Richemont acquires Varin-Etampage and Varinor ('VVSA')
02 OCT 2012
Richemont, the Swiss luxury goods group, is pleased to announce that it has acquired 100 % of the capital of VVSA in a private transaction with the shareholder group.
Based in Delémont since 1962, VVSA is a high-end manufacturer of stamped exterior components for watches, gold refiner and producer of semi-finished precious metal products destined for the watch and jewellery industry.
A historical partner of Richemont's Maisons and Manufactures, VVSA and its 250 employees will reinforce the Group's industrial capabilities via their established technical know-how and state-of-the-art equipment.
The current Directors of VVSA, Mr Damien Donzé, Mr Alain Munier and Mr Béat Chételat, have confirmed their commitment to manage the company, which will continue to serve its existing clients.
The transaction will have no material impact on Richemont’s consolidated net assets and is not expected to have any impact on the Group’s profitability for the year ending 31 March 2013.
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 five areas: Jewellery Maisons, being Cartier and Van Cleef & Arpels; Specialist watchmakers, being A. Lange & Söhne, Baume & Mercier, IWC, Jaeger-LeCoultre, Officine Panerai, Piaget, Roger Dubuis and Vacheron Constantin, as well as the Ralph Lauren Watch and Jewelry joint venture; Montblanc Maison; and Other businesses, which include Alfred Dunhill, Chloé, Lancel and Net-a-Porter as well as other smaller Maisons and watch component manufacturing activities for third parties. For more information, please visit 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.