with Alaïa, AZ Factory, Chloé, Delvaux, dunhill, Montblanc, Peter Millar including G/FORE, Purdey and Serapian.

Richemont ‘A’ shares are listed on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index ('SMI') of leading stocks. Richemont South African Depository Receipts are listed in Johannesburg, Richemont’s secondary listing.

Investor/analyst and media enquiries

Sophie Cagnard, Group Corporate Communications Director & Investor Relations Director
James Fraser, Investor Relations Executive

Investor/analyst enquiries: +41 22 721 30 03; investor.relations@cfrinfo.net
Media enquiries: +41 22 721 35 07; pressoffice@cfrinfo.net; richemont@teneo.com

Ad hoc announcement pursuant to art. 53 LR

Highlights

• Positive start to the financial year with double-digit sales growth both at actual exchange rates (+20%) and constant exchange rates (+12%)
• Strong performance driven by higher sales in Europe, Americas, Japan and the Middle East and Africa more than offsetting lower sales in Asia Pacific; the US, Richemont’s largest single market for the quarter, comprising 22% of Group sales
• Growth led by retail, now accounting for 58% of Group sales compared to 55% in the prior year period
• Sales growth across all channels and business areas, both at constant and actual exchange rates:
  
  • Jewellery Maisons delivering sales growth of 20% at actual exchange rates (+12% at constant rates)
  • Specialist Watchmakers growing by 18% at actual exchange rates (+10% at constant rates)
  • Online Distributors increasing by 8% at actual exchange rates (+2% at constant rates)
  • Other business area progressing strongly by 36% at actual exchange rates (+28% at constant rates)

Review of trading in the three-month period ended 30 June 2022 versus the prior year, at constant exchange rates

All channels and business areas, as well as most regions, generated sales growth versus the prior year period notwithstanding an uncertain environment and demanding comparatives following a 129% sales rebound in the prior year comparable period.

The 12% sales growth delivered in the quarter ended June 2022 was driven by strong double-digit increases in Europe, the Americas and Japan. Sales in Europe grew by 42% sustained by robust domestic demand and a return in tourist spending, primarily from American and Middle Eastern clients. Growth was strong across markets, particularly in France where sales increased by triple digits. In Asia Pacific, the strict enforcement of a zero covid policy led to double-digit sales declines in mainland China and Macau SAR (China) and to a single-digit sales reduction in Hong Kong SAR (China). Sales in mainland China were 37% lower for the quarter, although the rate of decline softened to 12% in June when restrictions were progressively eased. The solid momentum across most other Asian markets, notably in Australia, Singapore, South Korea and Thailand, partially mitigated the decline of sales in the region, with sales in Asia Pacific overall contracting by 15%. In the Americas, sales rose by 25% notwithstanding demanding comparatives against the prior year period, driven by strong domestic spending. As a result, for the quarter the US was Richemont’s largest single market, accounting for 22% of Group sales. Japan posted the strongest regional performance with an 83% growth in sales, supported by strong local demand. Sales in the Middle East and Africa increased by 6% on demanding comparatives, reflecting solid domestic and tourist spending, notably in Dubai and Qatar.

All channels recorded sales growth, with retail posting the strongest relative channel performance. Retail sales rose by 18%, driven by double-digit increases across all business areas, and noteworthy performances in Europe, the Americas and Japan. Online retail sales increased by 5%, reflecting muted sales progression at the Group’s Online Distributors and strong growth at our Jewellery Maisons and Specialist Watchmakers. Direct sales to clients for the Group as a whole represented 75% of Group sales, a circa 200-basis points increase over the prior year period. Sales in the wholesale channel increased by 4% as higher sales at our Other business area more than offset lower wholesale sales at our Jewellery Maisons and Specialist Watchmakers which were impacted by ongoing Covid-related restrictions in China.

Despite the disruption experienced in China, the Jewellery Maisons generated a 12% sales growth benefitting from thriving retail sales and solid jewellery and watch sales at Buccellati, Cartier and Van Cleef & Arpels. Sales progressed in all regions and channels, excluding Asia Pacific and wholesale. The Specialist Watchmakers’ sales increased by 10%, driven by online and offline retail sales, which together contributed to 53% of the business area sales. Growth was achieved in most Maisons and regions with an ongoing outperformance of A. Lange & Söhne, Panerai and Vacheron Constantin. The Group’s Online Distributors recorded a 2% sales progression and continue their shift towards a hybrid business model. The Group’s Other business area, mostly composed of our Fashion & Accessories Maisons, posted the strongest sales increase at +28%, supported by strong retail and wholesale sales with sustained demand across most Maisons and regions. Peter Millar continued to deliver a robust performance while Delvaux posted a strong contribution, and the renewed creativity supported by new designers at Alaïa, Chloé and Montblanc positively impacted sales.

The Group’s net cash position at 30 June 2022 was € 5.4 billion (2021: € 3.6 billion), reflecting the quarter’s strong trading as well as replenishment of inventories.

Corporate calendar

The annual general meeting will be held on Wednesday 7 September 2022 in Geneva. The interim results for the current financial year will be announced on Friday 11 November 2022.

About Richemont

At Richemont, we craft the future. Our unique portfolio includes prestigious Maisons distinguished by their craftsmanship and creativity, alongside Online Distributors that cultivate expert curation and technological innovation to deliver the highest standards of service. Richemont’s ambition is to nurture its Maisons and businesses and enable them to grow and prosper in a responsible, sustainable manner over the long term.

Richemont operates in four business areas: Jewellery Maisons with Buccellati, Cartier and Van Cleef & Arpels; Specialist Watchmakers with A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; Online Distributors with Watchfinder & Co., NET-A-PORTER, MR PORTER, THE OUTNET, YOOX and the OFS division; and Other, primarily Fashion & Accessories Maisons with Alaïa, AZ Factory, Chloé, Delvaux, dunhill, Montblanc, Peter Millar including G/FORE, Purdey and Serapian. Find out more at www.richemont.com.

Richemont ‘A’ shares are listed on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index ('SMI') of leading stocks. Richemont South African Depository Receipts are listed in Johannesburg, Richemont’s secondary listing.

Investor/analyst and media enquiries

Sophie Cagnard, Group Corporate Communications & Investor Relations Director
James Fraser, Investor Relations Executive

Investor/analyst enquiries: +41 22 721 30 03; investor.relations@cfrinfo.net
Media enquiries: +41 22 721 35 07; pressoffice@cfrinfo.net; richemont@teneo.com

Disclaimer

The financial information contained in this announcement is unaudited.

This document contains forward-looking statements as that term is defined in the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements are not guarantees of future performance. Richemont’s forward-looking statements are based on management’s current expectations and assumptions regarding the Company’s business and performance, the economy and other future conditions and forecasts of future events, circumstances and results. Our retail stores are heavily dependent on the ability and desire of consumers to travel and shop and a decline in consumer traffic could have a negative effect on our comparable store sales and/or average sales per square foot and store profitability resulting in impairment charges, which could have a material adverse effect on our business, results of operations and financial condition. Reduced travel resulting from economic conditions, retail store closure orders of civil authorities, travel restrictions, travel concerns and other circumstances, including disease epidemics and other health-related concerns, could have a material adverse effect on us, particularly if such events impact our customers' desire to travel to our retail stores. International conflicts or wars, including resulting sanctions and restrictions on importation and exportation of finished products and/or raw materials, whether self-imposed or imposed by international countries, non-state entities or others, may also impact these forward-looking statements. As with any projection or forecast, forward-looking statements are inherently susceptible to uncertainty and changes in circumstances. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside the Group’s control. Richemont does not undertake to update, nor does it have any obligation to provide updates of, or to revise, any forward-looking statements.

© Richemont 2022

Appendix

Actual exchange rates for the period are calculated using the average daily closing rates against the euro.

In terms of sales at constant exchange rates, average exchange rates for the year ended 31 March 2022 are used to convert local currency sales into euros for all presented periods. Exchange rate translation effects are thereby eliminated from the reported sales performance.

Watches and Wonders announces its schedule for the end of 2022 and its first provisional dates for 2023. The exhibition is ramping up its presence in China, where it will take up residence during the last quarter with two key events in Hainan and Shanghai before returning to Geneva from March 27 to April 2, 2023.

With spring in Geneva, autumn in Hainan and then Shanghai, Watches and Wonders is constantly on the move, refining and renewing its visitor experience in the process. The Exhibition’s organisers are currently putting the finishing touches to the next two big events in its diary for Asia.

The first of these will be an extended show running simultaneously on Hainan Island sites Haikou and Sanya, from October to December 2022. If Sanya was already a feature on the 2020 and 2021 calendars, the second venue at Haikou is an innovation. The two events have been brought together under the banner of ‘Watches and Wonders Hainan’, named after the province of which the more northerly Haikou is the principal city, while Sanya lies on the chic coast to the south.

In Haikou, Watches and Wonders will be an opportunity to celebrate with the CTG (China Tourism Group), its historic partner organiser, the brand-new complex opening in September. Over a period of several weeks, a 500 square-metre venue will be hosting workshops, labs, talks and special presentations for connoisseurs, collectors, and the general public. Brands will be making the most of the show to stage exclusive events in their boutiques and organise pop-up stands especially designed for the occasion.

Meanwhile in Sanya, Watches and Wonders will once again take residence in the CDF Mall, a facility that has put the seaside resort firmly on the map. Here too, a range of educational and immersive experiences will be staged during the event. The entire watchmaking journey will also feature on social media, in a blended format that now forms part and parcel of the Watches and Wonders experience.

The next chapter of the Chinese journey for Watches and Wonders is confirmed to take place in Shanghai from November 23 to 27, 2022. This third edition will once again be hosted at the West Bund Art Center, where collectors, retailers, press, and VIPs will benefit from a fully re-designed Pavilion. Extending over two levels, the light, airy, open-format venue will showcase watchmaking’s new releases for the year, along with a number of very special Watches and Wonders Shanghai exclusives. Each of the five days will be devoted to a specific audience to ensure the welcome and experience is just as it should be – and of course, offer the best possible health protection.

Watches and Wonders is also pleased to announce that the next edition of Watches and Wonders Geneva will take place from March 27 to April 2, 2023.

For more information, visit: www.watchesandwonders.com

Media contact
Fondation de la Haute Horlogerie | Pont de la machine 1 | 1204 Geneva
press@watchesandwonders.com

Follow us on social media:
#watchesandwonders2022

It is with deep sadness that Johann Rupert, Chairman of Richemont, on behalf of Richemont’s Board of Directors, management and colleagues announces the passing of Maître Jean-Paul Aeschimann.

Maître Aeschimann served as Richemont’s Deputy Chairman for 22 years, from its foundation in 1988 till 2010. During his tenure, he was also Chairman of the Audit Committee and a member of the Compensation Committee and the Nominations Committee.

A graduate in law from the University of Neuchâtel, Maître Aeschimann studied at Harvard University and was admitted to the Bar of Geneva. He served as Counsel to Lenz & Staehelin, itself legal counsel to Richemont.

Paying tribute to Me Jean-Paul Aeschimann, Johann Rupert, Chairman, said:

“It is with profound emotion and immense sadness that I learnt of the passing of Me Jean-Paul Aeschimann, a highly respected and valued colleague, who was a member of Richemont’s founding team. Over 22 years, Richemont benefited enormously from Jean-Paul’s astute comments and insightful advice. We should all be truly deeply grateful for Jean-Paul’s incommensurable contribution to the Group’s success, as prior Deputy Chairman but also Chairman of the Audit Committee and member of the Compensation and Nominations Committees. Today, I have also lost an esteemed friend. I will remember with the greatest fondness the incisiveness and humour he brought to our many discussions over the future of Richemont and much else besides.

On behalf of all of the Board members and colleagues at Richemont, I would like to extend our sincerest condolences to Me Jean-Paul Aeschimann’s family and friends.”

About Richemont

At Richemont, we craft the future. Our unique portfolio includes prestigious Maisons distinguished by their craftsmanship and creativity, alongside Online Distributors that cultivate expert curation and technological innovation to deliver the highest standards of service. Richemont’s ambition is to nurture its Maisons and businesses and enable them to grow and prosper in a responsible, sustainable manner over the long term.

Richemont operates in four business areas: Jewellery Maisons with Buccellati, Cartier and Van Cleef & Arpels; Specialist Watchmakers with A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; Online Distributors with Watchfinder & Co., NET-A-PORTER, MR PORTER, YOOX, THE OUTNET and the OFS division; and Other, primarily Fashion & Accessories Maisons with Alaïa, AZ Factory, Chloé, Delvaux, dunhill, Montblanc, Peter Millar including G/FORE, Purdey and Serapian. Find out more at https://www.richemont.com/.

Creative Academy, the international postgraduate school founded by Richemont in 2003, offers the Master of Arts in Design and Applied Arts to train 20 selected young designers every year from all over the world.
The Master offers selected students a one-of-a-kind specialisation in jewellery, watches and fashion accessories and the invaluable opportunity of an internship of at least 3 months in one of the design studios of our Maisons.

The training in Milan goes from January to July 2023, and the internships take place from September until November 2023 in our Maisons.

Bridging theory and professional practice, the mission of Creative Academy is to offer its students the know-how they need to respond to the constantly evolving demands of the luxury sector, training them in skills that will serve them throughout their careers.

Ad hoc announcement pursuant to art. 53 LR

Richemont announces the publication of its annual report and accounts for the year ended 31 March 2022. The report is available for download from the Richemont website at www.richemont.com/en/home/investors/results-reports-presentations/

Regarding the year under review, the report reflects the information contained in the Richemont annual results announcement issued on 20 May 2022, as well as the audited consolidated financial statements which were posted on the Group’s website the same day. The report also contains the audited Company financial statements and Compensation Report.

The report will be mailed to parties who have requested it and may be also obtained from the Company’s registered office at the address below or by contacting the Company via the website.

In South Africa, the report may be obtained directly from the Depository Agent at the following address: Computershare Investor Services Proprietary Limited, Rosebank Towers, 15 Biermann Avenue, Rosebank, Johannesburg, 2196, South Africa.

About Richemont

At Richemont, we craft the future. Our unique portfolio includes prestigious Maisons distinguished by their craftsmanship and creativity, alongside Online Distributors that cultivate expert curation and technological innovation to deliver the highest standards of service. Richemont’s ambition is to nurture its Maisons and businesses and enable them to grow and prosper in a responsible, sustainable manner over the long term.

Richemont operates in four business areas: Jewellery Maisons with Buccellati, Cartier and Van Cleef & Arpels; Specialist Watchmakers with A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; Online Distributors with Watchfinder & Co., NET-A-PORTER, MR PORTER, THE OUTNET, YOOX and the OFS division; and Other, primarily Fashion & Accessories Maisons with Alaïa, AZ Factory, Chloé, Delvaux, dunhill, Montblanc, Peter Millar, Purdey and Serapian.

Richemont ‘A’ shares are listed on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index ('SMI') of leading stocks. Richemont South African Depository Receipts are listed in Johannesburg, Richemont’s secondary listing.

Investor/analyst and media enquiries

Sophie Cagnard, Group Corporate Communications and IR Director
James Fraser, Investor Relations Executive

Investor/analyst enquiries: +41 22 721 30 03; investor.relations@cfrinfo.net
Media enquiries: +41 22 721 35 07; pressoffice@cfrinfo.net; richemont@teneo.com

Richemont, the Swiss luxury goods group, today releases its annual Sustainability Report 2022, detailing the Group’s strong ESG performance for the year ended 31 March 2022. Building upon Richemont’s top-ranking ESG achievements, the Group has stepped up its sustainability focus both at the Executive and Board levels with the appointments of Dr. Bérangère Ruchat, Richemont’s first Chief Sustainability Officer, and Jasmine Whitbread, the new Chair of its Governance and Sustainability Board Committee.

“We have continued to accelerate our sustainability efforts throughout FY2022, delivering against our short-, medium- and long-term goals,” said Burkhart Grund, Chief Finance Officer, Richemont. “With the arrival of Bérangère Ruchat and Jasmine Whitbread, we are stepping up our sustainability focus and laying the foundations that will drive best-in-class environmental and social progress across our operations and supply chains.”

“With my team, I am further developing the Group’s vision to accelerate and amplify the Group’s ESG transformation,” said Bérangère Ruchat, Chief Sustainability Officer, Richemont. “Our mission is to infuse an impact-driven mindset, enabling our colleagues to understand and integrate environmental and social dimensions into every business decision. Following global standards, we are committed to expand our sustainability reporting and operate with the highest level of corporate governance.”

FY2022 ESG Performance

Reducing our Environmental Footprint: Delivering against its science-based targets, Richemont was recognised for its leadership in corporate sustainability, achieving an A ranking with CDP for tackling climate change, one of 200 companies out of 12,000 ranked. Advancing the Group’s commitment to 100% renewable electricity across all its sites by 2025, today Richemont is operating with 92% renewable electricity worldwide, an improvement of 28 percentage points since 2019. Furthermore, acting on responsible waste management, Richemont is on track to eliminate polyvinyl chloride (PVC) from our creations and packaging by December 2022.

Amplifying our Social Handprint: Richemont concluded its first Product Social Impact Assessment (PSIA) on artisanal and small-scale mined (ASM) gold and designed an approach for future social projects.  Through the PSIA, Richemont can evaluate specific operators and measure their overall social and human rights performance. Advancing the Group’s equity commitments, Richemont continued to partner with the EQUAL-SALARY Foundation, with the goal of 100% equal pay by 2024. By December 2022 Richemont will reach a 40%-certified workforce, encompassing the Group’s three biggest sites. Working to positively impact the communities where the Group operates, €42 million were donated to community investment-related initiatives, in the fields of healthcare, social and economic development, education, women and children’s welfare. These donations represent a 17% year-on-year increase, and 40% increase over a five-year period.

Refining our Governance: Each year, Richemont refines its governance processes to ensure they can fuel the level of change needed to become a truly sustainable business. Building on the successful establishment of the Board of Directors’ Governance and Sustainability Committee under Clay Brendish in 2021, Jasmine Whitbread was appointed as the Committee’s new Chair. Ms Whitbread is an experienced Non-executive Director with extensive expertise in ESG matters. Furthermore, Richemont was delighted to welcome Dr. Bérangère Ruchat, its first Chief Sustainability Officer in February 2022. In FY22, Richemont received a Sustainalytics’ rating of 10.7, highlighting a low ESG risk profile and ranking the Group in the top 2% of companies rated worldwide. This rating positions the Group as an industry leader in the top 10 amongst our peers globally and one of the best companies in Europe. This Sustainalytics rating follows Chloé's B Corp certification in 2022, which makes it the first luxury Maison to achieve this highly demanding endorsement, demonstrating the highest social and environmental performance levels.

About Richemont

At Richemont, we craft the future. Our unique portfolio includes prestigious Maisons distinguished by their craftsmanship and creativity, alongside Online Distributors that cultivate expert curation and technological innovation to deliver the highest standards of service. Richemont's ambition is to nurture its Maisons and businesses and enable them to grow and prosper in a responsible, sustainable manner over the long term.

Richemont operates in four business areas: Jewellery Maisons with Buccellati, Cartier and Van Cleef & Arpels; Specialist Watchmakers with A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; Online Distributors with Watchfinder & Co., NET-A-PORTER, MR PORTER, THE OUTNET, YOOX and the ONLINE FLAGSHIP STORE division; and Other, primarily Fashion & Accessories Maisons with Alaïa, AZ Factory, Chloé, Delvaux, dunhill, Montblanc, Peter Millar, Purdey, and Serapian.

Media enquiries
Heidi Salon, Group Corporate Communications Deputy Director
Telephone: +41 22 721 3110
Email: pressoffice@cfrinfo.net

Investor contacts
Sophie Cagnard, Group Corporate Communications and IR Director
James Fraser, Investor Relations Executive
Telephone: +41 22 721 3003
Email: investor.relations@cfrinfo.net

Ad hoc announcement pursuant to art. 53 LR

Group highlights

• Significant step change in Group sales and operating profit, reaching € 19 181 million and € 3 390 million, respectively
• Increased proposed dividend of CHF 2.25 per 1 ‘A’ share / 10 ‘B’ shares and additional special dividend of CHF 1.00 per ‘A’ share/10 ‘B’ shares
• Strengthened sustainability focus with Science-Based Targets commitment and appointment of Chief Sustainability Officer

Financial highlights

Compared to the year ended 31 March 2021

• Sales up by 46% at actual exchange rates and by 44% at constant exchange rates, with double-digit increases across all business areas, regions and channels; growth momentum led by retail and the Americas
• Operating profit more than doubled to € 3 390 million, delivering improved operating margin of 17.7% driven by:
  
  • Jewellery Maisons with 49% sales growth at actual exchange rates (+47% at constant rates) and 34.3% operating margin;
  • Specialist Watchmakers growing by 53% at actual exchange rates (+50% at constant exchange rates) and achieving 17.3% operating margin;
  • Online Distributors growth of 27% at actual exchange rates (+26% at constant exchange rates), YNAP stand-alone EBITDA at breakeven before exceptional reward payment; ongoing discussions with Luxury New Retail (‘LNR’) partners;
  • Other business area with strong growth (+53% at actual exchange rates, +51% at constant exchange rates) and significantly reduced operating loss;
  • Suspension of commercial activities in Russia resulting in € 168 million negative operating result impact.
• Profit for the year rose by 61% to € 2 079 million
• 55% increase in net cash position to € 5 251 million, supported by strong cash flow from operating activities and strict working capital management

Compared to the year ended 31 March 2020

• Sales up by 35% at actual exchange rates and 37% at constant exchange rates
• Broad-based growth in terms of business areas led by retail and online retail channels
• Significant 700 basis point improvement of operating contribution

Key financial data (audited)

Chairman’s commentary

Overview of results

The financial year ended 31 March 2022 saw Richemont report another strong set of results. Increased inflationary pressures and repeated temporary store closures due to health protection measures, were offset by relatively improved economies up until February 2022. The Group’s strong sales, profit and cash flows confirm the strong appeal of our Maisons and relevance of our long-term strategy.

Sales during the year under review reached an all-time high of € 19.2 billion, a 46% increase over last year (+35% on a two-year comparative period) with all Maisons, channels and regions achieving double-digit growth, led by retail and the Americas (+79%). Sales in Asia Pacific rose by 32%, with mainland China sales growing by 20% compared to the prior year. The strong European client base more than offset subdued inbound tourism, leading to a 51% sales increase, while in the Middle East and Africa sales grew at a similar pace, surpassing Japan as the Group's fourth largest market, where sales rose albeit by 28%.

Our Maisons and businesses’ continued focus on client-centric initiatives, resulted in direct-to-client sales further progressing to 76% of Group sales across our directly-operated stores and the online retail channel. We have an improved insight into client profiles, allowing us to better meet expectations, nurture closer relationships and optimise supply chain management. While wholesale sales recovered from last year, direct-to-client sales rose by double digits compared to both the prior year and on a two-year comparative basis. This was further enhanced by the return to in-person high-jewellery events and the long-awaited Watches and Wonders event which opened its physical doors in Geneva for the first time in three years.

Our Jewellery Maisons, Buccellati, Cartier and Van Cleef & Arpels, delivered a step-change in performance with combined sales exceeding € 11 billion and the operating margin reaching 34.3% versus 31.0% in the prior year. Cartier and Van Cleef & Arpels posted an outstanding performance, increasing their market leadership. Buccellati also developed successfully, further expanding its international footprint with nine new directly-operated stores.

Another noteworthy achievement relates to the Specialist Watchmakers’ strong sales rebound (+53%) to € 3.4 billion and operating margin recovery to 17.3%, with nearly all Maisons exceeding pre-pandemic sales levels. The Specialist Watchmakers reaped the benefits of direct-to-client sales exceeding 50%, achieved through continuous improvements in distribution, communication, notably on social media, and supply chain management. The increased appeal of high-quality watches to Millennials and Gen-Z is very positive for the future.

At the Group’s Online Distributors, sales rose by 27% and EBITDA reached breakeven before the exceptional reward payments to Group employees and negative contribution of Feng Mao, the Chinese joint-venture with Alibaba. The shift towards a hybrid business model (mix of inventory ownership and e-concessions/marketplace) at NET-A-PORTER and YOOX, as well as localisation efforts, progressed further. Watchfinder consolidated its position as a leader in pre-owned watches in its home market and outside the UK.

The Group’s ‘Other’ business area, mostly composed of the Fashion & Accessories Maisons, posted strong growth, with sales 53% higher than in the prior year, positively impacted by newly appointed creative directors at Alaïa, Chloé and Montblanc as well as by the contribution of Delvaux, the Belgian luxury leather goods Maison, acquired last June. Peter Millar continued to perform strongly, notably through its G/FORE brand, while Alaïa and Chloé enjoyed a good reception of their recent collections. Montblanc's leather collection was successfully launched this March, while lacklustre travel retail continued to weigh on the Maison’s performance. Overall, the business area’s operating loss was significantly reduced to € 47 million.

Discussion with our Luxury New Retail (‘LNR’) partners continues around closer future collaboration. There is considerable complexity, which means the process is inevitably protracted. We look forward to concluding matters in the near future.

At the Group level, operating profit more than doubled to € 3.4 billion and the operating margin strengthened to 17.7%. This significant growth in operating profit, combined with careful management of working capital, led to cash flow from operating activities increasing to € 4.6 billion. Profit for the year rose by 61% to € 2.1 billion and net cash by 55% to € 5.2 billion at the end of March 2022.

Dividends

Given the strong performance of the year and robust net cash position of the Group, the Board proposes to pay an ordinary dividend of CHF 2.25 per ‘A’ share (and CHF 0.225 per ‘B’ share), an increase of 13% over the prior year, as well as an additional special dividend of CHF 1.00 per ‘A’ share/10 ‘B’ shares, subject to shareholders’ approval at the Annual General Meeting on 7 September 2022. This is a recognition of the excellent profits achieved over the year that we would like to share, not only with all Richemont colleagues through an exceptional reward payment, but also with Richemont’s loyal long-term shareholders.

