The Group's luxury interests encompass several of the most prestigious names in the luxury industry including Cartier, Van Cleef & Arpels, Piaget, Vacheron Constantin, Jaeger-LeCoultre, IWC, Panerai and Montblanc.
Richemont was created in 1988 by the spin-off of the international assets owned by Rembrandt Group Limited of South Africa (now known as Remgro Limited). Established by Dr Anton Rupert in the 1940s, Rembrandt Group owned significant interests in the tobacco, financial services, wines and spirits, gold and diamond mining industries as well as the luxury goods investments that, along with the investment in Rothmans International, would form Richemont.
Richemont operates in five key areas: jewellery, watches, writing instruments, leather and accessories, and clothing.
The Group is managed with the objective of growing value for shareholders over the long-term, recognising that the most important assets of the Group - its Maisons - have almost all been in existence for over a century.
Each of the Maisons has its own distinct identity that stems from its heritage and culture and it is critical that each Maison has the correct strategies and resources to be able to enhance that identity. The independence of the Maisons within the Group is fundamental to the Group's strategy for future growth.
Management, designers and craftsmen across the Group strive to keep this heritage and the traditional values of its Maisons alive through a continuous process of reinvention and innovation.
Recognising its role as a member of the global community, Richemont strives to act as a responsible corporate citizen.
Group structure and significant shareholders
The businesses in the Group operate in five main business areas: (i) jewellery, (ii) watchmaking, (iii) writing instruments, (iv) leather and accessories and (v) other products. Each of the Maisons in the Group enjoys a high degree of autonomy, with its own management group under a chief executive officer. To complement those businesses, the Group has established central functions and a regional structure around the world to provide central controlling and support services in terms of distribution, finance, legal and administration services.
Compagnie Financière Rupert
Compagnie Financière Rupert, a partnership limited by shares established in Switzerland holds 52 200 000 Richemont 'B' registered shares representing 9.1 per cent of the equity of the Group and controlling 50 per cent of the voting rights at the level of Compagnie Financière Richemont SA. Mr Johann Rupert, the Executive Chairman of Richemont, is the sole General Managing Partner of Compagnie Financière Rupert. Mr Jürgen Schrempp, non-executive director of Compagnie Financière Richemont SA, together with Mr Ruggero Magnoni and Mr Jan Rupert, both nominated to the Board of Compagnie Financière Richemont SA, were appointed as partners of Compagnie Financière Rupert in June 2006.
Compagnie Financière Rupert does not hold any Richemont 'A' shares. Trusts and other entities in the shareholding structure above Compagnie Financière Rupert have indicated to the Company that they, together with parties closely related thereto, held a total of 2 811 664 'A' shares, or the equivalent thereof in the form of Depository Receipts, as at 31 March 2010.
Other significant shareholders
Public Investment Corporation Limited (‘PIC’), Pretoria, South Africa notified the Company on 22 February 2008 that accounts under its management held Richemont South African Depository Receipts equivalent to 32 633 436 ‘A’ shares in Compagnie Financière Richemont SA. At that date, PIC’s holding indirectly represented 3.13 per cent of the voting rights at the level of Compagnie Financière Richemont SA.
On 19 May 2009 Richemont Employee Benefits Limited, an indirectly held subsidiary, notified the Company that it had acquired shares and the right to acquire further shares equivalent to 31 705 935 ‘A’ shares or 3.04 per cent of the voting rights at the level of Compagnie Financière Richemont SA. The shares were acquired to hedge liabilities arising from the Group’s stock option plan.
The Company has received no other notifications of current shareholdings representing in excess of 3 per cent of the voting rights. Significant shareholdings are systematically reported to the SIX Swiss Exchange. This public information and can be accessed via the following link.
Cross shareholdings
Richemont does not hold an interest in any company which is itself a shareholder in the Group.
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