Annual General Meeting and Board changes

The Annual General Meeting (‘AGM’) in September 2021 saw some significant board changes: we were delighted to welcome Patrick Thomas, former Chief Executive Officer of Hermès, who brings unparalleled luxury industry expertise, and Jasmine Whitbread, an experienced director and highly regarded Environmental, Social & Governance expert. Both directors bring very valuable contributions to our Board.

We also bid farewell to two long-serving and valued non-executive directors, Alan Quasha and Gary Saage, who stepped down from the Board; two other respected and experienced non-executive directors, Jan Rupert and Ruggero Magnoni, have also indicated that they will not seek re-election to the Board of Directors at the 2022 AGM having each served for 16 years. They made immeasurable contributions to the development of Richemont and will be sorely missed. I wish to thank each of them for their loyal, insightful and valuable support.

After the 2022 AGM and subject to shareholders’ approval, the Board will be reduced to 16 members as we continue to seek an optimal balance between diversity and experience relevant to the business with a Board size which does not over-burden our non-executive directors. Female Board members will represent 31% of the new Board.

PricewaterhouseCoopers (‘PWC’) has been the Group’s external auditor since 1993. Recognising shareholders’ expectations, it has been decided to initiate a tender process which may lead to the appointment of a new Group external auditor.

Sustainability

Our vision of sustainable luxury requires that we leave no stone unturned.

One important step is to remove polyvinyl chloride (‘PVC’) from our products and packaging. I am pleased to report that we are on track to achieve this objective by December 2022 and wish to salute the countries that have already banned PVC from their landfills, thus contributing to a healthier planet for humans, fauna and flora.

Another major aspect is to ensure that sustainability is firmly embedded in our governance. With this in mind, Board member Ms Whitbread was appointed in February 2022 to chair Richemont’s Governance and Sustainability Committee, drawing on her experience at Standard Chartered plc and previously at, inter alia, BT Group plc.

In parallel to the enhanced Board expertise and involvement, the Group has continued to raise investment behind sustainability, including appointing its first Chief Sustainability Officer in February 2022 to further advance Richemont’s sustainability vision. The Group will build upon its already strong position in this area, validated by independent authorities such as MSCI (AA rating), Carbon Disclosure Project (A rating) and the Science Based Targets Initiative (targets validated). We were also proud to be rated among the top 2% of companies rated worldwide by Sustainalytics and the World’s Best Employers by Forbes 2021, and to be named as a Financial Times-Statista Climate Leader 2022.

I encourage you to read our 2022 Sustainability Report, to be released shortly, which speaks to many more of our achievements and commitments.

Outlook

As I conclude my comments, I would like to convey our deepest sympathy and compassion to all those affected by the tragic conflict taking place in Ukraine. Richemont and its Maisons have made significant donations to Médecins Sans Frontières to support its relief efforts.

We remain in close contact with our colleagues in Ukraine and Russia, where we have suspended our operations. Their safety and wellbeing are our highest priority.

Even if the worst of Covid is hopefully behind us, we face a global environment which is the most unsettled we have experienced for a number of years. We can, however, take comfort from the strength and enduring appeal of our Maisons as well as their relatively balanced geographic spread. Richemont’s € 5.3 billion net cash position at the end of March 2022 is a source of strength as we face volatile times ahead. I am confident that the Group is well positioned to benefit from any strength in consumer demand. We will work to maintain the necessary agility and flexibility to manage global uncertainties.

Finally, I would like to thank all our colleagues across the Group for their contribution to the excellent performance delivered with solidarity, empathy, creativity, agility and responsibility. We have seen all our businesses improve and made major strides in our sustainability agenda. We consider ourselves custodians of Richemont’s underlying businesses and the planet for future generations. As such, I would like to reiterate how important it is for us to build brand equity over time, and to do it in a responsible manner.

Johann Rupert
Chairman

Compagnie Financière Richemont SA

Financial review

Any references to Hong Kong, Macau and Taiwan within this financial review are to Hong Kong SAR, China; Macau SAR, China; and Taiwan, China respectively.

Given the magnitude of the impact of the Covid pandemic on the Group’s operations in the comparative year ended 31 March 2021, additional comments are provided on a two-year comparative basis to the year ended 31 March 2020 for a more comprehensive view of performance.

Sales

Compared to the prior year, sales grew by 46% at actual exchange rates and by 44% at constant exchange rates as growth rebounded in all major markets and distribution channels. The strong sales growth rates experienced throughout the first three quarters of the fiscal year continued into the fourth quarter with overall Group sales expanding by 33% at actual exchange rates (and by 27% at constant exchange rates), despite the impact of the conflict in Ukraine and tighter health restrictions in China, leading to temporary distribution network closures in March.

Compared to the year ended 31 March 2020, sales grew by 35% at actual exchange rates and by 37% at constant exchange rates.

In the year under review, double-digit sales growth was seen in all geographies compared to the prior year, led by the Americas at 79%, with Asia Pacific further building on its strong performance in the prior year. On a two-year comparative basis, sales in all regions exceeded pre-pandemic levels on a constant currency basis.

The Group’s directly-operated stores generated the strongest channel performance with sales up by 53% compared to the prior year and by 51% compared to the year ended March 2020. Online retail and wholesale sales grew by 28% and 46% compared to the prior year, respectively. Excluding Online Distributors, sales through the Maison’s own e-commerce platforms grew by 44%.

All business areas enjoyed double-digit sales increases compared to the prior year and the year ended March 2020. The Jewellery Maisons generated an outstanding 49% sales growth over the prior year and a 54% increase over the two-year period. Sales at the Specialist Watchmakers and the Other business areas each grew by 53%, with all Maisons growing by double digits compared to the prior year. Compared to two years ago, the above business areas grew by 20% and 15%, respectively, with almost all Maisons growing by double digits. Online Distributors posted a 27% sales increase over the prior year and a 15% increase compared to two years ago.

Further details on sales by region, distribution channel and business area are given under Review of Operations.

Gross profit

At € 12 027 million, gross profit increased by 53% compared to the prior year, with a corresponding gross margin increased to 62.7% of sales.

This 290 basis point improvement in gross margin mainly reflected higher manufacturing capacity utilisation, a favourable geographical sales mix, a further shift towards retail sales and targeted price increases. All these positive factors more than offset rising precious material prices, the impact on costs of a strong Swiss franc as well as valuation adjustments of € 70 million for inventories held in Russia, due to the current suspension of commercial activities in this market.

Operating profit

Operating profit more than doubled compared to the prior year, increasing by 129% to € 3 390 million, or 17.7% of sales, constituting a 650 basis point improvement.

Overall, operating expenses grew by 35% over the prior year, well below the 46% sales progression rate. This increase in operating expenses partly reflected higher sales as well as the non-recurrence of one-off rental concessions and government employment support received in the prior year. The increase also included additional reward payments to Group employees to recognise the strong contribution to the exceptional performance of the Group during the year.

The further expansion of the Group’s retail network contributed to an increase in selling and distribution expenses. As a percentage of sales, they improved to 21.8% in the current year from 24.7% a year ago.

Communication investment across the Group increased to € 1 865 million and included the impact of the resumption of in-person events such as Watches & Wonders Geneva which opened in March 2022. As a percentage of sales, communication expenses were in line with pre-pandemic levels at 9.7%. Expenses related to the fulfilment of online retail orders grew by 37% whilst increases in administrative expenses were limited to 18%.

The decision by the Group to suspend its commercial activities in Russia, which accounted for less than 2% of Group sales, and the resulting current uncertainty surrounding future operations in the country, led to a charge of € 98 million in operating expenses.

Profit for the year

Profit for the year amounted to € 2 079 million, an increase of 61% over the prior year. Net finance costs of € 844 million for the year included non-cash fair value losses of € 538 million arising from the Group’s investments in a Farfetch convertible note and an option to purchase additional Farfetch China shares, as well as the Group’s investments in externally managed bond funds. In addition, it included a € 194 million impact of foreign exchange losses on monetary items. Interest charges on the Group’s outstanding corporate bonds amounted to € 95 million while lease interest charges amounted to € 65 million for the year.

Earnings per share reached € 3.611 on a diluted basis, up 57% over the prior year. To comply with the South African practice of providing headline earnings per share (‘HEPS’) data, the relevant figure for the year ended 31 March 2022 was € 2 132 million (2021: € 1 316 million). Basic HEPS for the year were € 3.762 (2021: € 2.328 ), diluted HEPS for the year were € 3.712 (2021: € 2.322 ). Further details regarding earnings per share and HEPS, including an itemised reconciliation, can be found in note 30 of the Group’s consolidated financial statements.

Cash flow

Cash flow from operating activities amounted to € 4 638 million, a 44% increase on the prior year, reflecting the significant growth in operating profit coupled with a measured increase in net working capital, with increases in inventories and receivables largely offset by additional liabilities.

Net investments in tangible fixed assets amounted to € 736 million, as the Group supported its growth momentum with increased investments primarily in its internal boutique network as well as increased manufacturing investments at the Jewellery Maisons and additional technology investments at the Online Distributors.

Investments in associates included an increase of the Group’s investment into Kering Eyewear and the previously announced investment of $ 250 million into Farfetch China.

The 2021 dividend of CHF 2.00 per share (1 ‘1A’ share/10 ‘B’ shares) was paid to shareholders and to South African Depository Receipt holders, net of withholding tax, in September 2021. The total dividend cash outflow in the period amounted to € 1 041 million.

During the year under review, the Group repurchased 171 million shareholder warrants issued under the 2020 equity-based shareholder loyalty scheme, for a total cost of € 131 million. These warrants will be used to hedge the Group’s obligations arising from its executive share-based compensation schemes. Proceeds from the exercise of stock options by executives amounted to a net cash inflow of € 123 million.

Balance sheet

At 31 March 2022, inventories amounted to € 7 099 million, a € 780 million increase over the prior year (2021: € 6 319 million). Inventories represented 15.1 months of cost of sales (2021: 18.3 months).

The Group’s net cash position rose by 55% to € 5 251 million at 31 March 2022. This position is comprised of cash and cash equivalents, investments in externally managed bond and money market funds as well as external borrowings, including corporate bonds. At 31 March 2021, gross cash amounted to € 11 200 million.

Shareholders’ equity represented 50% of total equity and liabilities compared to 51% in the prior year.

Acquisition of Delvaux

On 30 June 2021, Richemont completed the acquisition of Delvaux, the Belgian luxury leather goods Maison and inventor of the modern handbag, for a total cash consideration of € 178 million, with results consolidated within the Other business area from 1 July 2021. During the nine-month period to 31 March 2022, Delvaux contributed € 102 million of sales to the Group. The acquisition resulted in the recognition of € 60 million of goodwill and € 111 million in additional intangible assets.

Proposed dividends

In view of the Group’s strong results and robust net cash position, the Board has proposed a dividend of CHF 2.25 per ‘A’ share/10 ‘B’ shares and an additional special dividend of CHF 1.00 per ‘A’ share/10 ‘B’ shares.

The dividends will be paid as follows:

The dividends will be payable following the annual general meeting which is scheduled to take place in Geneva on Wednesday 7 September 2022.

The last day to trade Richemont ‘A’ shares and Richemont South African Depository Receipts cum-dividend will be Tuesday 20 September 2022. Both will trade ex-dividend from Wednesday 21 September 2022.

The dividends on the Compagnie Financière Richemont SA ‘A’ shares will be paid on Friday 23 September 2022 and is payable in Swiss francs.

The dividends in respect of Richemont South African Depository Receipts will be payable on Thursday 29 September 2022 and is payable in rand to residents of the South African Common Monetary Area (‘CMA’) but may, dependent upon residence status, be payable in Swiss francs to non-CMA residents. Further details regarding the dividends payable to South African Depository Receipt holders may be found in a separate announcement dated Friday 20 May 2022 on SENS, the Johannesburg Stock Exchange news service.

Review of operations

The following section is only available in the PDF which can be downloaded above.

Appendix

The following section is only available in the PDF which can be downloaded above.

Montblanc celebrated the official opening of Montblanc Haus, a destination built to inspire writing and celebrate the role Montblanc has played in shaping the culture of writing, with a special event attended by VIP guests from around the world.

Guests including Maggie Gyllenhaal, Oscar Isaac, Peggy Gou, Daniel Brühl, Emilia Schüle, Feng Tang, Waris Ahluwalia, Reggie Yates, Dree Hemingway and Isaac Hernandez explored the immersive brand experience that tells the story of Montblanc from its founding days to the present, its writing instruments and those who craft them.

Under the banner of Montblanc’s brand purpose Inspire Writing, the permanent exhibition at Montblanc Haus explores different themes, including Montblanc’s Legacy and Vision, a look at the richness and diversity of Handwriting from around the World, Craftsmanship and Innovation, Montblanc Collections, and Mark Making.

Additionally, “30 Years of the Patron of Arts“ is Montblanc Haus’ first temporary exhibition, celebrating the Patron of Art limited edition over the past 30 years and promoting the idea of “collecting“. The exhibition will be open to visitors until October 2022.

Montblanc Haus is open to the public from 16 May 2022 in Hamburg.
For more information, visit www.montblanc.com

On World Earth Day, Richemont is proud to be in the 2022 Financial Times Climate Leaders ranking, one of only 400 companies across Europe that have achieved the greatest reduction in their greenhouse gas emissions between 2015 and 2020. High on the list, Richemont is recognised as a leader in its industry and among the top three companies in Switzerland.

“While I am delighted that Richemont’s efforts to reduce our climate impact is recognised in this FT Climate Leader listing, I am also very conscious that the publication of this ranking comes at a critical time for the planet. Just a few weeks ago, UN scientists gave us a final warning on the climate emergency,” said Bérangère Ruchat, Chief Sustainability Officer, Richemont. “Tackling climate change is a priority for Richemont and we are committed to working together with our 37’000 colleagues and our many partners, to deliver against our ambitious science-based targets for climate.”

This independent assessment by the Financial Times is testament to Richemont's significant progress in decarbonising its operations, building on the Group’s commitment to source 100% renewable electricity across Group operations by 2025.

During the past year alone, Richemont has achieved some significant climate milestones:

- A Sustainalytics ESG Risk Rating of 10.7, ranking the Group in the top 2% out of 15 000 companies rated worldwide and surpassing our 2020 rating of 11.3. Richemont is also recognised as an Industry Leader, ranking in the global top 10 peers and among the leading companies across all industries in Europe.

- CDP, the global non-profit that drives companies to boost their environmental performance, recognised Richemont with an ‘A’ rating for climate change, as one of 200 companies out of 12 000 ranked. Progressing from A- to an A, Richemont continues to reduce its impact on climate change and advance on its Science Based Targets which were validated in September 2021.

- Joined the RE100, a global initiative of the world's most influential companies committed to 100% renewable electricity. Today, we are operating with more than 90% renewable electricity worldwide.

Organised by the Michelangelo Foundation for Creativity and Craftsmanship, the international exhibition Homo Faber opens its doors in Venice from 10 April to 1 May 2022.

The event champions artisanal talent, showcasing an impressive variety of materials, techniques and skills through live demonstrations, immersive digital experiences and imaginative displays of handcrafted creations.

This 2nd edition highlights craft's role in creating a more sustainable and inclusive future by celebrating "living treasures" through 15 exceptional exhibitions, conferences and immersive digital experiences, showcasing over 400 unique works crafted by more than 350 designers and artisans from over 30 countries.

On top of the event, the Homo Faber in Città project lets visitors experience craftsmanship across Venice through tailor-made itineraries.

Booking is now open on homofaber.com, where further details on the exhibition are available here:

Richemont is pleased to announce that it received a Sustainalytics’ ESG Risk Rating of 10.7, ranking the Group in the top 2% out of the 14 784 companies rated worldwide. This score surpasses the previous rating of 11.3 in 2020. This year, Richemont is also recognised as an industry leader, ranking in the top 10 amongst its peers globally and within the top leading companies, across all industries, in Europe.

The improvement in the rating reflects the Group's significant progress across its four focus areas: People, Sourcing, Environment and Communities. These critical pillars are driven by best-in-class governance, environmental impact reduction targets, continuous innovation in sustainable supply chains, as well as a sharp focus on safety and well-being.

"We are humbled to have been recognised as a top-rated player in both our industry and in Europe. Our Sustainalytics rating is a testament to our teams who are engaged every day to deliver on our Environmental, Social and Governance (ESG) goals," said Bérangère Ruchat, Chief Sustainability Officer. "Doing business responsibly is at the core of Richemont's values and an essential benchmark for our customers and our investors."

The Sustainalytics rating builds on Richemont’s 2021 CDP ‘A’ for leadership in climate action and Chloé's B Corp certification, which makes it the first luxury Maison to achieve the highest levels of social and environmental performance. Richemont also ranked in Forbes 2021 World's Best Employers.

Sustainalytics is a global leader in ESG research and ratings, providing high-quality, analytical environmental, social and governance research, ratings and data to institutional investors and companies, and delivering innovative solutions that have enabled the world's leading institutional investors to identify, understand, and manage ESG-driven risks and opportunities.

Dubai Future Foundation is proud to announce the launch with Richemont Middle East, India & Africa (Richemont) of BEYOND: The Future of Luxury Retail, a start-up incubation program with the objective to support the development of new technologies in the field of luxury client experience.

The program is to be run and hosted by the Dubai Future Accelerators within AREA 2071, an innovation ecosystem that brings together the world’s brightest minds through a dynamic collaboration between startups, private entities, and government to design and test innovative solutions for the future.

Watches and Wonders Geneva opens its doors this Wednesday, 30 March, at 8.30 am, with an innovative program entirely redesigned to offer a unique and memorable experience.

Nearly 40 fine watchmaking and jewellery brands look forward to welcoming retailers, journalists and guests in a creative new space that invites visitors to dive into new collections and launches, hear from brand leaders, and tune into the keynotes.

“For the first in-person event under its new name, Watches and Wonders Geneva inaugurates the largest watchmaking salon ever organized in Geneva. We should see it as a symbol of a new era, inviting us to look serenely to the future.” - Emmanuel Perrin, President of the Fondation de la Haute Horlogerie.

The program offers rich and varied formats to meet all expectations and allow visitors to experience this hybrid physical-digital event in the best conditions.

The Palais Galliera celebrates the legendary Alber Elbaz in a unique exhibition that recreates the remarkable Love Brings Love fashion show.

The retrospective immerses its visitors in the magical collaborative runway experience and scenography that made the event a strong moment in fashion history with 46 participating houses.

To celebrate the 10th anniversary of L’ÉCOLE, School of Jewelry Arts, Marie Vallanet, President of L’ÉCOLE, and Nicolas Bos, CEO and President of Van Cleef & Arpels, invite you to join an online event on Monday 14 February.

The event will run from 11am to 12pm (Paris time) or from 6pm to 7pm (Hong Kong SAR/Shanghai time) with L’ÉCOLE Paris, Hong Kong SAR and Shanghai.

You will have the opportunity to discover the various programmes of L’ÉCOLE worldwide and participate in a jewellery quiz.

Richemont is pleased to announce the appointment of Dr Bérangère Ruchat as Chief Sustainability Officer, reporting to Burkhart Grund, Chief Finance Officer, effective 1 February 2022.

Building upon Richemont’s top-ranking achievements in ESG reporting and commitment to Science Based Targets, Dr Bérangère Ruchat will bring her deep sustainability expertise and collaborative track record to further develop the Group’s vision and step up its sustainability ambition.

Dr Ruchat joins from the Firmenich Group, Switzerland, where she was Chief Sustainability Officer and more recently, Senior Vice President Sustainability. During her 12-year tenure, Dr Ruchat established unique partnerships, drove Firmenich sustainability strategy and led the group ESG reporting.

Beforehand, she was the Director of Partnerships at Global Alliance for Improved Nutrition (GAIN) from 2004, having led the Partners in Action Program at the United Nations System Staff College, which she joined in 2000.

Dr Ruchat was acknowledged by the World Business Council for Sustainable Development Leading Women Awards for her work in advancing the United Nations Sustainable Development Goals (UN SDGs) in 2016. She also received the Head of Sustainability of the Year award by Ethical Corporation in 2015.

The Cartier Women's Initiative has helped women impact entrepreneurs to reach their full potential by shining a light on their achievements and providing the necessary financial, social and human capital support to grow their businesses and build their leadership skills.

The programme is open to women-run and women-owned businesses from any country and sector that aim to have a strong and sustainable positive impact on society as defined by the United Nations Sustainable Development Goals.

Fifteen years on, the Cartier Women's Initiative has supported 262 women impact entrepreneurs hailing from 62 countries and has awarded a total of USD6 440 000 to support their businesses.

In the spirit of continuous improvement and to mark the 15th anniversary of the programme, the Cartier Women's Initiative has placed Impact at the heart of its 2022 edition. With the launch of the Impact Report, which put the light on the powerful ripples of positive changes initiated by these women entrepreneurs, Cartier Women's Initiative aims to expand opportunities to more women impact entrepreneurs worldwide.

On this occasion, for the very first time, the Cartier Women's Initiative has unveiled 9 impact awardees.

The Impact Awards cover three categories: Improving Lives, Preserving the Planet, and Creating Opportunities, based on the United Nations Sustainable Development goals.

Ad hoc announcement pursuant to art. 53 LR

Highlights

Compared to the third quarter ended 31 December 2020:

• Strong sales, up by 32% at constant exchange rates and by 35% at actual exchange rates
• Double-digit sales growth across all regions, channels and business areas
• Strongest performance from the Americas and Europe, rebalancing regional sales mix
• Retail and online retail, a combined 78% of Group sales, driving growth
• Excellent performance from all three business areas:- Jewellery Maisons, with sales growth of 38% at constant exchange rates (+41% at actual exchange rates) - Fashion & Accessories Maisons, with sales growth of 37% at constant exchange rates (+40% at actual exchange rates), sustained by Chloé, Montblanc and Peter Millar - Specialist Watchmakers, with sales growth of 25% at constant exchange rates (+29% at actual exchange rates)

Compared to the third quarter ended 31 December 2019:

• Continued sequential quarterly growth acceleration, with third quarter sales up by 38% at constant exchange rates and 36% at actual exchange rates
• Pre-pandemic levels substantially exceeded, with sales up double digits across all regions and business areas, as well as online and offline retail channels
• Outstanding performance of the Americas, Asia Pacific and Middle East and Africa; Europe and Japan resuming growth, up double digits
• Performance led by the Jewellery Maisons (+57% and +55% at constant and actual rates respectively) with other business areas growing at or close to 20%

Review of trading in the three-month period ended 31 December 2021 versus the prior-year period, at constant exchange rates

Sales rose by 32% versus the prior year period driven by double-digit increases in all regions, channels and business areas, in a relatively supportive economic environment.

The Americas led the growth with sales up by 55%, followed by Europe and Middle East and Africa, where sales grew by 42% and 30%, respectively. Japan and Asia Pacific saw sales increase by 22% and 18%, respectively, with China consolidating at a high level of +7%. Regional sales mix continued to be further rebalanced with Asia Pacific accounting for 38% of Group sales, followed by Europe and the Americas, at 25% and 23% of Group sales, respectively. Japan and Middle East and Africa each contributed 7% of Group sales.

Retail generated the strongest channel performance, with sales up by 45%, followed by online retail sales up by 19% and wholesale sales up by 14%. Direct sales to consumers have further strengthened to reach 78% of Group sales compared to 75% in the prior year period.

The Jewellery Maisons were the strongest performing business area, with sales increasing by 38%, immediately followed by the Group's Other business area (primarily our Fashion & Accessories Maisons) with sales up by 37%. The Specialist Watchmakers also performed markedly well with sales increasing by 25% while the Online Distributors posted 15% sales growth.

Review of trading in the three-month period ended 31 December 2021 versus the three-month period ended 31 December 2019, at constant exchange rates

On a two-year basis, sales exceeded pre-Covid levels across all regions, channels and business areas.

The Americas, supported by strong local demand, saw sales rise by 59%, followed by Asia Pacific with a 47% sales increase. This commendable performance was driven by double-digit growth in most locations, notably in Australia, China and South Korea, notwithstanding renewed temporary public health protection measures. Europe, with sales up by 12%, reflected solid domestic sales across the region that more than compensated for lower tourism spend compared to two years ago, notwithstanding clients from the Middle East and the USA progressively returning to Europe, notably France. The strongest growth (+65%) was generated in the Middle East and Africa, which benefited from increased domestic demand and higher tourist spend driven by Expo 2020 Dubai and the year-end holiday season. In Japan, the surge in local demand led to a 23% sales increase after two declining quarters.

All channels delivered growth, led by the offline and online retail channels that recorded sales growth of 56% and 40%, respectively. This outstanding performance was driven by double-digit growth across all business areas for retail, and increases of double to triple digits for the online retail channel, depending on the business area. Retail sales were particularly robust in China, Dubai, South Korea and the USA. Sales in the wholesale channel were 4% higher than in the comparative period in 2019, sustained by significant sales in China and the USA.

The stellar 57% sales progression at the Jewellery Maisons, comprised of Buccellati, Cartier and Van Cleef & Arpels, was broad-based across product lines and price points. Sales grew double digits in all regions and across all channels. Reaping the benefits of prior investments and client-centric activities, the Specialist Watchmakers saw sales increase by 20%, with double-digit growth in most regions and watch Maisons. At the Online Distributors, sales rose by 19% reflecting strong trading at YOOX and THE OUTNET as well as the solid performance of Watchfinder. The Group's Other business area, composed primarily of the Group's Fashion & Accessories Maisons, posted a 19% increase in sales. Excluding Delvaux for comparison purposes, growth reached 11%. This noteworthy sales performance was driven by Alaïa, Chloé and Peter Millar.

Trading in the nine-month period ended 31 December 2021

Sales over the nine-month period to December increased by 50% at constant exchange rates and by 51% at actual exchange rates compared to the prior year period, a further improvement over the strong performance in the first six months of the financial year. A quarter-by-quarter sales overview is presented in Appendix 1.

The Group's net cash position at 31 December 2021 amounted to € 4.9 billion (2020: € 2.9 billion).

Corporate calendar

The Group's results for the financial year ending 31 March 2022 will be announced on Friday, 20 May 2022.

The Group's corporate calendar is available on https://www.richemont.com/en/home/investors/corporate-calendar/

About Richemont

At Richemont, we craft the future. Our unique portfolio includes prestigious Maisons distinguished by their craftsmanship and creativity, alongside Online Distributors that cultivate expert curation and technological innovation to deliver the highest standards of service. Richemont's ambition is to nurture its Maisons and businesses and enable them to grow and prosper in a responsible, sustainable manner over the long term.

Richemont operates in four business areas: Jewellery Maisons with Buccellati, Cartier and Van Cleef & Arpels; Specialist Watchmakers with A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; Online Distributors with Watchfinder & Co., NET-A-PORTER, MR PORTER, YOOX, THE OUTNET and the OFS division; and Other, primarily Fashion & Accessories Maisons with Alaïa, AZ Factory, Chloé, Delvaux, dunhill, Montblanc, Peter Millar, Purdey and Serapian. Find out more at www.richemont.com.

Richemont 'A' shares are listed on the SIX Swiss Exchange, Richemont's primary listing, and are included in the Swiss Market Index (SMI) of leading stocks. Richemont South African Depository Receipts are listed on the Johannesburg Stock Exchange, Richemont's secondary listing.

Investor/analyst and media enquiries

Sophie Cagnard, Group Corporate Communications Director
James Fraser, Investor Relations Executive

Investor/analyst enquiries: +41 22 721 3003; investor.relations@cfrinfo.net
Media enquiries: +41 22 721 3507; pressoffice@cfrinfo.net; richemont@teneo.com

Disclaimer

The financial information contained in this announcement is unaudited.

This document contains forward-looking statements as that term is defined in the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements are not guarantees of future performance. Richemont's forward-looking statements are based on management's current expectations and assumptions regarding the Company's business and performance, the economy and other future conditions and forecasts of future events, circumstances and results. Our retail stores are heavily dependent on the ability and desire of consumers to travel and shop and a decline in consumer traffic could have a negative effect on our comparable store sales and/or average sales per square foot and store profitability resulting in impairment charges, which could have a material adverse effect on our business, results of operations and financial condition. Reduced travel resulting from economic conditions, retail store closure orders of civil authorities, travel restrictions, travel concerns and other circumstances, including disease epidemics and other health-related concerns, could have a material adverse effect on us, particularly if such events impact our customers' desire to travel to our retail stores.

As with any projection or forecast, forward-looking statements are inherently susceptible to uncertainty and changes in circumstances. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside the Group's control. Richemont does not undertake to update, nor does it have any obligation to provide updates of or to revise, any forward-looking statements.

© Richemont 2022

Appendix 1

Appendix 2: Foreign exchange rates

Actual exchange rates for the period are calculated using the average daily closing rates against the euro.

In terms of sales at constant exchange rates, average exchange rates for the year ended 31 March 2021 are used to convert local currency sales into euros for all presented periods. Exchange rate translation effects are thereby eliminated from the reported sales performance.

Richemont has been recognised for its leadership in corporate sustainability by global environmental non-profit CDP, securing a place on its ‘A List’ for tackling climate change.

Matthew Kilgarriff, Group CSR Director, commented: “We are very proud to have been upgraded from A- to A by CDP, an organisation widely recognised as the gold standard of corporate environmental transparency. This is a tribute to all my colleagues at Richemont for engaging effectively to enable progress towards our Sciences Based Targets (SBT), which were validated by the Science-Based Target initiative in September, to reduce greenhouse gas emissions in line with the 2015 Paris Agreement. We believe that our SBTs provide us with a clearly defined pathway to help us reduce our impact on climate change, while future-proofing our business for greener growth”.

A detailed and independent methodology is used by CDP to assess companies, allocating a score of A to D - based on the comprehensiveness of disclosure, awareness and management of environmental risks and demonstration of best practices associated with environmental leadership, including setting meaningful targets.

The full list of companies that made this year’s CDP A List is available here: https://www.cdp.net/en/companies/companies-scores

Ad hoc announcement pursuant to art. 53 LR

Richemont announces the publication of its interim report and accounts for the six months ended 30 September 2021. The report is available for download from the Richemont website at: www.richemont.com/en/home/investors/results-reports-presentations

The interim report reflects the information contained in the Richemont results announcement issued on 12 November 2021 as well as the unaudited condensed interim consolidated financial statements posted on the Group’s website the same day.

In accordance with stock exchange regulations in Switzerland and South Africa, Richemont no longer prints its interim report.

About Richemont

At Richemont, we craft the future. Our unique portfolio includes prestigious Maisons distinguished by their craftsmanship and creativity, alongside Online Distributors that cultivate expert curation and technological innovation to deliver the highest standards of service. Richemont’s ambition is to nurture its Maisons and businesses and enable them to grow and prosper in a responsible, sustainable manner over the long term.

Richemont operates in four business areas: Jewellery Maisons with Buccellati, Cartier and Van Cleef & Arpels; Specialist Watchmakers with A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; Online Distributors with Watchfinder & Co., NET-A-PORTER, MR PORTER, YOOX, THE OUTNET and the OFS division; and Other, primarily Fashion & Accessories Maisons with Alaïa, AZ Factory, Chloé, Delvaux, dunhill, Montblanc, Peter Millar, Purdey and Serapian.

Richemont ‘A’ shares are listed on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index ('SMI') of leading stocks. Richemont South African Depository Receipts are listed in Johannesburg, Richemont’s secondary listing.

Investor/analyst and media enquiries

Sophie Cagnard, Group Corporate Communications Director
James Fraser, Investor Relations Executive

Investor/analyst enquiries: +41 22 721 30 03; investor.relations@cfrinfo.net
Media enquiries: +41 22 721 35 07; pressoffice@cfrinfo.net; richemont@teneo.com

Ad hoc announcement pursuant to art. 53 LR

Highlights

Richemont sales rose by strong double-digits across all business areas, channels and regions compared to the prior-year period. Sales also significantly exceeded pre-pandemic levels.

Compared to the six-month period ended 30 September 2020

• Strong double-digit increases across Maisons, businesses and channels led to half year sales up by 63% at actual exchange rates to € 8 907 million, and by 65% at constant exchange rates
• Triple-digit growth in the Americas, reaching sales levels close to Europe; substantial double-digit growth in the other regions
• Significant improvements across all business areas, led by the Jewellery Maisons and Specialist Watchmakers
• Group operating profit of € 1 949 million, leading to a 22% operating margin
• Profit for the period rose to € 1 249 million
• Cash flow from operating activities nearly doubled to € 1 781 million

Compared to the six-month period ended 30 September 2019

• Sequential growth acceleration from first quarter to second quarter led to half year sales increases of 20% at actual exchange rates and 24% at constant exchange rates
• Pre-pandemic sales levels exceeded in most business areas, channels and regions at actual and constant rates
• Outstanding sales performance of Jewellery Maisons (+36% and +41% sales growth at actual and constant exchange rates, respectively); robust rebound of Specialist Watchmakers (+7% and +10%); consolidation of Other (-1% and +3%) and steady growth of Online Distributors (+8% and +11%)
• Solid double-digit sales increases in the Americas, Asia Pacific and Middle East and Africa, with Europe and Japan seeing a gradual recovery
• Robust double-digit sales growth in online and offline retail sales (74% of Group sales)

Key financial data (unaudited)

Chairman’s commentary

Richemont has delivered an excellent set of results in the first six months of the financial year; a period marked by a volatile but improving “post-vaccination” environment. These results demonstrate the strength of our business model and the benefits of patient long term capital. Sales were 20% higher than the pre-pandemic levels of the six-month period ended 30 September 2019. On a year-on-year basis, sales increased by 65% at constant exchange rates and by 63% at actual exchange rates to € 8.91 billion leading to an operating profit of € 1.95 billion.

Region-wise, the Americas, Asia Pacific and Middle East and Africa generated robust double-digit sales increases over the six-month period ended 30 September 2019. This notable performance more than offset the softness seen in Europe and Japan where encouraging domestic demand helped mitigate the impact of low levels of inbound tourism.

Strong engagement with local clientele through digital tools and our physical and online stores has driven a significant double-digit growth in direct sales to customers, alongside improved wholesale sales. The Group’s continued focus on customer centricity and digital has resulted in even higher levels of customer experience in our stores. This focus also led us to extend our online offer to new markets, and within existing markets to additional Maisons. As a testimony to the success of this strategy, direct sales to customers reached 74% of Group sales. The enhanced retail share in Group sales allowed us to further deepen and nurture our relationships with clients.

Our Jewellery Maisons have emerged ever stronger from the global economic crisis caused by the Covid-19 pandemic, achieving record half-year sales and operating margin of 37.9%. Cartier and Van Cleef & Arpels have reaffirmed their leadership position as jewellers of choice while Buccellati’s distinctive savoir faire and aesthetics are getting international recognition. In addition, Cartier was entrusted by Richemont to launch the ‘Watch and Jewellery 2030 Initiative’ with Kering and the Responsible Jewellery Council to begin a collective journey to ensure the industry creates positive outcomes for the planet and its people, as well as the ‘Aura Blockchain Consortium’ with LVMH and Prada Group. The consortium aims to address the challenges of transparency and sustainability, thereby enabling customers to follow a product’s lifecycle, from conception through distribution, with trusted data throughout.

We are also seeing tangible returns on our past investments to evolve our Specialist Watchmakers’ business model. They delivered substantial sales growth, in particular in direct sales to clients now approaching 50%, and increased their operating margin to 22.4%. Every watch Maison participated in this notable improvement. Relationships with multi-brand retailers remain part of our strategy as evidenced by the opening of seven TimeVallée boutiques, now totalling 19. Managed by our retail partners, this multi-brand innovative concept was developed in 2014 to give clients access to our prestigious watch Maisons in a highly qualitative environment. It was primarily developed for China where we see much potential in the years ahead. More generally, we are confident in the growth potential of our Specialist Watchmakers, particularly in the USA and China.

The Group’s Online Distributors recorded higher sales and a stable EBITDA loss as NET-A-PORTER, MR PORTER, THE OUTNET and Watchfinder faced new temporary absorption of Brexit-related custom duties and value added tax while intensifying their outreach and communication efforts. With NET-A-PORTER’s replatforming successfully completed, resulting in improved customer satisfaction, the teams are fully dedicated to localising the sites and further evolving the YOOX NET-A-PORTER business model into a hybrid model of curated inventory ownership with an e-concession/marketplace offer combining a richer customer experience and lower capital requirements. Watchfinder entered the Italian market and further extended its services to the rest of the Group. It notably introduced a pre-owned watch offer to NET-A-PORTER and MR PORTER’s clients in the USA and further rolled out their watch trade-in programme across a larger number of select Specialist Watchmakers, Montblanc and Cartier stores.

Our ‘Other’ business area has returned to profit benefiting from better trading at our Fashion & Accessories Maisons and a gain on the sale of an investment property. Peter Millar continued its robust performance and there was renewed impetus at Alaïa, Chloé and Montblanc with the recent appointments of highly acclaimed creative directors. In addition, Chloé and Montblanc further improved the quality and selectivity of their distribution network. In parallel, much attention has been devoted to sustainability, particularly at Chloé which became the first luxury brand to obtain the demanding B-Corporation certification. The addition of Delvaux, the renowned Belgian luxury leather goods Maison, to the Richemont family will strengthen our presence and raise our craftmanship capabilities in high quality leather. Delvaux’s integration is progressing well under a new management.

Working closely with Alibaba, our teams gained a better understanding of their approach to digital marketing in China, including ‘shoppertainment’, and of their operating model centred around a network of Tmall partners. Along with Alibaba, we each acquired 12.5% of the share capital and voting rights of Farfetch China Holdings Limited.

Operating profit in the period increased by 331% (+67% compared to the six-month period ended 30 September 2019) to € 1.95 billion. The substantial increase in operating profit combined with a careful management of working capital led to cash flow from operating activities nearly doubling to € 1.78 billion. Profit for the period rose to € 1.25 billion and net cash amounted to € 3.15 billion at the end of September 2021.

Our continued focus on excellence implies that we constantly strive to seek to refine our organisation while bringing in the very best professionals in their fields. At the executive level, the Senior Executive Committee was streamlined while our Board of Directors was further strengthened with the appointments of Jasmine Whitbread, an experienced Non-executive Director and highly regarded ESG expert, and of Patrick Thomas, former CEO of Hermès. Both bring unparalleled experience and skills in areas of great importance to Richemont.

Similarly, we are guided by principles of sustainability and long-term impact. Sustainability and concern for the environment are not only matters of importance to our clients and colleagues, but are also embedded in Richemont’s own heritage, notably through our long-term relationship with World Wide Fund for Nature and Peace Parks. I am therefore truly pleased that the Science Based Target initiative validated our Science Based Targets to reduce greenhouse gas emissions in line with the 2015 Paris Agreement and also that we committed to eliminate the use of polyvinyl chloride (‘PVC’) from all our products and packaging by December 2022. We will continue to allocate more resources to sustainability to meet our climate and other sustainability targets, with a particular focus on biodiversity, the environment, education and the preservation of Métiers d’Art.

Before concluding, I would like to thank all the teams at Richemont for their unrelenting dedication, agility, creativity and operational excellence that made these strong results possible.

The post-Covid world is yet to emerge. For the second half of the year, volatility is likely to persist, including in terms of inflation and geopolitical tensions. The Group will also face challenging comparatives. We look to the remainder of the year with vigilance and cautious optimism: the appeal and enduring nature of our distinctive and highly qualitative creations resonate well with the values and expectations of our discerning clientele.

Richemont will continue to focus on timelessness, love, beauty and sustainability. Together, we will craft the future.

Johann Rupert
Chairman

Compagnie Financière Richemont SA
Geneva, 12 November 2021

Financial review

Any long form references to Hong Kong, Macau and Taiwan within this Company Announcement are Hong Kong SAR, China; Macau SAR, China; Taiwan, China respectively.

Given the magnitude of the impact of the pandemic on our operations in the six-month period ended 30 September 2020, additional comments compared to the six-month period ended 30 September 2019 are provided below for a more comprehensive view of our performance.

Sales

In the first six months of the year, Richemont reported a strong performance with sales increasing by 63% at actual exchange rates and 65% at constant exchange rates. On a two-year comparison basis, sales exceeded pre-Covid-19 levels by 20% and 24%, at actual and constant exchange rates, respectively.

On a year-on-year basis and at actual exchange rates, sales in the Americas grew by triple digits, with the other regions recording high double-digit rates of growth. Compared to the same period of calendar year 2019, most regions delivered robust double-digit sales progressions. Only Europe and Japan posted lower sales due to reduced international tourism, with trading improving sequentially in the second quarter of the year.

During the period under review, all business areas enjoyed high double-digit sales increases compared to the prior-year period, with Jewellery Maisons expanding by 67%. Specialist Watchmakers and the ‘Other’ business area reported strong recoveries at 74% and 72%, respectively. Compared to the first half ended 30 September 2019, Jewellery Maisons led the growth with a 36% sales increase and Specialist Watchmakers returned to growth, expanding by 7%.

Sales across the Group’s directly operated stores and online channels increased by solid double-digits, both year-on-year and on a two-year basis. Wholesale sales, while moderately lower compared to the same period in calendar 2019, grew by 71% compared to the same period in 2020.

Further details on sales by region, distribution channel and business area are given in the Review of Operations.

Gross profit

Year-on-year, gross profit rose by 78% to € 5 638 million, with a corresponding gross margin increased to 63.3% of sales.

The 550 basis point increase in gross margin is mainly due to higher manufacturing capacity utilisation, a favourable geographical sales mix as well as a further shift towards retail sales.

Operating profit

Higher sales, a higher gross profit and good cost control have resulted in a six-month operating profit of € 1 949 million, up by 331% over the prior-year period, and increasing by 67% on a two-year basis. Operating margin reached 21.9%.

Overall, operating expenses were strictly controlled, with the year-on-year increase contained to 36%, well below the 63% sales increase. The increase in selling and distribution expenses, up by 31%, partially reflected the one-off rental concessions and government employment support received in the prior period. Depreciation was broadly in line with the prior-year period, reflecting with our capital allocation discipline. As a result, selling and distribution expenses decreased from 26% to 21% of Group sales. Given the improved trading environment, communication activity and client events resumed, driving communication expenses up by 104% compared to the prior-year period, accounting for 8% of Group sales. Fulfilment expenses increased by 39% to € 216 million, broadly in line with the increase in online retail sales across the Group. The increase in Administration costs was limited to 16% due to stringent cost management that more than offset a relatively stronger Swiss franc and continued technology and digital investments. Other operating expenses of € 107 million primarily reflected the impact of the amortisation of intangible assets recognised on acquisition, mainly related to Online Distributors, Buccellati and Delvaux.

Profit for the period

Profit for the period amounted to € 1 249 million. The € 1 090 million year-on-year increase reflected a strong operating profit, partly offset by higher net finance costs. Net finance costs increased from € 117 million in the comparative period to € 385 million, and largely reflect the non-cash fair value loss on the investment in the Farfetch convertible note of € 108 million, as well as the impact of foreign exchange rate fluctuations, which result in a loss of € 55 million. A further non-cash fair value loss of € 81 million, arising from the option held by the Group over its shares in Farfetch China, was also recorded during the period.

Earnings per share (1 ‘A’ share/10 ‘B’ shares) increased more than six-fold to € 2.145 on a diluted basis.

To comply with the South African practice of providing headline earnings per share (‘HEPS’) data, the relevant figure for headline earnings for the period ended 30 September 2021 was € 1 235 million (2020: € 154 million). Basic HEPS for the period was € 2.181 (2020: € 0.273), diluted HEPS for the period was € 2.150 (2020: € 0.272). Further details regarding earnings per share and HEPS, including an itemised reconciliation, may be found in note 10.3 of the Group’s condensed consolidated interim financial statements.

Cash flow

At € 1 781 million, cash flow generated from operating activities increased by € 855 million compared to the prior-year period. This achievement reflected the substantial increase in operating profit along with prudent working capital management. The significant sales acceleration in the period under review led to a € 663 million increase in working capital mostly due to higher receivables and increased inventories to support the sales expansion.

At € 215 million, net investment in tangible fixed assets was 79% higher year-on-year. Investments were predominantly directed towards the Maisons’ store network, including refurbishments and selective openings, as well as technology investments principally at the Online Distributors.

The 2021 dividend of CHF 2.00 per share (1 ‘A’ share/10 ‘B’ shares) was paid to shareholders and to South African Depository Receipt holders, net of withholding tax, in September. The overall dividend cash outflow in the period amounted to € 1 041 million.

In the period under review, the Group did not acquire any treasury shares to hedge executive stock options but instead opted to hedge through the repurchase of warrants. Proceeds from the exercise of stock options by executives and other activities related to the hedging programme amounted to a net cash inflow of € 83 million.

Balance sheet

At 30 September 2021, inventories of € 6 773 million were € 454 million higher than at 31 March 2021. Given the significant increase in sales, rotation improved to 16.0 months of cost of sales (September 2020: 19.2 months).

The Group’s gross cash position at 30 September 2021 amounted to € 8 265 million while the Group’s net cash position stood at € 3 153 million, a € 240 million decrease compared to the position at 31 March 2021. The Group’s net cash position included highly liquid, highly rated money market funds, short-term bank deposits and short-duration bond funds, primarily denominated in Swiss francs, euros and US dollars.

Shareholders’ equity represented 50% of total equity and liabilities compared to 51% at 31 March 2021.

Acquisition of Delvaux

On 30 June 2021, Richemont completed the acquisition of 100% of the share capital of DLX Holdings SA (‘Delvaux’) for a total cash consideration of € 178 million. Delvaux’s results are consolidated within the Other business area with effect from 1 July 2021. During the three-month period to 30 September 2021, Delvaux contributed € 28 million of sales and posted a net loss of € 1 million. The acquisition has resulted in the recognition of € 60 million in provisional goodwill and € 113 million of intangible assets.

Review of operations

The following section is only available in the PDF which can be downloaded above.

Appendix

The following section is only available in the PDF which can be downloaded above.

Presentation

The results will be presented via a live audio webcast on 12 November 2021, starting at 09:30 (CET). The direct link is available from 07:00 (CET) at www.richemont.com. The presentation may be viewed using a mobile device or from a browser.

• Live telephone connection:
  
  • pre-registration required here
• An archive of the audio webcast will be available at 15:00 (CET) the same day from:
  
  • www.richemont.com/en/home/investors/results-reports-presentations/
• A transcript of the audio webcast will be available on 13 November from:
  
  • www.richemont.com/en/home/investors/results-reports-presentations/

Statutory information

The Richemont 2021 Interim Report will be available for download from the Group’s website from 19 November 2021 at www.richemont.com/en/home/investors/results-reports-presentations/

Registered office
50 chemin de la Chênaie
CP 30, 1293 Bellevue
Geneva
Switzerland
+41 22 721 3500
www.richemont.com

Registrar
Computershare Schweiz AG
P.O. Box, 4601 Olten
Switzerland
+41 62 205 7700
share.register@computershare.com

Auditor
PricewaterhouseCoopers SA
50 avenue Giuseppe-Motta
1202 Geneva
Switzerland

Secretariat contact
Swen Grundmann
Company Secretary

+41 22 721 3500
secretariat@cfrinfo.net

Investor/analyst and media enquiries
Sophie Cagnard
Group Corporate Communications Director

James Fraser
Investor Relations Executive

+41 22 721 3003 (investor relations)
investor.relations@cfrinfo.net

+41 22 721 3507 (media)
pressoffice@cfrinfo.net
richemont@teneo.com

‘A’ shares issued by Compagnie Financière Richemont SA are listed and traded on SIX Swiss Exchange, the Company’s primary listing (Reuters ‘CFR.VX’/Bloomberg ‘CFR:VX’/ISIN CH0210483332). South African depository receipts in respect of Richemont ‘A’ shares are traded on the Johannesburg Stock Exchange, the Company’s secondary listing, (Reuters ‘CFRJ.J’/Bloomberg ‘CFR:SJ’/ISIN CH0045159024).

The closing price of the Richemont ‘A’ share on 30 September 2021 was CHF 97.42 and the market capitalisation of the Group’s ‘A’ shares on that date was CHF 50 853 million. Over the preceding six-month period, the highest closing price of the ‘A’ share was CHF 118.05 (2 August) and the lowest closing price was CHF 92.10 (1 April).

About Richemont

At Richemont, we craft the future. Our unique portfolio includes prestigious Maisons distinguished by their craftsmanship and creativity, alongside Online Distributors that cultivate expert curation and technological innovation to deliver the highest standards of service. Richemont’s ambition is to nurture its Maisons and businesses and enable them to grow and prosper in a responsible, sustainable manner over the long term.

Richemont operates in four business areas: Jewellery Maisons with Buccellati, Cartier and Van Cleef & Arpels; Specialist Watchmakers with A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; Online Distributors with Watchfinder & Co., NET-A-PORTER, MR PORTER, YOOX, THE OUTNET and the OFS division; and Other, primarily Fashion & Accessories Maisons with Alaïa, AZ Factory, Chloé, Delvaux, dunhill, Montblanc, Peter Millar, Purdey and Serapian. Find out more at https://www.richemont.com/.

Disclaimer

This document contains forward-looking statements as that term is defined in the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements are not guarantees of future performance. Richemont's forward-looking statements are based on management's current expectations and assumptions regarding the Company's business and performance, the economy and other future conditions and forecasts of future events, circumstances and results. Our retail stores are heavily dependent on the ability and desire of consumers to travel and shop and a decline in consumers traffic could have a negative effect on our comparable store sales and/or average sales per square foot and store profitability resulting in impairment charges, which could have a material adverse effect on our business, results of operations and financial condition. Reduced travel resulting from economic conditions, retail store closure orders of civil authorities, travel restrictions, travel concerns and other circumstances, including disease epidemics and other health-related concerns, could have a material adverse effect on us, particularly if such events impact our customers’ desire to travel to our retail stores. As with any projection or forecast, forward-looking statements are inherently susceptible to uncertainty and changes in circumstances. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside the Group's control. Richemont does not undertake to update, nor does it have any obligation to provide updates of, or to revise, any forward-looking statements.

Ad hoc announcement pursuant to art. 53 LR

Richemont is pleased to announce that further progress has been made towards creating a neutral, industry-wide platform, built on the latest omnichannel retail technologies, to support the digitisation of the luxury industry.

In this context, Richemont is in advanced discussions with Farfetch with a view to enhancing the partnership it established last year. The scope of the current discussions includes:

Other industry players and investors have already indicated their interest in investing in YOOX NET-A-PORTER alongside Richemont and Farfetch. The ultimate objective is for YOOX NET-A-PORTER to be a neutral platform, with no controlling shareholders.

Richemont continues to work with Farfetch towards definitive agreements and will provide an update in due course, if and when appropriate. There can be no certainty that the discussions will lead to definitive agreements, nor as to the timing or terms of any transaction. Any transaction would be subject to the receipt of clearances from relevant anti-trust authorities.

About Richemont

At Richemont, we craft the future. Our unique portfolio includes prestigious Maisons distinguished by their craftsmanship and creativity, alongside Online Distributors that cultivate expert curation and technological innovation to deliver the highest standards of service. Richemont’s ambition is to nurture its Maisons and businesses and enable them to grow and prosper in a responsible, sustainable manner over the long term.

Richemont operates in four business areas: Jewellery Maisons with Buccellati, Cartier and Van Cleef & Arpels; Specialist Watchmakers with A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; Online Distributors with Watchfinder & Co., NET-A-PORTER, MR PORTER, THE OUTNET, YOOX and the OFS division; and Other, primarily Fashion & Accessories Maisons with Alaïa, AZ Factory, Chloé, Delvaux, dunhill, Montblanc, Peter Millar, Purdey and Serapian. Find out more at www.richemont.com.

Richemont ‘A’ shares are listed on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index ('SMI') of leading stocks. Richemont South African Depository Receipts are listed in Johannesburg, Richemont’s secondary listing.

Investor/analyst and media enquiries

Sophie Cagnard, Group Corporate Communications Director
James Fraser, Investor Relations Executive
Investor/analyst enquiries: +41 22 721 30 03; investor.relations@cfrinfo.net
Media enquiries: +41 22 721 35 07; pressoffice@cfrinfo.net; richemont@teneo.com

When Women Thrive, Humanity Thrives.

Created by Expo 2020 Dubai in collaboration with Cartier, the Women’s Pavilion takes visitors on a compelling and immersive journey from start to finish.

Under the exhibition titled «New Perspectives», the Women’s Pavilion invites visitors to celebrate and recognize the central role women have played throughout history, leading up to the present day.

By showcasing these contributions, as well as the challenges that women around the world still face, the Pavilion seeks to highlight an important principle: when women thrive, humanity thrives.

Richemont is delighted to announce that Chloé has achieved B Corp certification.

B Corp is one of the most demanding certifications that evaluates brands’ social and environmental impact, with over 300 questions on governance, workers, communities and impact on the environment. It is the result of a collective work at Chloé that started in June 2020, in line with their mission, Women Forward. For a Fairer Future.

This certification offers Chloé a powerful framework to accelerate and guide its transformation. It also demonstrates the brand’s progress and reinforces its commitment to improve and challenge itself to continuously do better, using business as a force for good to benefit all people, communities and the planet.

“It is our strong belief that we need to take full accountability for the impact we have on people and planet, injecting purpose across everything we do, transforming how we do business and actively participating to build a better world. B Corp offers us a powerful framework to accelerate and guide this transformation. We are proud of this achievement and I am thankful to the many people in our company that worked hard to make it possible during more than 18 months. By becoming B Corp today, we reinforce our commitment to continuously challenging ourselves to use our brand and our business as a force for good” said Chloé CEO, Riccardo Bellini.

At Richemont, we are pleased to be ranked in the top companies in Forbes ranking of the world's best employers, and thank our colleagues for their vote of confidence.

Forbes has partnered with Statista to survey 150 000 employees from 58 different countries worldwide to determine the ranking. The evaluation was based on respondents' willingness to recommend employer brands and their satisfaction with various work-related statements.

Cartier, part of Richemont and founding member of the #AuraBlockchain Consortium with LVMH and Prada Group, is delighted to welcome the international fashion group OTB as a new founding member.

The founding members of the AURA Blockchain Consortium commented: “The Aura Blockchain Consortium warmly welcomes OTB as our fourth founding member. The Group’s strategy which is geared towards young generations and its courageous choices, combined with its tech expertise, are at the heart of this union. We strongly believe that OTB’s contribution will be of great value for the evolution of our platform and the standards we aim to set for the entire luxury industry”.

Cartier, delegated by Richemont, and Kering launch the Watch and Jewellery Initiative 2030 in partnership with the Responsible Jewellery Council (RJC). The initiative welcomes all watch and jewellery brands with a national and international footprint willing to commit to a set of ambitious and common objectives in three areas: building climate resilience, preserving resources and fostering inclusiveness.

“As the watch and jewellery sector relies on the earth’s precious resources and people’s know-how around the world within its value chains, the imperative to act together in creating a more positive impact has become ever clearer. We are thrilled to join efforts towards a more sustainable industry together with Kering, in partnership with the Responsible Jewellery Council, and to invite other industry actors to join this initiative. More than ever, we remain committed to share our common vision of a future where all Maisons, their suppliers and business partners are empowered to collaborate on projects that deliver positive impact on the planet and its people”, said Cyrille Vigneron, President and CEO of Cartier.

The Watch and Jewellery Initiative 2030 stands at the crossroads of environmental considerations and the ambition to strengthen positive impacts for people all along the value chain, driven by a common conviction that the global Sustainable Development Goals (SDGs) and aspirations for a sustainable industry can only be achieved through collaborative initiatives.

Yesterday, the last night of the Paris Fashion Week closed with a very special show entitled Love brings Love. This event paid tribute to Alber's creative vision and his unconditional Love for the fashion family, in a collaborative runway show that gathered 45 houses and designers.

The show's concept was inspired by a 1945 Parisian exhibition which brought together over sixty French couturiers as a beautiful expression of creativity, prestige, and solidarity in the wake of World War II. Fascinated by this uplifting story, Alber had long dreamt of uniting his wider fashion family for a new, modern iteration of its own. This year, with the help of his colleagues, peers and friends, AZ Factory has brought his biggest dream to life.

The event was livestreamed on AZFactory.com, Youtube and Instagram, and can be watched here:

NET-A-PORTER, MR PORTER and THE OUTNET revealed today a landmark partnership between YOOX NET-A-PORTER and the leading resale technology provider, Reflaunt.

The collaboration will draw on NET-A-PORTER, MR PORTER, and THE OUTNET's unparalleled and personalised customer service heritage. It will enable shoppers to contribute to a more circular fashion system by reselling and extending the lives of their designer items. The resale service will launch first for NET-A-PORTER in Autumn 2021, followed by MR PORTER and THE OUTNET in early 2022.

"More than ever, our customers are looking for fashion that is not only designed to last but for ways in which it can go on to be re-loved. We are thrilled to partner with Reflaunt and offer our customers an effortless service that allows them to resell their designer pieces with ease. We see re-commerce as a true enabler to tap into greater product longevity by extending the lives of pre-loved purchases. This collaboration represents an exciting step in our long-term mission to drive the change at YOOX NET-A-PORTER to a more circular fashion ecosystem." - Alison Loehnis, President, Luxury & Fashion, NET-A-PORTER, MR PORTER and THE OUTNET.

The new resale offer builds on more than 20 years of exceptional global customer service and innovation at YOOX NET-A-PORTER, advancing its commitment to 'Unlock re-commerce' by bringing innovative and memorable re-commerce experiences to customers across its four online stores by 2025.

From 1 October to 31 December 2021, 14 brands will exhibit in the Sanya International Duty-Free Shopping Complex, including 10 Richemont Maisons: A. Lange & Söhne, Baume & Mercier, Cartier, IWC Schaffhausen, Jaeger-LeCoultre, Montblanc, Panerai, Piaget, Roger Dubuis and Vacheron Constantin.

Watches and Wonders Sanya brings a passion for watchmaking excellence to the Chinese seaside resort, opening its doors during the Golden Week. Visitors will have the opportunity of appreciating the different facets of watchmaking art through watchmakers’ demonstrations, discovering the latest trends, diving into the history of emblematic watches, and understanding watch complications. In addition, the participating Maisons will highlight their new collections and pay tribute to their watchmaking heritage through many other entertaining activities.

To celebrate the inauguration of its new cutting-edge 54 000 sqm distribution centre in Landriano, near Milan, YOOX-NET-A-PORTER has welcomed a delegation from the Italian Government for an exclusive tour of the facility. The delegation comprised Maria Stella Gelmini, the Italian Government's Minister of Regional Affairs and Autonomies, Fabiana Dadone, the Italian Government's Minister for Youth Policy, and Alessandra Todde, the Italian Government's vice president Minister of Economic Development.

"We are delighted to have unveiled our cutting-edge distribution centre in Landriano in the presence of the Ministers and Vice Minister. This new global hub for NET-A-PORTER and MR PORTER reflects our commitment to innovation and long-term growth, and to Italy in particular, the country where YOOX was founded 21 years ago. We are proud to continue investing in local talent and to constantly improve the shopping experience for our more than 4.5 million customers across 180 countries worldwide." - Geoffroy Lefebvre, CEO of YOOX NET-A-PORTER.

The logistics hub represents one of YOOX NET-A-PORTER's most important investments of the last 20 years in terms of logistics and operations in Italy, amounting to a total of 47 million euros: an operation that allows the Company to double the capacity of the inventory of NET-A-PORTER and MR PORTER. Leveraging a fully interconnected logistics network built around central hubs and regional distribution centres, the omni-stock model gives NET-A-PORTER and MR PORTER’ customers visibility of and access to stock from anywhere in the world.

As well as serving as a global distribution centre, the Landriano site also encompasses a Digital Production Hub, with 6 000 sqm dedicated to creative innovation and the creation of visual content for luxury brands sold by NET-A-PORTER and MR PORTER.

32 students from 16 countries will join the newly created two-year programme focused on sustainability, technology and management by Swiss academic institutions EPFL, HEC-UNIL and IMD.

The course’s goal is to equip future leaders with the knowledge and skills enabling them to contribute to the transition toward a more resilient, environmentally responsible and inclusive economy while harnessing the power of technology.

Compagnie Financière Richemont SA
Virtual Annual General Meeting
8 September 2021

Address by Johann Rupert, Chairman of the Board

Ladies and Gentlemen, Dear Shareholders,

Before proceeding to the agenda of our 33rd annual general meeting, I would like to say how much I was looking forward to welcoming you in person in 2021. Unfortunately, with the current restrictions on people’s movement and ability to gather, like many other companies, we are holding this annual general meeting again without the presence of shareholders.

The year under review was truly a stress test for our business model. As previously reported, Richemont experienced a negative cash flow of over € 400 million in April 2020. Management immediately implemented strict cost control measures. In addition, your Board of Directors proposed a cut in the dividend for the year whilst issuing a novel three-year Warrant Programme. Our hope was that scientists would find a vaccine during the period. As many countries are now experiencing “post-vaccination” growth, the value of the Warrants has more than compensated for the cut in the dividend.

I would also like to thank all my colleagues at Richemont, both on my behalf and on behalf of the Directors of Compagnie Financière Richemont SA, for the solid performance they have delivered with remarkable agility, courage, solidarity and discipline in exceptional circumstances.

Thanks to their dedication, our Maisons and businesses further progressed on their journey towards ‘Luxury New Retail’, and delivered a good set of results. Last financial year saw a sharp decline in the first half of the year as the health crisis spread across the globe, but sales recovered throughout the year and exceeded € 13.1 billion, led by our Jewellery Maisons, primarily Cartier and Van Cleef and Arpels, online retail and Asia Pacific. Operating margin improved to 11.2% and profit for the year increased by 38% to close to € 1.3 billion, impacted positively by net finance income. Our net cash position rose significantly to € 3.43 billion, even after a € 253 million investment in convertible notes issued by Farfetch. In the start of our current financial year, the business continued to perform strongly, with sales up by 129% at constant exchange rates and 121% at actual exchange rates for the three-month period ended 30 June 2021. Sales exceeded pre-Covid levels, driven by a robust performance by the Jewellery Maisons and Specialist Watchmakers, with the Americas generating the strongest regional performance.

Shareholders will recall our stated ambition to turn as many as possible of our fixed costs into variable costs. Like our competitors, we are exposed to retail leases. Those amount to a yearly commitment of close to € 1 billion. In addition, smaller Maisons find it difficult to absorb central costs to compete with very big brands. To make matters worse, big competitors would use their leverage with retail landlords to squeeze out their smaller competitors.

We therefore deliberately invested in Online Channels as another route to market. The Covid pandemic accelerated online shopping globally. It also changed the lessor/lessee power dynamic. So, after years of absorbing heavy investments, we are now finally seeing other parties willing and eager to share the evolving platforms. We should be able to share more news on this matter later in the year.

Whilst we remain alert to the potential impact of the ongoing nature of the pandemic and entirely mobilised to safeguard the health and safety of our colleagues, clients and partners, this performance indicates that we are seeing the benefits of our transformation. The Jewellery Maisons’ continued strength underlines the enduring appeal of Cartier, Van Cleef & Arpels and Buccellati, while our Specialist Watchmakers division has regained a healthy state. With the re-platforming of NET-A-PORTER now complete, we have improved the customer journey and further evolved the Online Distributors’ business model. There is renewed creative energy in our Fashion & Accessories Maisons, that recently welcomed Delvaux, the renowned Belgian luxury leather goods Maison.

Before turning to the evolution of our governance, allow me to pay tribute to Alber Elbaz, who very tragically passed away last April, shortly after the successful launch of AZ Factory, his inclusive dream of ‘smart fashion that cares’. Our dear friend and colleague will be forever remembered for his incredible sensitivity, wit and talent.

At this shareholders’ meeting, you are asked to approve a number of changes to the Board of Directors to streamline our corporate governance structure and strengthen the Board’s competence as we embark on the next stage of our development. Indeed, our corporate governance structures have continued to evolve to meet the changing demands of our operating environment most efficiently, in line with best practice. The Maisons have been given increased entrepreneurial freedom to focus on their leadership responsibilities and durably create value, whereas the Board and the Senior Executive Committee will focus on strategic guidance, capital allocation and the provision of central and regional services. Reflecting this ambition, Cyrille Vigneron, President & Chief Executive of Cartier and Nicolas Bos, President & Chief Executive of Van Cleef & Arpels have stepped down from the Board of Directors and from the Senior Executive Committee. They will continue to report to me. Only Jérôme Lambert, Chief Executive Officer, and Burkhart Grund, Chief Finance Officer, have sought re-election to the Board of Directors and remain, with me, on the Senior Executive Committee; the other senior executives, Philippe Fortunato, CEO of Fashion & Accessories Maisons, Emmanuel Perrin, Head of Specialist Watchmakers Distribution, and Frank Vivier, Chief Transformation Officer, have stepped down from that committee. I am truly grateful for their collective engagement and valued contributions to the Senior Executive Committee. Two long-standing Non-executive Directors, Alan Quasha and Gary Saage, have also announced their retirement from the Board of Directors and I wish to thank them for the considerable contributions they have made to the Group over many years.

I am delighted that Jasmine Whitbread and Patrick Thomas have been nominated for election to the Board of Directors as Non-executive Directors. Jasmine’s deep understanding of ESG issues and Patrick’s unrivalled industry expertise will further reinforce the breadth and depth of the skillset on the Board.

Lastly, Jan Rupert and Ruggero Magnoni, Non-executive Directors, have indicated that they will not seek re-election at the 2022 AGM, enabling an orderly handover with their successors on their respective Board Committees. Without further changes, the Board will then consist of 16 members, allowing for sufficient representation and diversity of skills in the five Board Committees while avoiding directors sitting on too many committees.

Richemont has a long-standing commitment to doing business responsibly and, last year, made significant progress across its main focus areas in alignment with the UN’s Sustainable Development Goals. Issues about global warming and sustainability have become urgent. If we do not want our generation to leave a dirty and hot planet to our grandchildren, we have to change our habits and show a far bigger appreciation for the ecology and for the planet - not only for human beings but for all of life on the planet, the fauna and the flora. Having been involved in world wildlife and ecology for nearly forty years, I am pleased to report that the following Science-Based Targets (SBT) to reduce greenhouse gas (GHG) emissions in line with the 2015 Paris Agreement and help prevent the worst impacts of climate change, have recently been validated by the Science-Based Target initiative:

• reduce absolute Scope 1 and 2 GHG emissions by 46% by 2030 from a 2019 base year
• source 100% of renewable electricity by 2025
• reduce Scope 3 GHG emissions from purchased goods, services and business travel by 55% per dollar value added by 2030 from a 2019 base year
• and ensure 20% of our key suppliers by emissions have SBTs by 2025.

Nearly 90% of all the plastic produced over the past six decades still exists. Less than 10% of the over 8 billion metric tons of plastic has been recycled. As part of our responsible commitment, we will also phase out use of Polyvinyl chloride (PVC), which is very hard to recycle. Some countries are already banning PVC from their landfills. We will therefore eliminate PVC from all products and packaging by December 2022. Already, all of our Maisons and businesses are working to replace PVC by alternative materials and/or solutions. We will continue to work collaboratively with industry organisations and our business partners to promote best practices across the full supply chain.

The past year has seen Richemont evolve its Human Resources Vision and Mission to offer colleagues greater levels of engagement and support across their entire employee journey. We also reaffirmed our shared values, which promote collegiality, freedom, solidarity and loyalty, to craft the future together.

In closing, though we continue to live in uncertain times geo-politically, I would like to reiterate my confidence in the Group’s long-term prospects with strong Maisons, reinforced governance and capabilities, and heightened commitment to responsible business practices. In an environment that continues to be disrupted by the Covid-19 pandemic, I wish each of you well.

At the Annual General Meeting of Compagnie Financière Richemont SA (the ‘Company’) held today in Geneva, the shareholders approved all of the matters on the agenda by an overwhelming majority.

Specifically, the results for the year, including the proposals of the Board of Directors for the appropriation of retained earnings at 31 March 2021, were approved.

Shareholders approved the appointment of new non-executive directors Jasmine Whitbread and Patrick Thomas, and voted in favour for the re-appointment of all Board members who stood for re-election this year.

A dividend of CHF 2.00 per share was approved and will be paid on the listed A registered shares while a dividend of CHF 0.20 per share will be paid on the B registered shares in the Company. The dividend in respect of the A shares will be payable on Thursday, 23 September 2021. The dividend in respect of Richemont South African Depository Receipts will be payable on Wednesday 29 September 2021. It will be subject to Swiss withholding tax at the rate of 35%. The remaining available retained earnings of the Company, after payment of the dividend, are to be carried forward to the next business year.

About Richemont

At Richemont, we craft the future. Our unique portfolio includes prestigious Maisons distinguished by their craftsmanship and creativity, alongside Online Distributors that cultivate expert curation and technological innovation to deliver the highest standards of service. Richemont’s ambition is to nurture its Maisons and businesses and enable them to grow and prosper in a responsible, sustainable manner over the long term.

Richemont operates in four business areas: Jewellery Maisons with Buccellati, Cartier and Van Cleef & Arpels; Specialist Watchmakers with A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; Online Distributors with Watchfinder & Co., NET-A-PORTER, MR PORTER, THE OUTNET, YOOX and the OFS division; and Other, primarily Fashion & Accessories Maisons with Alaïa, AZ Factory, Chloé, Delvaux, dunhill, Montblanc, Peter Millar, Purdey and Serapian. Find out more at www.richemont.com.

Richemont ‘A’ shares are listed on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index ('SMI') of leading stocks. Richemont South African Depository Receipts are listed in Johannesburg, Richemont’s secondary listing.

Investor/analyst and media enquiries

Sophie Cagnard, Group Corporate Communications Director
James Fraser, Investor Relations Executive
Investor/analyst enquiries: +41 22 721 30 03; investor.relations@cfrinfo.net
Media enquiries: +41 22 721 35 07; pressoffice@cfrinfo.net; richemont@teneo.com;
vdg@dynamicsgroup.ch

We are proud to share that the Science Based targets we submitted in May have been validated by the Science Based Targets initiative. Developed in line with the objectives of the Paris Agreement, they provide us with a clearly defined pathway to reduce gas emissions and help us prevent the worst impacts of climate change, while future-proofing our business for greener growth.

- reduce absolute Scope 1 and 2 GHG emissions by 46% by 2030 from a 2019 base year
- source 100% of renewable electricity by 2025
- reduce Scope 3 GHG emissions from purchased goods, services and business travel by 55% per dollar value added by 2030 from a 2019 base year
- and ensure 20% of our key suppliers by emissions have SBTs by 2025.

Discover more about our initiatives on our 2021 sustainability highlight here: https://richemontsustainability.com/

To hear more

Ad hoc announcement pursuant to art. 53 LR

Richemont (the "Company") announces it will publish an amended Notice of Meeting to reflect the new proposals for the upcoming annual general meeting (“AGM”) to be held on 8 September 2021.

In light of the Board’s previously disclosed commitment to evolve governance arrangements to better face the operating challenges the group faces, while aligning with best practice, the Board has enacted the following changes.

Richemont is pleased to announce the nominations of Jasmine Whitbread and Patrick Thomas for election to the Board of Directors. Their appointments are subject to the approval of shareholders at the 2021 AGM due on 8 September 2021. Both Ms Whitbread and Mr Thomas will serve as Non-executive Directors and become members of the Board’s Nominations Committee.

Ms Whitbread is an experienced Non-executive Director with a long-standing interest in ESG issues. She has a leadership and management background spanning marketing, technology, finance, media, telecommunications, and not-for-profit organisations. A British and Swiss national, Jasmine is currently Non-executive Chair of Travis Perkins PLC, a Non-executive Director of Standard Chartered PLC and WPP PLC, a Visiting Fellow at Oxford University and an advisor to Richemont’s Governance and Sustainability Committee. She has previously served as CEO of Save the Children International and London First. Jasmine also served as a Non-executive Director on BT Group PLC where she was a member of the Audit and Risk Committee, and chaired the Digital Impact & Sustainability Committee.

Mr Thomas, a French national, brings more than 30 years of experience in the luxury goods industry. He was the first and only non-family manager of Hermès, where he served as CEO and led the group’s considerable development from 2003 until 2014, after eight years as COO from 1989 to 1997. Patrick equally held senior positions at Lancaster Group and Pernod Ricard. He is currently the Chairman of the Supervisory Board of Champagne Laurent Perrier, the Chairman of the Supervisory Board of Ardian, the Lead Independent Director of Teleperformance, a Non-executive Director of MycoWorks and a Non-executive Director of Shang Xia Trading (China).

Richemont also announces that Non-executive Director Gary Saage will not seek re-election to the Board of Directors in September.

Mr Saage was appointed to the Board in 2010 when he became Group Chief Finance Officer of Richemont. Since 2017, Gary has served as a Non-executive Director and a member of the Nominations Committee. In addition, he is the Chairman of Richemont North America and a Director of Peter Millar LLC, positions that he will retain following the 2021 AGM.

In addition, Non-executive Directors Jan Rupert and Ruggero Magnoni have indicated that they will not seek re-election at the 2022 AGM, allowing time for an orderly handover with their successors on the Strategic Security, Nominations and Audit Committees of the Board.

Regarding the board changes, Johann Rupert, Chairman of Richemont, commented:

“I would like to warmly thank Gary for his considerable contributions to the Group including the Board and the commitment and collegiality he has displayed over the years. His institutional knowledge and understanding of the issues faced by the Group have contributed enormously to Richemont’s continued success.

I am delighted to welcome Jasmine and Patrick to the Board. Both bring unrivalled experience and expertise in areas of great importance to the Group. I am certain that Jasmine’s focus on ESG and Patrick’s successful career in soft luxury will be invaluable as we embark on the next stage of our development.”

About Richemont

At Richemont, we craft the future. Our unique portfolio includes prestigious Maisons distinguished by their craftsmanship and creativity, alongside Online Distributors that cultivate expert curation and technological innovation to deliver the highest standards of service. Richemont’s ambition is to nurture its Maisons and businesses and enable them to grow and prosper in a responsible, sustainable manner over the long term.

Richemont operates in four business areas: Jewellery Maisons with Buccellati, Cartier and Van Cleef & Arpels; Specialist Watchmakers with A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; Online Distributors with Watchfinder & Co., NET-A-PORTER, MR PORTER, THE OUTNET, YOOX and the OFS division; and Other, primarily Fashion & Accessories Maisons with Alaïa, AZ Factory, Chloé, Delvaux, dunhill, Montblanc, Peter Millar, Purdey and Serapian. Find out more at www.richemont.com.

Richemont ‘A’ shares are listed on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index ('SMI') of leading stocks. Richemont South African Depository Receipts are listed in Johannesburg, Richemont’s secondary listing.

Enquiries

Sophie Cagnard, Group Corporate Communications Director
James Fraser, Investor Relations Executive

Investor/analyst enquiries: +41 22 721 30 03; investor.relations@cfrinfo.net
Media enquiries: +41 22 721 35 07; pressoffice@cfrinfo.net; richemont@teneo.com; vdg@dynamicsgroup.ch 

Ad hoc announcement pursuant to art. 53 LR

Richemont announces the publication of its annual report and accounts for the year ended 31 March 2021. The report is available for download from the Richemont website at www.richemont.com/en/home/investors/results-reports-presentations/

Regarding the year under review, the report reflects the information contained in the Richemont annual results announcement issued on 21 May 2021, as well as the audited consolidated financial statements which were posted on the Group’s website the same day. The report also contains the audited Company financial statements and Compensation Report.

The report will be mailed to parties who have requested it and may be also obtained from the Company’s registered office at the address below or by contacting the Company via the website.

In South Africa, the report may be obtained directly from the Depository Agent at the following address: Computershare Investor Services Proprietary Limited, Rosebank Towers, 15 Biermann Avenue, Rosebank, Johannesburg, 2196, South Africa.

About Richemont

At Richemont, we craft the future. Our unique portfolio includes prestigious Maisons distinguished by their craftsmanship and creativity, alongside Online Distributors that cultivate expert curation and technological innovation to deliver the highest standards of service. Richemont’s ambition is to nurture its Maisons and businesses and enable them to grow and prosper in a responsible, sustainable manner over the long term.

Richemont operates in four business areas: Jewellery Maisons with Buccellati, Cartier and Van Cleef & Arpels; Specialist Watchmakers with A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; Online Distributors with Watchfinder & Co., NET-A-PORTER, MR PORTER, THE OUTNET, YOOX and the OFS division; and Other, primarily Fashion & Accessories Maisons with Alaïa, AZ Factory, Chloé, Delvaux, dunhill, Montblanc, Peter Millar, Purdey and Serapian. Find out more at www.richemont.com.

Richemont ‘A’ shares are listed on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index ('SMI') of leading stocks. Richemont South African Depository Receipts are listed in Johannesburg, Richemont’s secondary listing.

Investor/analyst and media enquiries

Sophie Cagnard, Group Corporate Communications Director
James Fraser, Investor Relations Executive

Investor/analyst enquiries: +41 22 721 30 03; investor.relations@cfrinfo.net
Media enquiries: +41 22 721 35 07; pressoffice@cfrinfo.net; richemont@teneo.com

Ad hoc announcement pursuant to art. 53 LR

Highlights

Compared to the first quarter ended 30 June 2020:

• Strong start to the financial year with Group sales up by 129% at constant exchange rates and 121% at actual exchange rates
• Sales up by triple digits in almost all regions, channels and business areas, confirming the enduring appeal of the Group’s Maisons
• Outstanding performance of the Jewellery Maisons and the Specialist Watchmakers, with sales growth of 142% and 143%, respectively, at constant exchanges rates, and 132% and 136%, respectively, at actual exchange rates
• Strong sequential improvement compared to the quarter ended 31 March 2021

Compared to the first quarter ended 30 June 2019:

• Sales up by 22% at constant exchange rates and by 18% at actual exchange rates, exceeding pre-pandemic levels in most business areas, channels and regions
• Solid double-digit sales increases in the Americas, Asia Pacific and Middle East and Africa
• Robust double-digit sales growth in online and offline retail sales (73% of Group sales)
• Performance led by the Jewellery Maisons (+43% and +38% at constant and actual rates)

The Board of Directors approves changes to the Board and Senior Executive Committee to support the strong, sustainable development of its Maisons and businesses

Review of trading in the three-month period ended 30 June 2021 versus the prior year, at constant exchange rates

Versus the prior year period, which was severely affected by the pandemic, all regions, channels and business areas saw sales progress at triple digit rates, with the exception of Asia Pacific, Online Distributors and online retail where sales grew by double digits.

The 129% increase in sales was led by the Jewellery Maisons and Specialist Watchmakers with growth of 142% and 143%, respectively. The Other business area, mostly composed of our Fashion & Accessories Maisons, also performed strongly, recording 124% sales growth.

The Americas generated the strongest regional performance, with sales increasing by 276% driven by strong local demand, followed by the Middle East and Africa with sales up by 154%. Wholesale and retail led channel growth, with sales progression of 178% and 138%, respectively.

Given the magnitude of the impact of the pandemic on our operations in the three-month period ended 30 June 2020, additional comments compared to the three-month period ended 30 June 2019 are provided below for a more comprehensive view of our current trading.

Review of trading in the three-month period ended 30 June 2021 versus the three-month period ended 30 June 2019, at constant exchange rates

In the period under review, sales exceeded pre-Covid levels. Sales growth of 22% was driven by strong double-digit increases in the Americas, Asia Pacific and the Middle East and Africa. Sales in Europe contracted by 15%, as robust demand from local clientele could not offset the halt in tourist sales. In Asia Pacific, sales increased by 40%, with good momentum across most markets, particularly in mainland China, Macau SAR (China) and South Korea. In the Americas, sales rose by 47%, supported by buoyant domestic demand and thriving retail sales. Sales in Japan declined by 14%, due to renewed public health protection measures and a halt in tourism. The Middle East and Africa posted the strongest regional performance with 55% sales growth, reflecting solid domestic and tourist spending, notably in Dubai and Saudi Arabia.

The online and offline retail channels recorded strong double-digit sales growth. Retail sales, up by 35%, delivered the strongest relative channel performance, supported by double-digit growth at the Jewellery Maisons and Specialist Watchmakers. Retail sales were particularly strong in the US, Russia and Saudi Arabia. Online retail sales rose by 29%, with sustained demand across regions. Sales in the wholesale channel were 3% lower, notwithstanding notably higher sales in the US and Russia.

Sales growth of 43% at the Jewellery Maisons was driven by both strong jewellery and watch sales at Cartier and Van Cleef & Arpels. Sales progressed in most regions and across all channels. The Specialist Watchmakers’ sales increased by 6%, driven by online and offline retail sales and growth in most regions. At the Online Distributors, sales grew by 8%, and Gross Merchandise Value (GMV) increased by 9%. The Group’s Other business area recorded a 7% decline in sales, partly reflecting persistent challenges in the wholesale channel, particularly in travel retail.

The Group’s net cash position at 30 June 2021 was € 3.6 billion (2020: € 1.8 billion), reflecting strong trading.

Board of Directors and Senior Executive Committee

The Nominations Committee and Board of Compagnie Financière Richemont (the ‘Company’) have undertaken a review of the Group’s governance model in light of the ongoing pandemic and the continued acceleration of ‘new retail’.

To further capitalise on our Group’s agility and momentum, the Senior Executive Committee will focus solely on strategic direction, capital allocation, governance, and the provision of central and regional functions for the benefit of our Maisons and businesses. Similarly, the executives in charge of our Maisons and businesses will focus exclusively on the sustainable development of their respective entities, ensuring a customer-centric approach and the continued success of digital initiatives.

Taking these revised responsibilities into account, Cyrille Vigneron, President & Chief Executive of Cartier, and Nicolas Bos, President & Chief Executive of Van Cleef & Arpels, will step down from the Senior Executive Committee and will not seek re-election to the Board of Directors at the Group’s Annual General Meeting (‘AGM’) on 8 September 2021. They will continue to report directly to Johann Rupert, Chairman.

Philippe Fortunato, CEO of Fashion and Accessories, Emmanuel Perrin, Head of Specialist Watchmakers Distribution, and Frank Vivier, Chief Transformation Officer will step down from the Senior Executive Committee. They will continue to report to Jérôme Lambert, Group Chief Executive Officer.

Johann Rupert, Jérôme Lambert and Burkhart Grund, Chief Finance Officer, will remain on the Senior Executive Committee and will stand for re-election to the Board of Directors at the AGM.

These changes will take effect 8 September 2021.

In addition, Alan Quasha, Non-executive Director of the Company and its predecessor companies since the Group’s foundation in 1988, has indicated that he will not seek re-election to the Board of Directors in September.

Commenting on the proposals, Johann Rupert, Chairman, said:

“The continual evolution of our corporate governance structures reflects our commitment to meet the changing demands of our operating environment most efficiently and align with best practice. While the enlarged SEC structure proved effective in the early stages of our transformation journey and in navigating one of the most trying times in recent history, the time is ripe for a more streamlined structure as we embark on the next stage of our development. The outstanding development of Cartier and Van Cleef & Arpels, in particular, means that these businesses have reached a size and scale that require the full attention of their leaders and support of the Group to continue on their remarkable trajectory.

Throughout the pandemic, agility and well-informed rapid decision making have been essential. Decisions must be made as close as possible to customers. These governance changes will allow Maison and business executives to focus exclusively on their customers, colleagues, partners and the sustainable development of their entities at a time when the world is changing rapidly and growing in complexity.

I am grateful to be able to rely on the deep experience and expertise of Cyrille, Nicolas, Philippe, Emmanuel and Frank as well as their strong sense of collegiality. Finally, I would like to thank Alan Quasha for his valued contributions over the past 33 years. We have benefited from his broad understanding of the Group, and his astute perspectives will be missed”.

About Richemont

At Richemont, we craft the future. Our unique portfolio includes prestigious Maisons distinguished by their craftsmanship and creativity, alongside Online Distributors that cultivate expert curation and technological innovation to deliver the highest standards of service. Richemont’s ambition is to nurture its Maisons and businesses and enable them to grow and prosper in a responsible, sustainable manner over the long term.

Richemont operates in four business areas: Jewellery Maisons with Buccellati, Cartier and Van Cleef & Arpels; Specialist Watchmakers with A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; Online Distributors with Watchfinder & Co., NET-A-PORTER, MR PORTER, THE OUTNET, YOOX and the OFS division; and Other, primarily Fashion & Accessories Maisons with Alaïa, AZ Factory, Chloé, Delvaux, dunhill, Montblanc, Peter Millar, Purdey and Serapian. Find out more at www.richemont.com.

Richemont ‘A’ shares are listed on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index ('SMI') of leading stocks. Richemont South African Depository Receipts are listed in Johannesburg, Richemont’s secondary listing.

Investor/analyst and media enquiries

Sophie Cagnard, Group Corporate Communications Director
James Fraser, Investor Relations Executive

Investor/analyst enquiries: +41 22 721 30 03; investor.relations@cfrinfo.net
Media enquiries: +41 22 721 35 07; pressoffice@cfrinfo.net; richemont@teneo.com

Disclaimer

The financial information contained in this announcement is unaudited.

This document contains forward-looking statements as that term is defined in the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements are not guarantees of future performance. Richemont's forward-looking statements are based on management's current expectations and assumptions regarding the Company's business and performance, the economy and other future conditions and forecasts of future events, circumstances and results. Our retail stores are heavily dependent on the ability and desire of consumers to travel and shop and a decline in consumer traffic could have a negative effect on our comparable store sales and/or average sales per square foot and store profitability resulting in impairment charges, which could have a material adverse effect on our business, results of operations and financial condition. Reduced travel resulting from economic conditions, retail store closure orders of civil authorities, travel restrictions, travel concerns and other circumstances, including disease epidemics and other health-related concerns, could have a material adverse effect on us, particularly if such events impact our customers' desire to travel to our retail stores.

As with any projection or forecast, forward-looking statements are inherently susceptible to uncertainty and changes in circumstances. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside the Group's control. Richemont does not undertake to update, nor does it have any obligation to provide updates of or to revise, any forward-looking statements.

Appendix 1:

Foreign exchange rates

Actual exchange rates for the period are calculated using the average daily closing rates against the euro.

In terms of sales at constant exchange rates, average exchange rates for the year ended 31 March 2021 are used to convert local currency sales into euros for the current three-month period and comparative figures. Exchange rate translation effects are thereby eliminated from the reported sales performance.

Richemont announces the publication of its sustainability report for the year ended 31 March 2021.

This year, the Group has reported strong progress across the main focus areas of its Transformational CSR Strategy, in alignment with the UN’s Sustainable Development Goals. For the first time, the report has been verified by Ernst & Young (EY) and incorporates a new chapter dedicated to the progress of individual Maisons and regions, highlighting innovative sustainability initiatives and key developments across the Group.

Richemont has a long-standing commitment to doing business responsibly and, as such, has submitted its proposed targets to the Science-Based Target initiative (SBTi), in line with the 2015 Paris Agreement. At the date of this report’s publication, the SBTi has not concluded its evaluation and the Group’s targets are therefore subject to revision.

Through these and many other innovative measures, the Group recognises the need for continual improvement across its main focus areas – People, Communities, Sourcing and Environment – embodied in Richemont’s Movement for Better Luxury, to create benefits for all. Acknowledging that there is always more to do regarding corporate and industry-wide sustainability efforts, Richemont strives to improve each year. At Richemont, we craft the future.

The report is available for download at www.richemont.com/en/home/sustainability/reports-policies/.

About Richemont

At Richemont, we craft the future. Our unique portfolio includes prestigious Maisons distinguished by their craftsmanship and creativity, alongside Online Distributors that cultivate expert curation and technological innovation to deliver the highest standards of service. Richemont’s ambition is to nurture its Maisons and businesses and enable them to grow and prosper in a responsible, sustainable manner over the long term.

Richemont operates in four business areas: Jewellery Maisons with Buccellati, Cartier and Van Cleef & Arpels; Specialist Watchmakers with A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; Online Distributors with Watchfinder & Co., NET-A-PORTER, MR PORTER, THE OUTNET, YOOX and the OFS division; and Other, primarily Fashion & Accessories Maisons with Alaïa, AZ Factory, Chloé, Delvaux, dunhill, Montblanc, Peter Millar, Purdey and Serapian. Find out more at www.richemont.com.

Richemont ‘A’ shares are listed on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index ('SMI') of leading stocks. Richemont South African Depository Receipts are listed in Johannesburg, Richemont’s secondary listing.

Investor/analyst and media enquiries

Sophie Cagnard, Group Corporate Communications Director
James Fraser, Investor Relations Executive

Investor/analyst enquiries: +41 22 721 30 03; investor.relations@cfrinfo.net
Media enquiries: +41 22 721 35 07; pressoffice@cfrinfo.net; richemont@teneo.com

Richemont is pleased to announce that it has acquired 100% of Delvaux, the renowned Belgian luxury leather goods Maison, in a private transaction.

Established nearly two centuries ago in 1829, Delvaux is the oldest luxury leather goods Maison in the world. It has a unique heritage, expressed through the richness of its archives, and distinguishes itself through its exceptional savoir faire and creativity. In 1908, Delvaux was the first to file an official patent for a leather handbag and can thus be called the inventor of the modern luxury handbag.

Delvaux’s leather pieces are crafted by skilled artisans in its workshops across Belgium and France, and mostly sold across a highly qualitative network of 50 boutiques worldwide. Richemont’s acquisition will position Delvaux for its next stage of development, by enabling Delvaux to leverage the Group’s global presence and digital capabilities, to develop its omnichannel opportunities and customer engagement.

Philippe Fortunato, CEO of Fashion & Accessories Maisons, commented:

“Delvaux is an authentic European luxury leather goods Maison with strong heritage, distinctive savoir faire and exceptional manufacturing capabilities. The Maison’s rich archives and creative momentum over the last 10 years represent a solid foundation from which to grow the company for the long term, strengthening Richemont’s presence at the pinnacle of the leather goods category. We are delighted to welcome Delvaux’s management and teams to Richemont, and look forward to working closely with them to enable the Maison to reach its full potential under the Group’s stewardship.”

The transaction has no material financial impact on Richemont’s consolidated net assets or operating result for the year ending 31 March 2022. The results of Delvaux will be reported under the ‘Other’ business area.

About Richemont

At Richemont, we craft the future. Our unique portfolio includes prestigious Maisons distinguished by their craftsmanship and creativity, alongside Online Distributors that cultivate expert curation and technological innovation to deliver the highest standards of service. Richemont’s ambition is to nurture its Maisons and businesses and enable them to grow and prosper in a responsible, sustainable manner over the long term.

Richemont operates in four business areas: Jewellery Maisons with Buccellati, Cartier and Van Cleef & Arpels; Specialist Watchmakers with A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; Online Distributors with Watchfinder & Co., NET-A-PORTER, MR PORTER, YOOX, THE OUTNET and the OFS division; and Other, primarily Fashion & Accessories Maisons with Alaïa, AZ Factory, Chloé, dunhill, Montblanc, Peter Millar, Purdey and Serapian. Find out more at www.richemont.com.

Richemont ‘A’ shares are listed on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index ('SMI') of leading stocks. Richemont South African Depository Receipts are listed in Johannesburg, Richemont’s secondary listing.

About Delvaux

Combining creativity and savoir-faire, Delvaux has been crafting timeless leather designs since 1829. Founded in Brussels by Charles Delvaux, its elegant, innovative bags have always offered both freedom and femininity.
Poetic expressions of emotion and craftsmanship, Delvaux’s designs are handmade by artisans who have handed their skills down from generation to generation. Sculptural lines and sensual leathers have long defined La Maison’s creations, instantly recognizable by their quality, sophistication and attention to detail.

Investor/analyst and media enquiries

Sophie Cagnard, Group Corporate Communications Director
James Fraser, Investor Relations Executive

Investor/analyst enquiries: +41 22 721 30 03; investor.relations@cfrinfo.net
Media enquiries: +41 22 721 35 07; pressoffice@cfrinfo.net; richemont@teneo.com

Richemont’s Maisons have been collaborating with peers since 2015 through the Coloured Gemstones Working Group that aims to unite the industry through shared commitments to catalyse positive change, for people and planet. A key objective of our collaboration was to create a vehicle to promote responsible business practices within the gemstone industry. The fruit of all our efforts, the 'Gemstones and Jewellery Community Platform' (GJCP), was launched on 29 April during the OECD’s Forum for Responsible Mineral Supply Chains. The GJCP is committed to a transparent, responsible and vibrant jewellery industry and providing all members of the gemstone and jewellery industry with tools and resources to be more responsible in all that they do, including enabling companies move towards RJC and other industry certifications.

Matthew Kilgarriff, Director Corporate Social Responsibility at Richemont explains why the CWCG’s new platform will be so important for the sector. “As we believe in the power of industry collaboration to tackle responsible supply chain challenges, Richemont, Cartier, Van Cleef & Arpels and other actors of the industry co-founded the Coloured Gemstones Working Group (CGWG) to tackle the challenges of this complex industry and develop the first coloured gemstones supply chain responsible practices tool set. With rubies, sapphires and emeralds being incorporated in the RJC Code of Practices in 2019, the tools, research and platform developed by the CGWG will be key for the Group and its suppliers to progress on our due diligence efforts towards improved traceability and transparency in our supply chains. The launch of the Gemstones and Jewellery Community Platform is a milestone in the industry’s responsible journey, and we encourage all our suppliers and actors of the value chain to join the community and leverage its tools.”

Further details about the platform and collaboration opportunities may be found on https://gemstones-and-jewellery.com/.

The management and employees of Richemont and AZ Factory wish to express their deep sorrow at the passing of Alber Elbaz.

Paying tribute to Alber Elbaz, Johann Rupert, Chairman, said:

“It was with shock and enormous sadness that I heard of Alber’s sudden passing. Alber had a richly deserved reputation as one of the industry’s brightest and most beloved figures. I was always taken by his intelligence, sensitivity, generosity and unbridled creativity. He was a man of exceptional warmth and talent, and his singular vision, sense of beauty and empathy leave an indelible impression.

It was a great privilege watching Alber in his last endeavour as he worked to realise his dreams of ‘smart fashion that cares’. His inclusive vision of fashion made women feel beautiful and comfortable by blending traditional craftsmanship with technology - highly innovative projects which sought to redefine the industry.

Alber will be greatly missed by all of us who had the good fortune to know him or work with him. On behalf of all of my colleagues at Richemont and AZ Factory, I wish to extend our sincerest condolences to his family and friends.

On a personal note I would like to add that I have lost not only a colleague but a beloved friend.

Rest in peace Alber.”

Alber Elbaz (Portrait credit: A.KOO)

The Responsible Jewellery Council (RJC), the leading standard-setting organisation for the jewellery and watch industry supply chain, has announced the launch of an SDG Taskforce to create a unified platform to benchmark members’ progress in the implementation of the 17 UN Sustainable Development Goals (SDGs). The SDG Taskforce will report on progress made within member companies and the industry through the annual RJC Progress Report and updates will be published to a dedicated web page.

The SDG Taskforce will:

• Establish an SDG action Platform to coordinate the efforts of the industry
• Launch a global library of best practices on the SDGs implementation
• Function as a think-tank for new and collaborative projects on SDG implementation
• Report regularly about the progress made through the Annual RJC Progress Report and case studies
• Provide input into the RJC 2030 Roadmap and supporting member metrics, which will enable members to measure and report progress on the SDGs

“Nothing is more important than the continuous improvement in the integrity of the global jewellery supply chain to help strengthen consumer confidence and underpin its future with greater trust. That is why the RJC SDG Taskforce is critical to the future of our industry,” said David Bouffard, Chair of Responsible Jewellery Council.

The SDG Taskforce consists of 26 members and the Executive Director of RJC and is co-chaired by Feriel Zerouki, Senior Vice President, Corporate Affairs, De Beers Group, and Matthew Kilgarriff, Director Corporate Social Responsibility, Richemont, with strategic guidance provided by Georg Kell, founder and former Executive Director of the United Nations Global Compact.

Today, Cartier together with LVMH and the Prada Group announced the creation of the #AuraBlockchain Consortium, supporting the first global blockchain solution dedicated to the luxury industry. The Consortium will promote the use of a single global blockchain solution open to all luxury brands worldwide to provide consumers with additional transparency and traceability. Cartier, LVMH and Prada Group have created together a single solution to address the shared challenges of communicating authenticity, responsible sourcing and sustainability in a secure digital format.

The technology offered by the Aura Blockchain Consortium enables direct-to-consumer access to product history and proof of authenticity. Consumers can easily and transparently follow a product’s lifecycle, from conception through distribution, with trusted data throughout, and thus strengthen their relationship with their favourite luxury brands.

Cyrille Vigneron, President and CEO of Cartier International and Member of Richemont’s Board and Senior Executive Committee: “The Aura Consortium represents an unprecedented cooperation in the luxury industry. Blockchain is a key technology to enhance customer service, relationship with partners and traceability. The luxury industry creates timeless pieces, and must ensure that these rigorous standards will endure and remain in trustworthy hands. We therefore invite the entire profession to join this consortium to design a new luxury era enabled by blockchain technology.”

On 14-18 April 2021, 19 brands will exhibit at the West Bund Art Center for Watches and Wonders Shanghai, including 10 Richemont Maisons: A. Lange & Söhne, Baume & Mercier, Cartier, IWC Schaffhausen, Jaeger-LeCoultre, Montblanc, Panerai, Piaget, Roger Dubuis and Vacheron Constantin.

Set over 5 days, Watches and Wonders Shanghai has a fast-paced programme of activities around the theme of watchmaking: learn a watchmaker’s secrets by assembling a mechanical movement, admire the craftsman’s seasoned hand at workshops, delve into new technologies and innovations at the LAB, and learn more about the challenges and trends in the industry at the many talks and panels. Not only will visitors have the chance to discover some of the watches unveiled online at Watches and Wonders Geneva, they will also be the first to see new models created especially for the Chinese market. Certain Maisons will present unique pieces and iconic heritage watches.

This year, the partnership takes on a two-phase journey integrating physical and digital events and campaigns, giving customers “first-to-market” access to a curated selection of launches.

MR PORTER is pleased to showcase one novelty from each of the 11 participating Maisons and NET-A-PORTER is pleased to present one novelty from each of the six Maisons currently available on NET-A-PORTER.

NET-A-PORTER and MR PORTER will follow up their April activity with a second campaign in September 2021, displaying additional novelties and further celebrating the intersection of fine watches and their luxury style and fashion offering.

Close to 500 press conferences, over 40 keynotes, a daily live “Morning Show”, six expert-led panels and a wealth of exceptional creations revealed by 38 prestigious participating brands including A. Lange & Söhne, Baume & Mercier, Cartier, IWC Schaffhausen, Jaeger-LeCoultre, Montblanc, Panerai, Piaget, Roger Dubuis, Vacheron Constantin.

Follow the event live on watchesandwonders.com

Richemont supports the New York Fashion Tech Lab 2021 programme featuring global, women-led, emerging technology companies.

MyBody dress by AZ Factory

At the Extraordinary General Meeting of Compagnie Financière Richemont SA (“the Company”) held in Geneva on 17 November 2020, shareholders approved the creation of the conditional capital and the corresponding amendment to the Company’s articles of association required to implement the shareholder loyalty scheme as reconfirmed by the Company on 16 October 2020.

As part of the scheme, warrants will be distributed to shareholders on 27 November 2020. The A warrants, which relate to A shares, will be listed on SIX Swiss Exchange on the same date. The "Exercise Price" of the A warrants, or the price at which holders of A warrants will be entitled to purchase one Richemont A share in three years, has been set at CHF 67.00, which is the volume-weighted average price of the A shares on SIX Swiss Exchange between 19 October and 13 November 2020. The "Specified Number" of A warrants to be exercised in order to purchase one A share at the Exercise Price has been set at 67.

Further information regarding the scheme, the creation of conditional share capital, and the amendment to the Company’s articles of association can be found in the information memorandum (the ‘Information Memorandum’) published by the Company on 19 October 2020.

About Richemont

Richemont owns a portfolio of leading international Maisons recognised for their distinctive heritage, craftsmanship and creativity. The Group operates in four business areas: Jewellery Maisons, namely Buccellati, Cartier and Van Cleef & Arpels; Specialist Watchmakers, namely A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; Online Distributors, namely YOOX NET-A-PORTER GROUP (NET-A-PORTER, MR PORTER, YOOX, THE OUTNET) and Watchfinder & Co.; and Other, primarily Fashion & Accessories Maisons, including Alaïa, Chloé, dunhill, Montblanc and Peter Millar.

Richemont ‘A’ shares are listed on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index ('SMI') of leading stocks. Richemont South African Depository Receipts are listed in Johannesburg, Richemont’s secondary listing.

Investor/analyst and media enquiries

Sophie Cagnard, Group Corporate Communications Director
James Fraser, Investor Relations Executive

Investor/analyst enquiries: +41 22 721 30 03; investor.relations@cfrinfo.net
Media enquiries: +41 22 721 35 07; pressoffice@cfrinfo.net; richemont@teneo.com

Richemont announces the publication of its interim report and accounts for the six months ended 30 September 2020. The report is available for download from the Richemont website.

The interim report reflects the information contained in the Richemont results announcement issued on 6 November 2020 as well as the unaudited condensed interim consolidated financial statements posted on the Group’s website the same day.

In accordance with stock exchange regulations in Switzerland and South Africa, Richemont no longer prints its interim report.

About Richemont

Richemont owns a portfolio of leading international Maisons recognised for their distinctive heritage, craftsmanship and creativity. The Group operates in four business areas: Jewellery Maisons, namely Buccellati, Cartier and Van Cleef & Arpels; Specialist Watchmakers, namely A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; Online Distributors, namely YOOX NET-A-PORTER GROUP (NET-A-PORTER, MR PORTER, YOOX, THE OUTNET) and Watchfinder & Co.; and Other, primarily Fashion & Accessories Maisons, including Alaïa, Chloé, dunhill, Montblanc and Peter Millar.

Richemont ‘A’ shares are listed on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index ('SMI') of leading stocks. Richemont South African Depository Receipts are listed in Johannesburg, Richemont’s secondary listing.

Investor/analyst and media enquiries

Sophie Cagnard, Group Corporate Communications Director
James Fraser, Investor Relations Executive

Investor/analyst enquiries: +41 22 721 30 03; investor.relations@cfrinfo.net
Media enquiries: +41 22 721 35 07; pressoffice@cfrinfo.net; richemont@teneo.com

*The official and signed version of this document will be distributed by post to holders of South African depositary receipts on 19 October 2020.

European Sustainable Development Week (ESDW), which took place from September 20-26th, is a European-wide initiative to promote sustainable development and the UN’s Sustainable Development Goals (SDGs).

For 2020’s event, Richemont’s European Regional Sustainability team, together with all European markets, organised a broad programme of activities and projects including webinars on topics such as Digital Pollution, Diversity & Inclusion and the Circular economy. Additional activities such as donations or equipment to schools took place but much of the week was focused on building awareness and learning.

We also hosted informative and engaging panel discussions with both external and internal guests, to share the essence of Sustainable Development, the 17 UN Sustainable Development Goals and how we, as Richemont Europe and the Group, are contributing to progress on this front.

Patricia Gandji, Group CEO of Regions and leading Human Resources Function, opened a key session hosting special external guests such as Antonio Hautle, Executive Director, Global Compact Switzerland, and Isabelle Gattiker, General and Artistic Director – International Film festival on Human Rights. Both shared their views on sustainable development and what it means to them in their respective spheres. We also had the opportunity to hear from our internal colleagues: Giorgia Roversi, YNAP Group Sustainability & Inclusion Director, Matthew Kilgarriff, Group Director of Corporate Social Responsibility, and Alexander Foersch, CEO Richemont Europe. This engaging session was co-hosted by Michela Boni and Hazel Annikin, Logistics and Sustainability Director, Richemont Europe.

Richemont is a proud sponsor of the Michelangelo Foundation, which aims to celebrate and preserve Métiers d’Art in Europe. On 17 September 2020, the Foundation launched Homo Faber Guide, a digital platform focused on fine craftsmanship allowing visitors to discover artisans, experiences, and galleries across 25 European countries

In partnership with the Fondation de la Haute Horlogerie (FHH), nine of Richemont’s prestigious watch and jewellery Maisons participated in the exclusive event in Shanghai and the digital showcase on Tmall’s Luxury Pavilion that took place on 9-13 September 2020.

At the Annual General Meeting of Compagnie Financière Richemont SA held today in Geneva, the shareholders approved the results for the year, including the proposals of the Board of Directors for the appropriation of retained earnings at 31 March 2020.

A dividend of CHF 1.00 per share will be paid on the listed A registered shares and a dividend of CHF 0.10 per share will be paid on the B registered shares in the Company. The dividend in respect of the A shares will be payable on Friday, 18 September 2020. It will be subject to Swiss withholding tax at the rate of 35%. The remaining available retained earnings of the Company, after payment of the dividend, are to be carried forward to the next business year.

All other Board proposals were also approved by the shareholders by an overwhelming majority.

About Richemont

Richemont owns a portfolio of leading international Maisons recognised for their distinctive heritage, craftsmanship and creativity. The Group operates in four business areas: Jewellery Maisons, namely Buccellati, Cartier, and Van Cleef & Arpels; Specialist Watchmakers, namely A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; Online Distributors, namely YOOX NET-A-PORTER GROUP (NET-A-PORTER, MR PORTER, YOOX, THE OUTNET) and Watchfinder & Co.; and Other, primarily Fashion & Accessories Maisons, including Alaïa, Chloé, dunhill, Montblanc and Peter Millar.

Investor/analyst and media enquiries

Sophie Cagnard, Group Corporate Communications Director
James Fraser, Investor Relations Executive

Investor/analyst enquiries: +41 22 721 30 03; investor.relations@cfrinfo.net
Media enquiries: +41 22 721 35 07; pressoffice@cfrinfo.net; richemont@teneo.com

The Board of Directors of Compagnie Financière Richemont SA (Richemont) announces its intention to study the possibility of delivering Richemont A shares to holders of South African depository receipts, thereby cancelling the Company’s depository receipt programme in South Africa. The contemplated simplified structure is intended to reduce administrative complexity and facilitate cross-border trading in Richemont A shares between investors on the SIX Swiss Exchange and the Johannesburg Stock Exchange.

Consequently, the Board has taken the decision to temporarily postpone the issuance of warrants under the proposed shareholder loyalty scheme, to study the possible impact of this contemplated change in cross-border trading.

The Board will therefore no longer propose the creation of a conditional capital as listed under Item 3 ("Creation of a conditional share capital") in the notice of meeting dated 12 August 2020, at its Annual General Meeting (AGM) due on 9 September 2020. The Board's proposal under Item 3 will therefore be withdrawn from the agenda of the AGM.

The Board will submit a revised proposal on the matter at an Extraordinary General Meeting of shareholders, which will be held later this year.

About Richemont

Richemont owns a portfolio of leading international Maisons recognised for their distinctive heritage, craftsmanship and creativity. The Group operates in four business areas: Jewellery Maisons, namely Buccellati, Cartier, and Van Cleef & Arpels; Specialist Watchmakers, namely A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; Online Distributors, namely YOOX NET-A-PORTER GROUP (NET-A-PORTER, MR PORTER, YOOX, THE OUTNET) and Watchfinder & Co.; and Other, primarily Fashion & Accessories Maisons, including Alaïa, Chloé, dunhill, Montblanc and Peter Millar.

Investor/analyst and media enquiries

Sophie Cagnard, Group Corporate Communications Director
James Fraser, Investor Relations Executive

Investor/analyst enquiries: +41 22 721 30 03; investor.relations@cfrinfo.net
Media enquiries: +41 22 721 35 07; pressoffice@cfrinfo.net; richemont@teneo.com

Since 2000, Richemont has been supporting Laureus, a global organisation that celebrates sporting excellence and uses the power of sport to transform lives and transcend national boundaries.

Dear Shareholder,

In the next few days, you will receive an invitation to the 2020 Annual General Meeting (AGM) of shareholders of Compagnie Financière Richemont SA which will be held on Wednesday, 9 September 2020.

Although the Swiss Government has gradually lifted the main restrictions imposed in the fight against COVID-19 (Coronavirus) disease due to some improvement of the general health situation, the number of infections is again on the rise since mid-June.

The health of Richemont's shareholders and its colleagues is our absolute priority. At the same time, the Company is under a legal obligation to hold its AGM and to ensure the smooth functioning of the Group.

In view of this special situation and to avoid any risk to the health of Richemont's shareholders and colleagues, the Board of Directors has decided to hold this year’s AGM on 9 September 2020 without the attendance of shareholders, in accordance with article 27 of the COVID-19 Ordinance 3 adopted by the Swiss Federal Council on 19 June 2020.

The exercise of your voting rights will be fully guaranteed. Shareholders may exercise their rights in writing or by electronic means, by submitting voting instructions through the Company's registrar, Computershare Schweiz AG, or by sending them directly to the independent representative of the shareholders Etude Gampert Demierre Moreno, Notaires. You will find detailed instructions on how you can participate and provide your voting instructions in the notice of meeting which will be posted on our website: http://www.richemont.com.

Shareholders are entitled to raise questions in advance of the meeting by emailing our Company Secretary, Mr Swen H. Grundmann, email: secretariat@cfrinfo.net, by 11:00 CEST on Monday, 24 August 2020. Answers to questions on key themes will be provided during a webcast at 14:00 CEST on Wednesday, 26 August 2020. The webcast will be available to view on the Richemont website until Wednesday, 9 September 2020.

We thank you for your kind understanding and look forward to welcoming you again in person at our 2021 Annual General Meeting.

Sincerely,

On behalf of the Board of Directors of Compagnie Financière Richemont SA

Johann Rupert
Chairman

*The official and signed version of this document will be distributed by post to holders of South African depositary receipts on 12 August 2020.

Richemont announces the publication of its sustainability report for the year ended 31 March 2020.

Richemont’s Transformational CSR Strategy, which launched last year, is centred on four focus areas – People, Communities, Sourcing and Environment – encompassed by strong governance, active engagement and continuous innovation in materials and processes. It is expressed by a series of short, medium and long term targets. This year’s report describes our progress against those targets, in particular our short term targets due for completion by December 2020.

Our Group has a long-standing commitment to doing business responsibly. We recognise the need for continual progress and strive to improve each year, embodying Richemont’s Movement for Better Luxury.

The report is available for download at www.richemont.com/sustainability

About Richemont

Richemont owns a portfolio of leading international Maisons recognised for their distinctive heritage, craftsmanship and creativity. The Group operates in four business areas: Jewellery Maisons, namely Buccellati, Cartier and Van Cleef & Arpels; Specialist Watchmakers, namely A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; Online Distributors, namely YOOX NET-A-PORTER GROUP (NET-A-PORTER, MR PORTER, YOOX, THE OUTNET) and Watchfinder & Co.; and Other, primarily Fashion & Accessories Maisons, including Alaïa, Chloé, dunhill, Montblanc and Peter Millar.

Investor/analyst and media enquiries

Sophie Cagnard, Group Corporate Communications Director
James Fraser, Investor Relations Executive

Investor/analyst enquiries: +41 22 721 30 03; investor.relations@cfrinfo.net
Media enquiries: +41 22 721 35 07; pressoffice@cfrinfo.net; richemont@teneo.com

Richemont announces that, effective 1 September 2020, Philippe Fortunato will assume the role of CEO of Fashion & Accessories Maisons and will join the Group's Senior Executive Committee.

Philippe Fortunato will report to Jérôme Lambert, Chief Executive Officer of Richemont.

Mr Fortunato joins from Givenchy, where he has served as CEO since 2014. Prior to that, he has held several positions at the Chalhoub Group and across LVMH, at Christian Dior Couture, Fendi and Louis Vuitton. A graduate from the EDHEC business school and the University of Brighton, Mr Fortunato brings over 30 years of managerial experience in the luxury industry and strong international exposure.

About Richemont

Richemont owns a portfolio of leading international Maisons recognised for their distinctive heritage, craftsmanship and creativity. The Group operates in four business areas: Jewellery Maisons, namely Buccellati, Cartier, and Van Cleef & Arpels; Specialist Watchmakers, namely A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; Online Distributors, namely YOOX NET-A-PORTER GROUP (NET-A-PORTER, MR PORTER, YOOX, THE OUTNET) and Watchfinder & Co.; and Other, primarily Fashion & Accessories Maisons, including Alaïa, Chloé, dunhill, Montblanc and Peter Millar.

Investor/analyst and media enquiries

Sophie Cagnard, Group Corporate Communications Director
James Fraser, Investor Relations Executive

Investor/analyst enquiries: +41 22 721 30 03; investor.relations@cfrinfo.net
Media enquiries: +41 22 721 35 07; pressoffice@cfrinfo.net; richemont@teneo.com

Richemont announces that Sophie Guieysse is stepping down from the Senior Executive Committee with immediate effect, and will not stand for re-election to the Board of Directors at the annual general meeting on 9 September 2020.

About Richemont

Richemont owns a portfolio of leading international Maisons recognised for their distinctive heritage, craftsmanship and creativity. The Group operates in four business areas: Jewellery Maisons, namely Buccellati, Cartier, and Van Cleef & Arpels; Specialist Watchmakers, namely A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; Online Distributors, namely YOOX NET-A-PORTER GROUP (NET-A-PORTER, MR PORTER, YOOX, THE OUTNET) and Watchfinder & Co.; and Other, primarily Fashion & Accessories Maisons, including Alaïa, Chloé, dunhill, Montblanc and Peter Millar.

Investor/analyst and media enquiries

Sophie Cagnard, Group Corporate Communications Director
James Fraser, Investor Relations Executive

Investor/analyst enquiries: +41 22 721 30 03; investor.relations@cfrinfo.net
Media enquiries: +41 22 721 35 07; pressoffice@cfrinfo.net; richemont@teneo.com

Further to media reports, Richemont confirms that it has initiated a comprehensive review of its Human Resources function, which may have an impact on the composition of its Senior Executive Committee.

No decision has been made so far.

The Company has no further comments to make at this stage.

About Richemont

Richemont owns a portfolio of leading international Maisons recognised for their distinctive heritage, craftsmanship and creativity. The Group operates in four business areas: Jewellery Maisons, namely Buccellati, Cartier, and Van Cleef & Arpels; Specialist Watchmakers, namely A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; Online Distributors, namely YOOX NET-A-PORTER GROUP (NET-A-PORTER, MR PORTER, YOOX, THE OUTNET) and Watchfinder & Co.; and Other, primarily Fashion & Accessories Maisons, including Alaïa, Chloé, dunhill, Montblanc and Peter Millar.

Investor/analyst and media enquiries

Sophie Cagnard, Group Corporate Communications Director
James Fraser, Investor Relations Executive

Investor/analyst enquiries: +41 22 721 30 03; investor.relations@cfrinfo.net
Media enquiries: +41 22 721 35 07; pressoffice@cfrinfo.net; richemont@teneo.com

Richemont’s increasing focus on Diversity, Equity and Inclusion (DEI) continues to grow throughout the organisation. Back in January 2019, Marina Corti was appointed Group DEI Director, responsible for defining the Group strategy and driving key initiatives in this important area, which Richemont believes is core to fostering creativity, innovation and entrepreneurship in our employees. 

Ensuring group-wide progress towards DEI objectives requires increasing awareness and engagement throughout our global team of colleagues.  With this in mind, we have formed a Group DEI Council to add to our already existing framework of DEI Champions and DEI Allies. 

This cross-functional team includes five senior leaders from our Maisons, functions and markets, and five employees from across the Group. The inaugural team is made up of five Gen-Z employees to offer their perspective on what DEI means to them. Future appointments to the Council will be on a rotating 12month basis to ensure the many and varied views and perceptions of all our colleagues have the potential to contribute to and have impact on our DEI journey. Council members are given specific training to develop DEI expertise and are charged with sponsoring and guiding Group DEI initiatives as well as monitoring overall progress. 

In addition to this important step, we have created Regional DEI Directors for Europe and Richemont North America. The increasing commitment of our Maisons to the Group DEI programme is shown among others by the nomination of a dedicated DEI representative for Cartier North America.

Richemont announces the publication of its annual report and accounts for the year ended 31 March 2020. The report is available for download from the Richemont website.

Regarding the year under review, the report reflects the information contained in the Richemont annual results announcement issued on 15 May 2020, as well as the audited consolidated financial statements which were posted on the Group’s website the same day. The report also contains the audited Company financial statements and Compensation Report.

The report will be mailed at the end of June to parties who have requested it. Only the printed report is definitive. The report may be obtained from the Company’s registered office at the address below or by contacting the Company via the website.

In South Africa, the report may be obtained directly from the Depository Agent at the following address: Computershare Investor Services Proprietary Limited, Rosebank Towers, 15 Biermann Avenue, Rosebank, Johannesburg, 2196, South Africa.

About Richemont

Richemont owns a portfolio of leading international Maisons recognised for their distinctive heritage, craftsmanship and creativity. The Group operates in four business areas: Jewellery Maisons, namely Buccellati, Cartier and Van Cleef & Arpels; Specialist Watchmakers, namely A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; Online Distributors, namely YOOX NET-A-PORTER GROUP (NET-A-PORTER, MR PORTER, YOOX, THE OUTNET) and Watchfinder & Co.; and Other, primarily Fashion & Accessories Maisons, including Alaïa, Chloé, dunhill, Montblanc and Peter Millar.

Richemont ‘A’ shares are listed on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index ('SMI') of leading stocks. Richemont South African Depository Receipts are listed in Johannesburg, Richemont’s secondary listing.

Investor/analyst and media enquiries

Sophie Cagnard, Group Corporate Communications Director
James Fraser, Investor Relations Executive

Investor/analyst enquiries: +41 22 721 30 03; investor.relations@cfrinfo.net
Media enquiries: +41 22 721 35 07; pressoffice@cfrinfo.net; richemont@teneo.com

Richemont announces that its 2017 share buy-back programme expired on 20 May 2020. During the three years of the 2017 share buy-back programme, the Company repurchased 4'200'000 shares.

Details of purchases under the 2017 share buy-back programme are available on the website.

About Richemont

Richemont owns a portfolio of leading international Maisons recognised for their distinctive heritage, craftsmanship and creativity. The Group operates in four business areas: Jewellery Maisons, namely Buccellati, Cartier, and Van Cleef & Arpels; Specialist Watchmakers, namely A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; Online Distributors, namely YOOX NET-A-PORTER GROUP (NET-A-PORTER, MR PORTER, YOOX, THE OUTNET) and Watchfinder & Co.; and Other, primarily Fashion & Accessories Maisons, including Alaïa, Chloé, dunhill, Montblanc and Peter Millar.

Investor/analyst and media enquiries

Sophie Cagnard, Group Corporate Communications Director
James Fraser, Investor Relations Executive

Investor/analyst enquiries: +41 22 721 30 03; investor.relations@cfrinfo.net
Media enquiries: +41 22 721 35 07; pressoffice@cfrinfo.net; richemont@teneo.com

Richemont announces that it has successfully placed a Euro denominated bond transaction today with a volume of €2.0 billion.

The transaction launched on 18 May with three tranches maturing in 2028, 2032 and 2040. The notes are priced with a coupon of 0.750% for the €0.50 billion 8 year maturity note, 1.125% for the €0.85 billion 12 year note and 1.625% for the €0.65 billion 20 year note.

The notes are expected to receive a rating of A+. S&P Global Ratings recently affirmed the A+ rating of Compagnie Financière Richemont SA and revised the outlook to negative from stable.

Net proceeds of the notes issued will be used for the Group’s general corporate purposes.

Commenting on the bond transaction, Burkhart Grund, Chief Finance Officer of Richemont, said:

“The significant interest from investors demonstrates recognition of our strong cash generation profile and unique business model around Maisons with centuries of heritage as well as digital native businesses. Whilst Richemont has a robust balance sheet and more than adequate cash resources, we view it prudent to secure additional liquidity to weather potentially tougher times ahead. This bond transaction will support the long term development of our Maisons and businesses.”

Richemont will make an application for the notes to be listed on the regulated market of the Luxembourg Stock Exchange.

About Richemont

Richemont owns a portfolio of leading international Maisons recognised for their distinctive heritage, craftsmanship and creativity. The Group operates in four business areas: Jewellery Maisons, namely Buccellati, Cartier, and Van Cleef & Arpels; Specialist Watchmakers, namely A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; Online Distributors, namely YOOX NET-A-PORTER GROUP (NET-A-PORTER, MR PORTER, YOOX, THE OUTNET) and Watchfinder & Co.; and Other, primarily Fashion & Accessories Maisons, including Alaïa, Chloé, dunhill, Montblanc and Peter Millar.

Richemont ‘A’ shares are listed on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index ('SMI') of leading stocks. Richemont South African Depository Receipts are listed in Johannesburg, Richemont’s secondary listing.

Investor/analyst and media enquiries

Sophie Cagnard, Group Corporate Communications Director
James Fraser, Investor Relations Executive

Investor/analyst enquiries: +41 22 721 30 03; investor.relations@cfrinfo.net
Media enquiries: +41 22 721 35 07; pressoffice@cfrinfo.net; richemont@teneo.com

As the pandemic continues to impact our lives on a global scale, it is imperative that we give back and support our communities in any way that we can. 

This summer, our Annual CSR Report highlights our very first APAC CSR initiative launched in January - a fundraising campaign led by our Richemont colleagues in Australia. In order to support those who were affected by the bushfire crisis, Richemont came together as a region and supported charities that worked hard to help those who were in need. This included: Red Cross Australia, Rural Fire Service RFS, and WIRES Wildlife Rescue. 

This was the first ever APAC Regional CSR collaboration, and its success really highlights how compassionate Richemont APAC is as a region. We look forward to more initiatives in the future!

Richemont announces the publication of its annual report and accounts for the year ended 31 March 2019. The report is available for download from the Richemont website.

Regarding the year under review, the report reflects the information contained in the Richemont annual results announcement issued on 17 May 2019, as well as the audited consolidated financial statements which were posted on the Group’s website the same day. The report also contains the audited Company financial statements and Compensation Report.

The report will be mailed at the end of June to parties who have requested it. Only the printed report is definitive. The report may be obtained from the Company’s registered office at the address below or by contacting the Company via the website.

In South Africa, the report may be obtained directly from the Depository Agent at the following address: Computershare Investor Services Proprietary Limited, Rosebank Towers, 15 Biermann Avenue, Rosebank, Johannesburg, 2196, South Africa.

The official notice for the 2019 annual general meeting and the definitive resolutions to be considered by shareholders will be published on the Group’s website and in the Swiss Gazette on or around 17 July 2019.

About Richemont

Richemont owns a portfolio of leading international ‘Maisons’ which are recognised for their distinctive heritage, craftsmanship and creativity. The Group operates in four business areas: Jewellery Maisons, namely Buccellati, Cartier and Van Cleef & Arpels; Specialist Watchmakers, namely A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; Online Distributors, namely YOOX NET-A-PORTER GROUP (NET-A-PORTER, MR PORTER, YOOX, THE OUTNET) and Watchfinder & Co.; and Other, mostly Fashion & Accessories Maisons, including dunhill, Alaïa, Chloé, Montblanc and Peter Millar.

‘A’ shares issued by Compagnie Financière Richemont SA are listed and traded on SIX Swiss Exchange, the Company’s primary listing (Reuters ‘CFR.VX’/Bloomberg ‘CFR:VX’/ISIN CH0210483332). South African depository receipts in respect of Richemont ‘A’ shares are traded on the Johannesburg stock exchange, the Company’s secondary listing (Reuters ‘CFRJ.J’/Bloomberg ‘CFR:SJ’/ISIN CH0045159024).

Richemont and Alber Elbaz are pleased to announce the signing of an agreement to form a joint venture, called “AZfashion” (AlberelbaZfashion). AZfashion will be an innovative and dynamic start up, meant to turn dreams into reality.

Commenting on the partnership, Johann Rupert, Chairman of Richemont, said:

“Upon hearing Alber Elbaz describe his vision for fashion and the projects it inspires in him, I was again struck by his creativity and insight. His talent and inventiveness, with his sensitivity towards women and their wellbeing, will be of great value to our Group and its Maisons. We warmly welcome Alber to Richemont and look forward to an exciting partnership.”

Commenting on the partnership, Alber Elbaz said:

“I am very happy to partner with Richemont and to establish my “dream factory”, which will focus on developing solutions for women of our times. I am extremely excited to collaborate with good people, talented and smart individuals and look forward to also having a lot of fun with this new adventure.”

About Richemont

Richemont owns a portfolio of leading international ‘Maisons’ which are recognised for their distinctive heritage, craftsmanship and creativity. The Group operates in four business areas: Jewellery Maisons, namely Buccellati, Cartier and Van Cleef & Arpels; Specialist Watchmakers, namely A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; Online Distributors, namely YOOX NET-A-PORTER GROUP (NET-A-PORTER, MR PORTER, YOOX, THE OUTNET) and Watchfinder & Co.; and Other, mostly Fashion & Accessories Maisons, including dunhill, Alaïa, Chloé, Montblanc and Peter Millar.

‘A’ shares issued by Compagnie Financière Richemont SA are listed and traded on SIX Swiss Exchange, the Company’s primary listing (Reuters ‘CFR.VX’/Bloomberg ‘CFR:VX’/ISIN CH0210483332) and are included in the Swiss Market Index (‘SMI’) of leading stocks. South African depository receipts in respect of Richemont ‘A’ shares are traded on the Johannesburg stock exchange, the Company’s secondary listing (Reuters ‘CFRJ.J’/Bloomberg ‘CFR:SJ’/ISIN CH0045159024).

Richemont is pleased to announce that it has acquired 100% of Buccellati Holding Italia S.p.A., the owner of Buccellati, the renowned Italian jewellery Maison, in a private transaction with Gangtai Group Corporation Limited, a privately held conglomerate, which captures the growth in the consumer, culture, finance, and health industries.

Buccellati was founded in Milan in 1919 by Mr Mario Buccellati. The Maison has a rich history and patrimony, distinguished by exceptional craftsmanship and unique know-how. Its jewellery creations are renowned for their highly distinctive look-and-feel evoking silk, damask, tulle and linen. All jewellery pieces are handcrafted with techniques dating back to the Renaissance, in Buccellati’s four in-house workshops, all located in Italy. Buccellati is also active in the fields of watchmaking and silverware.

Commenting on the acquisition, Mr Johann Rupert, Chairman of Richemont, said:

“Distinguished by strong heritage, craftsmanship and family spirit, Buccellati is one of the few Maisons in the dynamic branded jewellery market which is complementary to our existing jewellery Maisons, in terms of style, origins and craftsmanship. Buccellati meets the needs of today’s customers who are looking for creative jewellery, with a highly distinctive style.

We welcome Andrea Buccellati, his family and his team. With them, we share a culture of constant quest for creativity, innovation, quality and excellence. We look forward to ensuring the long term development of this unique jewellery Maison.”

Mr Xu Jiangang, founder and Chairman of Gangtai Group, commented:

“We are extremely glad to have successfully contributed to the introduction of the prestigious Buccellati brand in the Greater China market, strengthening Buccellati’s identity and enhancing all of the elements which make it one of the best-known brands worldwide in the fine jewellery sector. We are now honoured and proud that Richemont will continue the journey, ensuring Buccellati’s great success, starting from the celebration of its 100th Anniversary.”

Mr Andrea Buccellati, Honorary Chairman and Creative Director of Buccellati, said:

“We are proud to join Richemont, a family-spirited Group and nurturer of prestigious luxury Maisons, with an undisputed expertise in jewellery. We value their long term strategic thinking and look forward to seeing the potential of Buccellati realised as part of Richemont.”

The transaction closed on 26 September 2019 and will have no material financial impact on Richemont’s consolidated net assets or operating result for the year ending 31 March 2020. The results of Buccellati will be reported under the Jewellery Maisons business area.

About Richemont

Richemont owns a portfolio of leading international ‘Maisons’ which are recognised for their distinctive heritage, craftsmanship and creativity. The Group operates in four business areas: Jewellery Maisons, namely Cartier and Van Cleef & Arpels; Specialist Watchmakers, namely A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; Online Distributors, namely YOOX NET-A-PORTER GROUP (NET-A-PORTER, MR PORTER, YOOX, THE OUTNET) and Watchfinder & Co.; and Other, mostly Fashion & Accessories Maisons, including dunhill, Alaïa, Chloé, Montblanc and Peter Millar.

‘A’ shares issued by Compagnie Financière Richemont SA are listed and traded on SIX Swiss Exchange, the Company’s primary listing, (Reuters ‘CFR.VX’/Bloomberg ‘CFR:VX’/ISIN CH0210483332). South African depository receipts in respect of Richemont ‘A’ shares are traded on the Johannesburg stock exchange, the Company’s secondary listing (Reuters ‘CFRJ.J’/Bloomberg ‘CFR:SJ’/ISIN CH0045159024).

About Gangtai Group

Gangtai Group is a privately held conglomerate which captures the growth in the consumer, culture, finance, and health industries. Gangtai Group aims at being a multinational leader in improving quality of life. Its subsidiary, Gangsu Gangtai Holding (Group) Co. Ltd, is one of largest gold jewelry distributers and a leading internet jewelry retailer in China.

About Buccellati

Buccellati is one of the world’s most renowned high jewellery houses, celebrated for its craftsmanship, design, and one-of-a-kind masterpieces. Buccellati jewels are admired worldwide not only for their design and genuine craftsmanship, but also for the house’s signature engraving techniques, which date back to the ancient traditions of the goldsmith’s ateliers of the Italian Renaissance. Buccellati boutiques can be found worldwide in Milan, Venice, Florence, Cala Di Volpe, Capri, Monte Carlo, Paris, London, Moscow, Dubai, Beirut, Kuwait, Doha, New York, Chicago, Aspen, Beverly Hills, Bal Harbour, Palm Beach, Houston, Hong Kong, Tokyo, Seoul, Osaka, Nagoya, Shanghai, Beijing and Macau. In 2019, Buccellati celebrates its 100th Anniversary.

#OneRichemont  

On Saturday, September 21, 2019 Richemont and Maison employees from New York and Shelton participated in the RBC Race for the Kids held in downtown Manhattan. This is the second year Richemont has participatedin this charitable global race. 

The money raised goes towards programs that provide access to quality education and vocational training opportunities to kids and youth.   

More than 3,700 runners, supporters, families, and friends from over 30 companies came together for a day of friendly competition and fun – all while raising critical funds for New York City youth. Together, RBC Race for the Kids raised $1.7M (and counting!) to support the tireless efforts of Youth INC’s 80 nonprofit partners and  four charity beneficiaries, all of whom are working to transform the lives of young people in every corner of our city.   

Although the event has passed, anyone who missed it can still show their support by donating through the RBC Race for the Kids website.

At the Annual General Meeting of Compagnie Financière Richemont SA held today in Geneva, the shareholders approved the results for the year, including the proposals of the board of directors for the appropriation of retained earnings at 31 March 2019.

A dividend of CHF 2.00 per share will be paid on the listed ‘A’ registered shares and a dividend of CHF 0.20 per share will be paid on the ‘B’ registered shares in the Company. The dividend in respect of the ‘A’ shares will be payable on Friday, 20 September 2019, free of charges but subject to Swiss withholding tax at the rate of 35%. The remaining available retained earnings of the Company, after payment of the dividend, are to be carried forward to the next business year.

All other matters on the agenda were also approved by the shareholders by an overwhelming majority.

About Richemont

Richemont owns a portfolio of leading international ‘Maisons’ which are recognised for their distinctive heritage, craftsmanship and creativity. The Group operates in four business areas: Jewellery Maisons, namely Cartier and Van Cleef & Arpels; Specialist Watchmakers, namely A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; Online Distributors, namely YOOX NET-A-PORTER GROUP (NET-A-PORTER, MR PORTER, YOOX, THE OUTNET) and Watchfinder & Co.; and Other, mostly Fashion & Accessories Maisons, including dunhill, Alaïa, Chloé, Montblanc and Peter Millar.

‘A’ shares issued by Compagnie Financière Richemont SA are listed and traded on SIX Swiss Exchange, the Company’s primary listing (Reuters ‘CFR.VX’/Bloomberg ‘CFR:VX’/ISIN CH0210483332) and are included in the Swiss Market Index (‘SMI’) of leading stocks. South African depository receipts in respect of Richemont ‘A’ shares are traded on the Johannesburg stock exchange, the Company’s secondary listing (Reuters ‘CFRJ.J’/Bloomberg ‘CFR:SJ’/ISIN CH0045159024).

Richemont announces that Mr Eric Vallat, Head of Fashion & Accessories Maisons, will step down from his current position and from the Senior Executive Committee for personal reasons. This change is effective 26 October 2019.

Commenting on Mr Vallat's decision, Mr Johann Rupert, Chairman, said:

“Eric has been offered a wonderful opportunity outside the Group and I fully understand his decision to pursue it.

We would like to thank Eric for his many contributions to the Group’s fashion and accessories businesses, positioning them well for the future. We wish him well.”

Richemont's Fashion & Accessories Maisons will report to Mr Jérôme Lambert, Group Chief Executive Officer.

About Richemont

Richemont owns a portfolio of leading international ‘Maisons’ which are recognised for their distinctive heritage, craftsmanship and creativity. The Group operates in four business areas: Jewellery Maisons, namely Cartier and Van Cleef & Arpels; Specialist Watchmakers, namely A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; Online Distributors, namely YOOX NET-A-PORTER GROUP (NET-A-PORTER, MR PORTER, YOOX, THE OUTNET) and Watchfinder & Co.; and Other, mostly Fashion & Accessories Maisons, including dunhill, Alaïa, Chloé, Montblanc and Peter Millar.

‘A’ shares issued by Compagnie Financière Richemont SA are listed and traded on SIX Swiss Exchange, the Company’s primary listing (Reuters ‘CFR.VX’/Bloomberg ‘CFR:VX’/ISIN CH0210483332) and are included in the Swiss Market Index (‘SMI’) of leading stocks. South African depository receipts in respect of Richemont ‘A’ shares are traded on the Johannesburg stock exchange, the Company’s secondary listing (Reuters ‘CFRJ.J’/Bloomberg ‘CFR:SJ’/ISIN CH0045159024).

Corporate calendar

The Group’s annual general meeting will be held on Wednesday, 11 September 2019 in Geneva, and its interim results for the current financial year will be announced on Friday, 8 November 2019.

 Investor/analyst and media enquiries

Richemont announces the publication of its annual report and accounts for the year ended 31 March 2019. The report is available for download from the Richemont website.

Regarding the year under review, the report reflects the information contained in the Richemont annual results announcement issued on 17 May 2019, as well as the audited consolidated financial statements which were posted on the Group’s website the same day. The report also contains the audited Company financial statements and Compensation Report.

The report will be mailed at the end of June to parties who have requested it. Only the printed report is definitive. The report may be obtained from the Company’s registered office at the address below or by contacting the Company via the website.

In South Africa, the report may be obtained directly from the Depository Agent at the following address: Computershare Investor Services Proprietary Limited, Rosebank Towers, 15 Biermann Avenue, Rosebank, Johannesburg, 2196, South Africa.

The official notice for the 2019 annual general meeting and the definitive resolutions to be considered by shareholders will be published on the Group’s website and in the Swiss Gazette on or around 17 July 2019.

The management and employees of Richemont wish to express their deep sorrow at the news of the passing of Mr Karl Lagerfeld.

Mr Johann Rupert, Chairman of Richemont, paid the following tribute to Mr Karl Lagerfeld:

“On behalf of all of my colleagues at Richemont, allow me to extend our most sincere condolences to Mr Lagerfeld’s family and to his friends.

“Mr Karl Lagerfeld’s exceptional talent shaped the Maison Chloé for over twenty five years. In 1992, he joined our Group having sold his fashion business to Richemont. After many years of working together and admiring his extremely successful career, I was deeply saddened to learn of his passing.

“Karl was a man of immense culture, creativity and refinement, marked by a vast and eclectic array of interests. He was incredibly successful in reinterpreting a Maison DNA, year after year. As such, he was and will remain an inspiration to many.”

Richemont, the Swiss luxury goods group, announces the publication of its interim report and accounts for the six months ended 30 September 2018. The report is available for download from the Richemont website.

The interim report reflects the information contained in the Richemont results announcement issued on 9 November 2018 as well as the unaudited condensed interim consolidated financial statements posted on the Group’s website the same day.

In accordance with stock exchange regulations in Switzerland and South Africa, Richemont no longer prints its interim report.

About Richemont

Richemont owns a portfolio of leading international ‘Maisons’ which are recognised for their distinctive heritage, craftsmanship and creativity. The Group operates in four business areas: Jewellery Maisons, being Cartier and Van Cleef & Arpels; Specialist Watchmakers, being A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Officine Panerai, Piaget, Roger Dubuis and Vacheron Constantin; Online Distributors, being YOOX NET-A-PORTER GROUP and Watchfinder.co.uk; and Other, including Alfred Dunhill, Azzedine Alaïa, Chloé, Montblanc and Peter Millar.

For the financial year ended 31 March 2018, Richemont reported sales of € 10 979 million, operating profit of € 1 844 million and profit for the year of € 1 221 million.

Richemont ‘A’ shares are listed on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index (‘SMI’) of leading stocks. Richemont South African Depositary Receipts are listed in Johannesburg, Richemont’s secondary listing.

Ahead of the meeting, the Group announces that its sales for the five months ended 31 August 2018 increased by 25% at constant exchange rates and by 22% at actual exchange rates.

Excluding YOOX NET-A-PORTER GROUP (YNAP) and Watchfinder.co.uk (Watchfinder), which have been consolidated in the Group’s accounts since 1 May 2018 and 1 June 2018 respectively, sales for the period increased by 10% at constant exchange rates and by 7% at actual exchange rates.

Current trading - five month period ended 31 August 2018

* Movements at constant exchange rates are calculated by translating underlying sales in local currencies into euros in both the current five-month period and the comparative period at the average exchange rates applicable for the financial year ended 31 March 2018

The following commentary on the Group’s performance refers to year-on-year movements at constant exchange rates.

Double digit sales growth during the first five months was primarily driven by strong performance by the Jewellery Maisons, where sales grew 14%, and the first-time consolidation of Online Distributors. For this new business area, which regroups YNAP and Watchfinder, sales grew at a double digit rate.

In order to provide meaningful comparisons to the prior year period, the comments below relate to current period sales excluding YNAP and Watchfinder.

All regions, with the exception of the Middle East, posted growth, led by solid momentum in Asia Pacific and the Americas. Hong Kong, Korea and Macau all generated double digit increases while China showed good growth. Europe had mixed performances throughout the region and was impacted by the strength of the euro and a challenging year-on-year comparison in the United Kingdom. In Japan, growth reflected both higher domestic and tourist spending.

Retail sales increased by 14%, with growth in all regions, most notably in Asia Pacific and the Americas. Retail sales were driven by strong performances by the Jewellery Maisons and the Specialist Watchmakers. Wholesale sales increased 2%, reflecting our continued focus to align inventories with end-client demand.

Richemont’s other businesses reported a 4% sales growth, partly impacted by the divestments of Lancel and Shanghai Tang. Most Maisons performed positively, led primarily by Peter Millar and Azzedine Alaïa, and a solid performance from Montblanc.

The results for the six months ending 30 September 2018 will be announced on 9 November 2018.

Disclaimer

The foregoing financial information is unaudited.

About Richemont

Richemont owns a portfolio of leading international ‘Maisons’ which are recognised for their distinctive heritage, craftsmanship and creativity. The Group operates in four business areas: Jewellery Maisons, being Cartier and Van Cleef & Arpels; Specialist Watchmakers, being A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Officine Panerai, Piaget, Roger Dubuis and Vacheron Constantin; Online Distributors, being YOOX NET-A-PORTER GROUP and Watchfinder.co.uk; Other, including Alfred Dunhill, Azzedine Alaïa, Chloé, Montblanc and Peter Millar.

For the financial year ended 31 March 2018, Richemont reported sales of € 10'979 million, operating profit of € 1'844 million and profit for the year of € 1'221 million.

Richemont ‘A’ shares are listed on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index (‘SMI’) of leading stocks. Richemont South African Depository Receipts are listed in Johannesburg, Richemont’s secondary listing.

At the Annual General Meeting of Compagnie Financière Richemont SA held today in Geneva, the shareholders approved the results for the year, including the proposals of the board of directors for the appropriation of retained earnings at 31 March 2018.

A dividend of CHF 1.900 per share will be paid on the listed 'A' registered shares and a dividend of CHF 0.190 per share will be paid on the 'B' registered shares in the Company. The dividend in respect of the ‘A’ shares will be payable on 21 September 2018, free of charges but subject to Swiss withholding tax at the rate of 35 %. The remaining available retained earnings of the Company, after payment of the dividend, are to be carried forward to the next business year.

All other matters on the agenda were also approved by the shareholders by an overwhelming majority.

About Richemont shares

Richemont ‘A’ shares are listed on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index ('SMI') of leading stocks. Richemont South African Depository Receipts are listed in Johannesburg, Richemont’s secondary listing.

Richemont is pleased to announce the appointment of Mr Jérôme Lambert, currently Group Chief Operating Officer, as Group Chief Executive Officer with immediate effect.

Mr Lambert has had an extensive career with Richemont, having led Jaeger-LeCoultre and Montblanc and overseen the Group’s Specialist Watchmakers, Montblanc and the Group’s Fashion and Accessories businesses prior to taking on the role of Group Chief Operating Officer last year.

“Jérôme’s new role sees him taking responsibility for the Group’s future growth at a time when consumer habits are changing significantly. As we position the Group to meet these challenges, he will lead the development of strategic plans reflecting the long-term objectives and priorities established by the Board.

As first amongst equals, he will work in partnership with his fellow senior executives on the Board: Cyrille Vigneron, Chief Executive of Cartier, Nicolas Bos, Chief Executive of Van Cleef & Arpels and Burkhart Grund, Chief Finance Officer, to ensure a coherent approach to achieving our common goals while respecting the individuality of our Maisons.”

Richemont’s Specialist Watchmakers, Online Distributors and Other businesses, as well as central and regional functions, will report to Jérôme. Jérôme will continue to be supported by Sophie Guieysse, Group Human Resources Director, Federico Marchetti, CEO of YOOX NET-A-PORTER GROUP, Emmanuel Perrin in overseeing the Group’s Specialist Watchmaker Maisons and by Eric Vallat, Head of Fashion and Accessories Maisons.

About Richemont

Richemont owns a portfolio of leading international ‘Maisons’ which are recognised for their distinctive heritage, craftsmanship and creativity. The Group operates in four business areas: Jewellery Maisons, being Cartier and Van Cleef & Arpels; Specialist Watchmakers, being A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Officine Panerai, Piaget, Roger Dubuis and Vacheron Constantin; Online Distributors, being YOOX NET-A-PORTER GROUP and Watchfinder.co.uk; Other, including Alfred Dunhill, Azzedine Alaïa, Chloé, Montblanc and Peter Millar.

For the financial year ended 31 March 2018, Richemont reported sales of € 10'979 million, operating profit of € 1'844 million and profit for the year of € 1'221 million.

Richemont ‘A’ shares are listed on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index (‘SMI’) of leading stocks. Richemont South African Depository Receipts are listed in Johannesburg, Richemont’s secondary listing.

Richemont, the Swiss luxury goods group, announces that it proposes Ms Sophie Guieysse for election as an Executive Director to the Board of Directors of Compagnie Financière Richemont SA. The election will take place at the next Annual General Meeting, to be held on 10 September 2018.

Ms Guieysse is currently Group Human Resources Director of Richemont and a member of its Senior Executive Committee. Ms Guieysse will report to Mr Lambert, Group Chief Operating Officer, equally member of the Senior Executive Committee and a Director on the Board of Compagnie Financière Richemont SA.

Ms Guieysse joined Richemont in her current capacity in October 2017 from Dior where she had been advising on the future of luxury in a connected world. She serves on the Board of Directors of Maisons du Monde and is Chairman of the Nominations & Compensation Committee. In addition, Ms Guieysse is a member of the Remuneration Committee of Paris 2024 Olympic Games Organising Committee and of the 2023 Rugby World Cup Organising Committee.

Details regarding the Board of Directors may be found on the Group’s website.

About Richemont

Richemont owns a portfolio of leading international ‘Maisons’ which are recognised for their distinctive heritage, craftsmanship and creativity. The Group operates in three segments: Jewellery Maisons, being Cartier, Van Cleef & Arpels and Giampiero Bodino; Specialist Watchmakers, being A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Officine Panerai, Piaget, Roger Dubuis and Vacheron Constantin; and Other, including Alfred Dunhill, Azzedine Alaïa, Chloé, Montblanc and Peter Millar as well as watch component manufacturing activities.

In addition, Richemont owns YOOX NET-A-PORTER GROUP S.p.A., the world’s leading online luxury retailer.

For the financial year ended 31 March 2018, Richemont reported sales of € 10'979 million, operating profit of € 1'844 million and profit for the year of € 1'221 million.

Richemont ‘A’ shares are listed on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index (‘SMI’) of leading stocks. Richemont South African Depository Receipts are listed in Johannesburg, Richemont’s secondary listing.

Richemont, the Swiss luxury goods group, announces that it has completed the sale of its wholly-owned subsidiary, Lancel, a French luxury leather goods company, on 2 June 2018 to Piquadro S.p.A., an Italian leather goods group listed on the Milan Stock Exchange. The transaction will have no material impact on Richemont’s balance sheet, cash flow or results for the year ending 31 March 2019.

About Richemont

Richemont owns a portfolio of leading international ‘Maisons’ which are recognised for their distinctive heritage, craftsmanship and creativity. The Group operates in three segments: Jewellery Maisons, being Cartier, Van Cleef & Arpels and Giampiero Bodino; Specialist Watchmakers, being A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Officine Panerai, Piaget, Roger Dubuis and Vacheron Constantin; and Other, including Alfred Dunhill, Azzedine Alaïa, Chloé, Montblanc and Peter Millar as well as watch component manufacturing activities.

In addition, Richemont’s voluntary public tender offer for all ordinary shares of YOOX NET-APORTER GROUP S.p.A. is expected to complete in June 2018.

For the financial year ended 31 March 2018, Richemont reported sales of € 10'979 million, operating profit of € 1'844 million and profit for the year of € 1'221 million.

Richemont ‘A’ shares are listed on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index (‘SMI’) of leading stocks. Richemont South African Depository Receipts are listed in Johannesburg, Richemont’s secondary listing.

Richemont, the Swiss luxury goods group, is pleased to announce that it has reached agreement to acquire 100% of the share capital of Watchfinder.co.uk Limited (“Watchfinder” or “the Company”), the leading pre-owned premium watch specialist, in a private transaction with its shareholders.

Established in 2002 in the United Kingdom, Watchfinder has grown organically under the careful stewardship of co-founder Stuart Hennell to become the leading platform to research, buy and sell premium pre-owned watches, both online and through its seven boutiques. In addition, Watchfinder operates a highly qualified customer service centre and employs c.200 employees worldwide.

Commenting on the transaction, Mr Johann Rupert, Chairman of Richemont, said:

“Sixteen years ago, Watchfinder’s founders foresaw the need for an online marketplace for premium pre-owned timepieces. Watch enthusiasts themselves, they established Watchfinder to provide excellence in customer experience. We believe there are substantial opportunities to help grow the Company further. Today, Watchfinder operates both as an ‘online’ and ‘offline’ business in a complementary, growing, and still relatively unstructured segment of the industry.

Together with YOOX NET-A-PORTER and our stake in Dufry, the acquisition of Watchfinder is another step in Richemont’s strategy. It will enable us to better serve the sophisticated needs of a discerning clientele.

We welcome Stuart Hennell and his team, and look forward to ensuring Watchfinder remains the compelling destination for premium pre-owned timepieces.”

The transaction is expected to close in the summer of 2018 and will have no material impact on Richemont’s consolidated net assets or operating result for the year ending 31 March 2019.

About Richemont

Richemont owns a portfolio of leading international ‘Maisons’ which are recognised for their distinctive heritage, craftsmanship and creativity. The Group operates in three segments: Jewellery Maisons, being Cartier, Van Cleef & Arpels and Giampiero Bodino; Specialist Watchmakers, being A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Officine Panerai, Piaget, Roger Dubuis and Vacheron Constantin; and Other, including Alfred Dunhill, Azzedine Alaïa, Chloé, Lancel, Montblanc and Peter Millar as well as watch component manufacturing activities.

In addition, Richemont’s voluntary public tender offer for all ordinary shares of YOOX NET-APORTER GROUP S.p.A. is expected to complete in June 2018.

For the financial year ended 31 March 2018, Richemont reported sales of € 10'979 million, operating profit of € 1'844 million and profit for the year of € 1'221 million.

Richemont ‘A’ shares are listed on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index (‘SMI’) of leading stocks. Richemont South African Depository Receipts are listed in Johannesburg, Richemont’s secondary listing.

Richemont, the Swiss luxury goods group, announces the publication of its annual report and accounts for the year ended 31 March 2018. The report is available for download from the Richemont website.

Regarding the year under review, the report reflects the information contained in the Richemont annual results announcement issued on 18 May 2018, as well as the audited consolidated financial statements which were posted on the Group’s website the same day. The report also contains the audited Company financial statements and Compensation Report.

The report will be mailed on 27 June 2018 to holders of Richemont shares and South African depositary receipts and other parties who have requested it. Only the printed report is definitive. The report may be obtained from the Company’s registered office at the address below or by contacting the Company via the website.

In South Africa, the report may be obtained directly from the Depository Agent at the following address: Computershare Investor Services (Proprietary) Limited, Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196, South Africa.

The official notice for the 2018 annual general meeting and the definitive resolutions to be considered by shareholders will be published on the Group’s website and in the Swiss Gazette on or around 18 July 2018.

About Richemont

Richemont owns a portfolio of leading international ‘Maisons’ which are recognised for their distinctive heritage, craftsmanship and creativity. The Group operates in three segments: Jewellery Maisons, being Cartier, Van Cleef & Arpels and Giampiero Bodino; Specialist Watchmakers, being A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Officine Panerai, Piaget, Roger Dubuis and Vacheron Constantin; and Other, including Alfred Dunhill, Azzedine Alaïa, Chloé, Lancel, Montblanc and Peter Millar as well as watch component manufacturing activities.

In addition, Richemont’s voluntary public tender offer for all ordinary shares of YOOX NET-APORTER GROUP S.p.A. is expected to complete in June 2018.

For the financial year ended 31 March 2018, Richemont reported sales of € 10'979 million, operating profit of € 1'844 million and profit for the year of € 1'221 million.

Richemont ‘A’ shares are listed on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index (‘SMI’) of leading stocks. Richemont South African Depository Receipts are listed in Johannesburg, Richemont’s secondary listing.

Richemont, the Swiss luxury goods group, announces Mr Eric Vallat has been appointed to the newly created role of Head of Fashion & Accessories Maisons and will join the Group’s Senior Executive Committee, effective 1 June 2018.

Mr Eric Vallat will report to Mr Jérôme Lambert, Chief Operating Officer.

A graduate from the HEC business school (France), Mr Vallat brings over 20 years of managerial experience across Louis Vuitton Europe, Christian Dior Couture Japan, Bonpoint and J.M. Weston and, since 2014, Rémy Martin as CEO. In his latest position, Mr Vallat was also a member of the Rémy Cointreau Group’s Executive Committee and, since 2016, chairman of Mount Gay Rum.

About Richemont

Richemont owns a portfolio of leading international ‘Maisons’ which are recognised for their distinctive heritage, craftsmanship and creativity. The Group operates in three segments: Jewellery Maisons, being Cartier, Van Cleef & Arpels and Giampiero Bodino; Specialist Watchmakers, being A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Officine Panerai, Piaget, Roger Dubuis and Vacheron Constantin; and Other, including Alfred Dunhill, Azzedine Alaïa, Chloé, Lancel, Montblanc and Peter Millar as well as watch component manufacturing activities.

For the financial year ended 31 March 2018, Richemont reported sales of € 10'979 million, operating profit of € 1'844 million and profit for the year of € 1'221 million.

Richemont ‘A’ shares are listed on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index (‘SMI’) of leading stocks. Richemont South African Depository Receipts are listed in Johannesburg, Richemont’s secondary listing.

Compagnie Financière Richemont SA (Richemont), the Swiss luxury goods group, announces that Dr Jean-Jacques Van Oosten has relinquished his responsibilities as Chief Technology Officer for personal reasons and has stepped down from the Senior Executive Committee with effect from 2 May 2018.

We respect Dr Jean-Jacques Van Oosten’s decision to pursue his career outside the Group and wish him every success in his future endeavours.

About Richemont

Richemont owns a portfolio of leading international ‘Maisons’ which are recognised for their distinctive heritage, craftsmanship and creativity. The Group operates in three segments: Jewellery Maisons, being Cartier, Van Cleef & Arpels and Giampiero Bodino; Specialist Watchmakers, being A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Officine Panerai, Piaget, Roger Dubuis and Vacheron Constantin; and Other, including Alfred Dunhill, Azzedine Alaïa, Chloé, Lancel, Montblanc and Peter Millar as well as watch component manufacturing activities.

In addition, Richemont holds a 49% equity-accounted interest in YOOX NET-A-PORTER GROUP, a publicly traded company.

For the financial year ended 31 March 2017, Richemont reported sales of € 10'647 million, operating profit of € 1'764 million and profit for the year of € 1'210 million.

Richemont ‘A’ shares are listed on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index (‘SMI’) of leading stocks. Richemont South African Depository Receipts are listed in Johannesburg, Richemont’s secondary listing.

Richemont, the Swiss luxury goods group, announces that it has successfully placed its inaugural Euro denominated bond transaction today with a volume of €3.75 billion, following a roadshow with fixed income investors across Europe.

The transaction launched on 15 March with three tranches maturing in 2026, 2030 and 2038. The notes are priced with a coupon of 1.0% for the €1.5bn 8 year maturity note, 1.5% for the €1.25bn 12 year note and 2.0% for the €1.0bn 20 year note.

The notes are expected to receive a rating of A+ (stable) in line with the rating assigned to Compagnie Financière Richemont SA by S&P Global Ratings.

The net proceeds of the issue of the notes will be used for the Group’s general corporate purposes, which may include funding the acquisition of the ordinary shares of YOOX NET-A-PORTER GROUP S.p.A. (YNAP), in whole or in part, pursuant to the YNAP voluntary public tender offer.

Commenting on the bond transaction, Johann Rupert, Chairman of Richemont, said:

Richemont will make an application for the notes to be listed on the regulated market of the Luxembourg Stock Exchange.

About Richemont

Richemont owns a portfolio of leading international ‘Maisons’ which are recognised for their distinctive heritage, craftsmanship and creativity. The Group operates in three segments: Jewellery Maisons, being Cartier, Van Cleef & Arpels and Giampiero Bodino; Specialist Watchmakers, being A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Officine Panerai, Piaget, Roger Dubuis and Vacheron Constantin as well as the Ralph Lauren Watch and Jewelry joint venture; and Other, including Alfred Dunhill, Azzedine Alaïa, Chloé, Lancel, Montblanc and Peter Millar as well as watch component manufacturing activities.

In addition, Richemont holds a 49% equity-accounted interest in YOOX NET-A-PORTER GROUP, a publicly traded company.

For the financial year ended 31 March 2017, Richemont reported sales of € 10'647 million, operating profit of € 1'764 million and profit for the year of € 1'210 million.

Richemont ‘A’ shares are listed on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index ('SMI') of leading stocks. Richemont South African Depository Receipts are listed in Johannesburg, Richemont’s secondary listing.

Tribute to Mr Azzedine Alaïa

Paying tribute to Mr Azzedine Alaïa Mr Johann Rupert, Chairman, said:

“Azzedine Alaïa was not only a colleague but a great friend, so it was with shock and enormous sadness that I heard of his untimely passing. The industry has lost an exceptional talent. He was a man of integrity and kindness who was also a true creative genius. With his unique approach to couture, he created a distinctive style that will forever set his creations apart.

Azzedine will be missed by all of us who had the good fortune to work with him. I wish to extend my sincerest condolences to his family and his friends.”

Established in 1983, the Maison Azzedine Alaïa, under the artistic control of Mr Alaïa, developed a reputation for originality in design as well as the choice and cut of materials. Each piece is unique, crafted with traditional dressmaking skills and passion in Mr Alaïa’s Parisian atelier.

Richemont is pleased to announce the publication of its interim report and accounts for the six months ended 30 September 2017. The report may be downloaded from the Richemont website.

The interim report reflects the information contained in the Richemont results announcement issued on 10 November 2017 as well as the unaudited condensed interim consolidated financial statements posted on the Group’s website the same day.

In accordance with stock exchange regulations in Switzerland and South Africa, Richemont no longer prints its interim report.

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Richemont 'A' shares are listed on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index ('SMI') of leading stocks. Depository Receipts in respect of Richemont ‘A’ shares are listed on the Johannesburg stock exchange operated by JSE Limited, Richemont’s secondary listing.

Chief Operating Officer

Mr Jérôme Lambert has been appointed to the newly created role of Chief Operating Officer. Mr Lambert will be responsible for all Maisons other than Cartier and Van Cleef & Arpels. In addition, he will continue to be responsible for the Richemont regional support platforms and central support services, excluding Finance, Human Resources and Technology.

Specialist Watchmakers

To assist Mr Lambert, Mr Emmanuel Perrin, currently International Sales Director of Cartier, will be appointed Head of Specialist Watchmakers Distribution. In this newly created position, he will be responsible for the coordination of all Specialist Watchmakers’ distribution strategies. Mr Perrin will join the Senior Executive Committee effective immediately.

Commenting on the changes, Mr Johann Rupert, Chairman, said:

SIX Swiss Exchange requires that issuers make an announcement without delay where the foreseeable profit or loss for a given period is expected to deviate significantly from the profit or loss achieved in the prior year period. Both significant increases and decreases in the anticipated, unaudited profit or loss require the publication of an ad hoc notice to the market. In accordance with these requirements, Richemont makes the following announcement:

Trading for the six months ended 30 September 2017 showed sales rising 10% on a reported basis and 12% on a constant currency basis compared to the prior year period. On this basis, Richemont’s operating profit for the six months ended 30 September 2017 is likely to show an increase of approximately 45% against the comparative period. The corresponding profit for the period is expected to increase by approximately 80%. These increases predominantly reflect the non-recurrence of the exceptional inventory buy-backs in the prior year period, improved trading performance and the positive net impact of movements in period-end exchange rates.

Disclaimer

The foregoing financial information is unaudited.

About Richemont

Richemont owns a portfolio of leading international ‘Maisons’ which are recognised for their distinctive heritage, craftsmanship and creativity. The Group operates in three segments: Jewellery Maisons, being Cartier, Van Cleef & Arpels and Giampiero Bodino; Specialist watchmakers, being A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Officine Panerai, Piaget, Roger Dubuis and Vacheron Constantin as well as the Ralph Lauren Watch and Jewellery joint venture; and Other, including Alfred Dunhill, Azzedine Alaïa, Chloé, Lancel, Montblanc and Peter Millar as well as watch component manufacturing activities.

In addition, Richemont holds a 49% equity-accounted interest in the YOOX Net-A-Porter Group, a publicly traded company.

For the financial year ended 31 March 2017, Richemont reported sales of € 10 647 million, operating profit of € 1 764 million and profit for the year of € 1 210 million.

Richemont ‘A’ shares are listed on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index ('SMI') of leading stocks. Richemont South African Depository Receipts are listed in Johannesburg, Richemont’s secondary listing.

Cautionary statement regarding forward-looking statements

This document contains forward-looking statements as that term is defined in the United States Private Securities Litigation Reform Act of 1995. Words such as ‘may’, ‘should’, ‘estimate’, ‘project’, ‘plan’, ‘believe’, ‘expect’, ‘anticipate’, ‘intend’, ‘potential’, ‘goal’, ‘strategy’, ‘target’, ‘will’, ‘seek’ and similar expressions may identify forward-looking statements. Such forward-looking statements are not guarantees of future performance. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside the Group’s control.

Richemont, the Swiss luxury goods group, wishes to announce the following appointments to its Senior Executive Committee.

Chief Technology Officer

Dr Jean-Jacques van Oosten has been appointed to the newly created role of Chief Technology Officer and will join the Senior Executive Committee effective 1 January 2018.

Dr van Oosten’s twenty one-year career has been primarily in the retail and digital sectors. Prior to his latest role as Group Chief Digital Officer and CEO of Rewe Digital, Dr van Oosten held a number of CIO positions at Travis Perkins Group, Tesco, Kingfisher, EDS and Unilever. Through his consulting company, Dr van Oosten advised retailers on their multichannel strategy, roadmap and transformation programmes. He graduated from the London Business School and holds a PhD in molecular genetics.

Group Human Resources Director

Ms Sophie Guieysse has been appointed Group Human Resources Director and will join the Senior Executive Committee effective 1 October 2017.

A graduate from the Ecole Polytechnique and Ecole Nationale des Ponts et Chaussées, Ms Guieysse began her career holding operational functions at a number of French Ministries. From 1997 until 2005, she held various human resources roles at LVMH. Her ultimate role there was as Director of Human Resources of the LVMH group. In 2005, Ms Guieysse joined Canal + group where she spent ten years as Human Resources Director and member of the Executive Committee. Since 2016, Ms Guieysse had been advising Dior on the future of luxury in a connected world.

Ms Guieysse will succeed Mr Thomas Lindemann who will leave Richemont for personal reasons and step down from the Group Management Committee with effect from 31 October 2017. Mr Lindemann was appointed Group Human Resources Director and member of the Group Management Committee in 2005. Prior to that, he held the role of Human Resources Director first at Montblanc and then at Richemont Northern Europe.

Commenting on the changes, Mr Johann Rupert, Chairman, said:

About Richemont

Richemont owns a portfolio of leading international ‘Maisons’ which are recognised for their distinctive heritage, craftsmanship and creativity. The Group operates in three segments: Jewellery Maisons, being Cartier, Van Cleef & Arpels and Giampiero Bodino; Specialist watchmakers, being A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Officine Panerai, Piaget, Roger Dubuis and Vacheron Constantin as well as the Ralph Lauren Watch and Jewellery joint venture; and Other, including Alfred Dunhill, Azzedine Alaïa, Chloé, Lancel, Montblanc and Peter Millar as well as watch component manufacturing activities.

In addition, Richemont holds a 49% equity-accounted interest in the YOOX Net-A-Porter Group, a publicly traded company.

For the financial year ended 31 March 2017, Richemont reported sales of € 10 647 million, operating profit of € 1 764 million and profit for the year of € 1 210 million.

Richemont ‘A’ shares are listed on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index ('SMI') of leading stocks. Richemont South African Depository Receipts are listed in Johannesburg, Richemont’s secondary listing.

* Movements at constant exchange rates are calculated by translating underlying sales in local currencies into euros in both the current five-month period and the comparative period at the average exchange rates applicable for the financial year ended 31 March 2017.

Compagnie Financière Richemont SA’s Annual General Meeting will be held later today in Geneva, Switzerland.

Ahead of that meeting, the Group announces that its sales for the five months ended 31 August 2017 increased by 12% at constant exchange rates and by 10% at actual exchange rates. Excluding the exceptional inventory buy-backs in the comparative period, constant currency sales increased by 7% for the period.

Current trading - five month period ended 31 August 2017

The following comments on the Group’s performance refer to year-on-year movements at constant exchange rates.
The double digit sales growth during the first five months was primarily driven by strong performance in the Jewellery Maisons and easier comparative figures.

Sales increased in all regions, led by Asia Pacific. The strong performance in Asia Pacific was supported by double digit increases in most markets, including China and Hong Kong, where a large part of the exceptional inventory buy-backs took place in the comparative period. The 3% growth in Europe reflects contrasted performances within the region as well as the emerging negative impact of a strong euro on tourist spending. In the United Kingdom, however, sales grew at a double digit rate benefitting from favourable currency movements. In Japan, growth reflected higher domestic and tourist spending. Sales in the Middle East showed subdued growth, impacted by geopolitical uncertainties.

Retail sales increased in most regions, with solid growth in Asia Pacific, Japan and the Americas. Retail sales were driven by strong performances in the Jewellery Maisons and the Specialist Watchmakers as well as by the reopening of the Cartier flagship stores in New York and Tokyo a year ago. The 11% increase in wholesale sales primarily reflects the impact of the non-recurrence of the exceptional inventory buy-backs.

Richemont’s other businesses reported sales growth overall, with most Maisons showing continued progress.

The results for the six-months ending 30 September 2017 will be announced on 10 November 2017.

Disclaimer

The foregoing financial information is unaudited.

About Richemont

Richemont owns a portfolio of leading international ‘Maisons’ which are recognised for their distinctive heritage, craftsmanship and creativity. The Group operates in three segments: Jewellery Maisons, being Cartier, Van Cleef & Arpels and Giampiero Bodino; Specialist watchmakers, being A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Officine Panerai, Piaget, Roger Dubuis and Vacheron Constantin as well as the Ralph Lauren Watch and Jewellery joint venture; and Other, including Alfred Dunhill, Azzedine Alaïa, Chloé, Lancel, Montblanc and Peter Millar as well as watch component manufacturing activities.

In addition, Richemont holds a 49% equity-accounted interest in the YOOX Net-A-Porter Group, a publicly traded company.

For the financial year ended 31 March 2017, Richemont reported sales of € 10 647 million, operating profit of € 1 764 million and profit for the year of € 1 210 million.

Richemont ‘A’ shares are listed on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index ('SMI') of leading stocks. Richemont South African Depository Receipts are listed in Johannesburg, Richemont’s secondary listing.

At the Annual General Meeting of Compagnie Financière Richemont SA held today in Geneva, the shareholders approved the results for the year, including the proposals of the board of directors for the appropriation of retained earnings at 31 March 2017.

A dividend of CHF 1.800 per share will be paid on the listed 'A' registered shares and a dividend of CHF 0.180 per share will be paid on the unlisted 'B' registered shares of the Company. The dividend in respect of the ‘A’ shares will be payable on 22 September 2017, free of charges but subject to Swiss withholding tax at the rate of 35 %. The remaining available retained earnings of the Company, after payment of the dividend, are to be carried forward to the next business year.

All other matters on the agenda were also approved by the shareholders by an overwhelming majority.

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Richemont ‘A’ shares are listed on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index ('SMI') of leading stocks. Richemont South African Depository Receipts are listed in Johannesburg, Richemont’s secondary listing.

Richemont regrets to announce the resignation with immediate effect of Mr Georges Kern. Mr Kern was Head of Watchmaking, Marketing and Digital. He has stepped down from the Senior Executive Committee and the Group Management Committee and will no longer be standing for election to the Board of Directors of Compagnie Financière Richemont SA at the forthcoming annual general meeting of shareholders.

Commenting on Mr Kern's decision, Mr Johann Rupert, Chairman, said:

Richemont's watchmaking, marketing and digital activities will report to the Senior Executive Committee.

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Richemont owns a portfolio of leading international brands or ‘Maisons’ which are managed independently of one another, recognising their individuality and uniqueness. The businesses operate in three business areas: Jewellery Maisons, being Cartier, Van Cleef & Arpels and Giampiero Bodino; Specialist Watchmakers, being A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Officine Panerai, Piaget, Roger Dubuis and Vacheron Constantin, as well as the Ralph Lauren Watch and Jewelry joint venture; and Other, including Alfred Dunhill, Chloé, Lancel, Montblanc as well as other smaller Maisons and unbranded watch component manufacturing activities.

In addition, Richemont holds a 49% equity-accounted interest in the YOOX Net-A-Porter Group, a publicly traded company.

For its financial year ended 31 March 2017, Richemont reported sales of € 10 647 million. Operating profit for the year amounted to € 1 764 million. Net profit for the year amounted to € 1 210 million.

Richemont ‘A’ shares are listed on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index ('SMI') of leading stocks. Richemont South African Depository Receipts are listed in Johannesburg, Richemont’s secondary listing.

Richemont, the Swiss luxury goods group, announces that it has completed the sale of its wholly-owned subsidiary, Shanghai Tang, on 30 June 2017 to an entity controlled by Mr Alessandro Bastagli, an Italian entrepreneur. The transaction will have no material impact on Richemont’s balance sheet, cash flow or results for the year ending 31 March 2018.

Established in 1994 in Hong Kong by Sir David Tang, Shanghai Tang was the first contemporary luxury brand from China. Its modern and sophisticated range of men’s and women’s clothing, accessories and home decorations combine the style and heritage of the orient with western design influences. Richemont took a controlling stake in 1998 and acquired 100% ownership in 2008.

__________________________________________

Richemont owns a portfolio of leading international brands or ‘Maisons’ which are managed independently of one another, recognising their individuality and uniqueness. The businesses operate in three business areas: Jewellery Maisons, being Cartier, Van Cleef & Arpels and Giampiero Bodino; Specialist Watchmakers, being A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Officine Panerai, Piaget, Roger Dubuis and Vacheron Constantin, as well as the Ralph Lauren Watch and Jewelry joint venture; and Other, including Alfred Dunhill, Chloé, Lancel, Montblanc as well as other smaller Maisons and unbranded watch component manufacturing activities.

In addition, Richemont holds a 49% equity-accounted interest in the YOOX Net-A-Porter Group, a publicly traded company.

For its financial year ended 31 March 2017, Richemont reported sales of € 10 647 million. Operating profit for the year amounted to € 1 764 million. Net profit for the year amounted to € 1 210 million.

Richemont ‘A’ shares are listed on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index ('SMI') of leading stocks. Richemont South African Depository Receipts are listed in Johannesburg, Richemont’s secondary listing.

Richemont is pleased to announce the publication of its annual report and accounts for the year ended 31 March 2017. 

Regarding the year under review, the report reflects the information contained in the Richemont results announcement issued on 12 May 2017, as well as the audited consolidated financial statements which were posted on the Group’s website the same day. The report also contains the audited Company financial statements and Compensation Report.

The report will be mailed on 23 June 2017 to all holders of Richemont shares and South African depositary receipts and to other parties who have requested it. Only the printed report is definitive. The report may be obtained from the Company’s registered office at the address below.

In South Africa, the report may be obtained directly from the Depository Agent at the following address: Computershare Investor Services (Proprietary) Limited, Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196, South Africa.

The official notice for the 2017 annual general meeting and the definitive resolutions to be considered by shareholders will be published on the Group’s website and in the Swiss Gazette on or around 19 July 2017.

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Richemont “A” shares are listed on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index ('SMI') of leading stocks. Richemont South African Depository Receipts are listed in Johannesburg, Richemont’s secondary listing.

Richemont’s three-year share buy-back programme announced on 15 May 2014 ended today. Under the programme, the Company repurchased a total of 5 185 000 ‘A’ shares, representing 0.9 % of the capital and 0.5 % of the voting rights of Compagnie Financière Richemont SA. Richemont’s share purchase history can be found on the Company’s website.

In addition, Richemont announces a new programme to buy-back up to 10 million Richemont ‘A’ shares through the market over the next three years, representing 1.7 % of the capital and 1.0 % of the voting rights of Compagnie Financière Richemont SA.

Purchases will be effected through ‘A’ share purchases on SIX Swiss Exchange at prevailing market prices. The ‘A’ shares acquired will not be cancelled and no second trading line will be introduced as a consequence of the buy-back programme. The ‘A’ shares to be acquired will be held in treasury to hedge awards to executives under the Group’s stock option plan.

Richemont currently holds 9.4 million ‘A’ shares in treasury as a consequence of previous buy-back programmes, which were also linked to the Group’s stock option plan. Those shares represent 1.6 % of the capital and 0.9 % of the voting rights of the Company.

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Richemont ‘A’ shares are listed on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index ('SMI') of leading stocks. Richemont South African Depository Receipts are listed in Johannesburg, Richemont’s secondary listing.

Richemont is pleased to announce the publication of its interim report and accounts for the six months ended 30 September 2016. The report may be downloaded from the Richemont website.

The interim report reflects the information contained in the Richemont results announcement issued on 4 November 2016 as well as the unaudited condensed interim consolidated financial statements posted on the Group’s website the same day.

In accordance with stock exchange regulations in Switzerland and South Africa, Richemont no longer prints its interim report.

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Richemont 'A' shares are listed on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index ('SMI') of leading stocks. Richemont South African Depository Receipts are listed in Johannesburg, Richemont’s secondary listing.

The Nominations Committee and Board of Compagnie Financière Richemont SA met yesterday and, inter alia, considered succession planning issues. The Board considered the impact on the Group’s management structure of the impending retirement of key executives. It also considered the composition of the Board itself, recognising that rapidly changing technologies bring significant challenges to traditional business models.

Mr Richard Lepeu, Chief Executive Officer, has intimated his intention to retire with effect from 31 March 2017, when he will have reached retirement age. Mr Gary Saage, Chief Financial Officer, will re-join his family in the United States and retire from his current role effective 31 July 2017.

The Board has therefore decided to restructure the responsibilities of senior management in the Group, recognising the need to be able to react quickly to the challenges facing businesses in general and the luxury industry at this time.

Mr Johann Rupert will remain as Executive Chairman of the Group. The following senior executives will be nominated to the Board of Compagnie Financière Richemont SA for shareholder approval at the annual general meeting to be held in September 2017:

Mr Nicolas Bos, who will join the Board in his capacity as CEO of Van Cleef & Arpels;

Mr Burkhart Grund, currently Deputy Chief Financial Officer, who will become Chief Financial Officer;

Mr Georges Kern, currently CEO of IWC Schaffhausen, who will be Head of Watchmaking, Marketing and Digital;

Mr Jérôme Lambert, currently CEO of Montblanc, who will be Head of Operations responsible for central and regional services and all Maisons other than jewellery and watchmaking.

Further nominees to the Board of Directors of the Company may be intimated ahead of the annual general meeting to be held in 2017.

The following directors will retire from the Board of Directors of Compagnie Financière Richemont SA at the 2017 annual general meeting: Mr Yves-André Istel, Mr Bernard Fornas, Mr Richard Lepeu, Mr Simon Murray, Mr Norbert Platt, Lord Renwick of Clifton, Professor Juergen Schrempp and The Duke of Wellington.

Recognising the importance of continuity in the decision making process, the Board wishes to retain the wealth of knowledge that long-serving members and former executives bring to the decision-making process. Mr Istel, Mr Murray, Lord Renwick, Professor Schrempp and The Duke of Wellington will join a new International Advisory Council. The function of the Council will be to act as a sounding board for the Board of Directors, drawing on the significant expertise of its members. Messrs Fornas, Lepeu and Platt, together with Mr Alain-Dominique Perrin, will be appointed as senior advisors to Group management, liaising directly with the Executive Chairman and senior executives.

Mr Burkhart Grund, Deputy Chief Financial Officer, and Mr Frank Vivier, Chief Transformation Officer, will join the Group Management Committee with immediate effect.

Commenting on the proposals, Mr Johann Rupert, Chairman, said:

About Richemont

Richemont owns a portfolio of leading international brands or ‘Maisons’ which are managed independently of one another, recognising their individuality and uniqueness. The businesses operate in four areas: Jewellery Maisons, being Cartier, Van Cleef & Arpels and Giampiero Bodino; Specialist watchmakers, being A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Officine Panerai, Piaget, Roger Dubuis and Vacheron Constantin, as well as the Ralph Lauren Watch and Jewelry joint venture and Other, being Alfred Dunhill, Chloé, Lancel, Montblanc as well as other smaller Maisons and watch component manufacturing activities for third parties. In addition, Richemont holds a 50% equity-accounted interest in the YOOX Net-A-Porter Group, a publicly traded company.

Richemont ‘A’ shares are listed on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index ('SMI') of leading stocks. Richemont South African Depository Receipts are listed in Johannesburg, Richemont’s secondary listing.

Compagnie Financière Richemont SA’s Annual General Meeting will be held later today in Geneva.

Ahead of that meeting, the Group announces that its sales for the first five months of the current financial year ended 31 August 2016 decreased by 13% at constant exchange rates and 14% at actual rates. Excluding exceptional watch returns taken back from our multi-brand retail partners, constant currency sales decreased by 10% for the period. The Group also comments on the outlook for the six months ending 30 September 2016.

Following the merger of the Net-A-Porter Group with YOOX S.p.A in October 2015, the figures in the table above exclude The Net-A-Porter Group’s sales in the prior period.
As expected, sales for the five-month period ended 31 August 2016 were below the prior year’s level, reflecting the challenging comparative figures in 2015, the repurchase of slow moving watch inventory and the difficult global environment. Overall currency movements also adversely impacted the Group’s sales.

The following comments on the Group’s underlying performance refer to year-on-year movements at constant exchange rates.

Sales in the United Kingdom have shown growth since the weakening of sterling against most currencies at the end of June following the EU referendum. Elsewhere in Europe, sales were down, particularly in France, due to a significantly lower level of tourist activity. The Americas saw positive momentum in both jewellery and accessories but saw an overall decline in sales due to a weaker performance in watches. In the Asia-Pacific region, growth in mainland China and Korea was more than offset by the continuing weakness of the Hong Kong and Macau markets. The policy of buying back inventory to assist our multi-brand retail partners was primarily focused on these two markets. Japan reported significantly lower sales against very high comparative figures. The strength of the yen also depressed tourist spending in the country, with a noticeable impact on sales.

Retail declined overall, primarily due to Europe and Japan. All other regions’ sales declines were low single digits, supported by jewellery and accessories. The marked decrease in wholesale sales reflected the continuing negative trend overall, and the above mentioned watch inventory buy backs.

Richemont’s other businesses, as a whole, reported sales growth, thanks to positive performances at Montblanc, Chloé, Azzedine Alaïa and Peter Millar.

Outlook
We consider that the difficult trading conditions are likely to continue during September. Operating profit for the six months ending 30 September 2016 is therefore expected to be approximately 45% below the prior year’s level, reflecting the effect of one-off restructuring charges of approximately €65 million, and the additional effect of the product buy-backs.

Consequently, we anticipate profit for the period for the six months ending 30 September 2016 will also be impacted at a broadly similar level to the decline in operating profit. Profit for the period reflects not only the movement in operating profit but also the impact of movements in period-end exchange rates, interest, taxation and discontinued operations and therefore cannot be determined absolutely at this time. The results for the six months ending 30 September 2016 will be announced on 4 November 2016.

We are of the view that the current negative environment as a whole is unlikely to reverse in the short term. However, we remain convinced of the long-term prospects for luxury goods globally, and in particular for watches and jewellery. Richemont is well positioned, with a strong balance sheet and a portfolio of long-established Maisons.

Disclaimer

The foregoing financial information is unaudited.

About Richemont

Richemont owns a portfolio of leading international brands or ‘Maisons’ which are managed independently of one another, recognising their individuality and uniqueness. The businesses operate in three areas: Jewellery Maisons, being Cartier, Van Cleef & Arpels and Giampiero Bodino; Specialist watchmakers, being A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Officine Panerai, Piaget, Roger Dubuis and Vacheron Constantin, as well as the Ralph Lauren Watch and Jewelry joint venture; and Other, being Alfred Dunhill, Chloé, Azzedine Alaïa, Lancel, Montblanc and Peter Millar as well as other smaller Maisons and watch component manufacturing activities for third parties.

For its financial year ended 31 March 2016, Richemont reported sales of € 11 076 million. Operating profit for that year amounted to € 2 061 million and profit for the year amounted to € 2 227 million.

Richemont ‘A’ shares are listed on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index ('SMI') of leading stocks. Richemont South African Depository Receipts are listed in Johannesburg, Richemont’s secondary listing.