Richemont, the Swiss conglomerate now known for its dominance in the luxury goods segment got its start not in high-end watches or expensive jewelry but in tobacco. In 1941, Anton Rupert took £10 and funds from two investors and Voorbrand Tobacco Company was born to manufacture tobacco in South Africa. Rupert “had a gift for marketing, his company flourished and within less than a decade he had formed the Rembrandt Group.” With an eye on diversification, the budding entrepreneur amassed stakes in the financial services, wines and spirits, and the gold and diamond mining industries, as well as other tobacco companies, including Rothmans, the famed English tobacco entity.
The transformation of Rembrandt into the luxury-focused Richemont started in 1968 when Robert Hocq, the owner of Silvermatch lighter company, explored a buyout of Cartier alongside a group of investors. An offer from Rupert is said to have stood out: He was angling to acquire a 20 percent stake in Cartier America in exchange for a license to produce Cartier-branded cigarettes. When Hocq was killed in a car accident in Paris in 1979, Rupert acquired a majority stake in Cartier and consolidated its divisions from France, the United Kingdom, and the United States into one entity.
The establishment of Richemont as a luxury player was cemented in 1988 by way of the spin-off of group’s assets into two companies: the Switzerland-based Richemont, which grouped the Rothmans and Dunhill operations together, and the South African-based Rembrandt, which controlled the other holdings.
Against that background, here is a look at the timeline behind the building of Richemont into one of the world’s most valuable luxury goods conglomerate …
Rothmans International, Dunhill Holdings and their Swiss-based parent company, Richemont, agreed on a restructuring plan to separate their tobacco and luxury goods businesses. The new luxury goods group, called Vendôme Luxury Group, of which Richemont initially owned 70 percent, consisted of Cartier and the Dunhill luxury goods businesses, including Montblanc, and Chloé. By way of its Cartier ownership, Richemont also acquired Baume & Mercier and Piaget.
Vendôme expanded its watchmaking portfolio by acquiring Vacheron Constantin, one of the oldest Swiss watch manufacturers.
Vendôme acquired Officine Panerai, the Italian high-precision watchmaker.
Vendôme acquired French leather goods Maison, Lancel. In 2018, Richemont sold the company to Piquadro S.p.A., an Italian leather goods group listed on the Milan Stock Exchange.
Richemont obtained 100 percent ownership of Vendôme’s luxury goods interests by buying out its minority shareholders.
Richemont acquired a majority stake in Shanghai Tang. In June 2017, Richemont sold the company to an entity controlled by Alessandro Bastagli, an Italian entrepreneur.
Richemont acquired a controlling 60 percent interest in Van Cleef & Arpels, one of the world’s most renowned jewelry Maisons.
Richemont enhanced its focus on luxury goods by acquiring the three vertically integrated Swiss watchmakers, A. Lange & Söhne, IWC Schaffhausen and Jaeger-LeCoultre, renowned for technical excellence, expertise in manufacturing high value movements and unique positions in the classical segment of the luxury watch market.
Richemont acquired an additional 20 percent interest in Van Cleef & Arpels, increasing its stake to 80 percent.
Richemont entered into luxury online retailing by taking a 30 percent stake in Net-a-Porter.com from its founder Natalie Massenet.
Richemont acquired the remaining 20 percent interest in Van Cleef & Arpels that it did not previously own, bringing that company into full ownership by the Group.
Richemont acquired the final 10 percent of A. Lange & Söhne from members of the Lange family.
Richemont acquired Fabrique D’Horlogerie Minerva SA, an entity that specializes in the development and manufacturing of high-end mechanical movements.
Richemont established a long-term partnership and took a 20 percent equity stake in Swiss watchmaking company, Greubel Forsey.
Richemont acquired an interest in Maison Alaïa, the Parisian fashion house founded by Azzedine Alaia.
Richemont acquired the component manufacturing operations of Manufacture Roger Dubuis SA, which it renamed as Manufacture Genevois de Haute Horlogerie.
Richemont acquired watch case manufacturer Donzé-Baume SA.
Richemont entered into a watch joint venture with Ralph Lauren Corporation.
Richemont acquired a 60 percent interest in Manufacture Roger Dubuis SA. At the same time, Richemont announced its planned restructuring, including the separation of Richemont’s luxury goods business from its other interests. Formation of Reinet Investments S.C.A. as a separately traded vehicle for holding the non-luxury goods businesses formerly held by Richemont.
Richemont increased its stake in Net-a-porter.com to more than 90 percent of the shares of the company.
Richemont acquired 100 percent of the capital of Varin-Etampage & Varinor SA (VVSA), 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 jewelry industry.
Richemont acquired Peter Millar LLC, a U.S.-based, international luxury apparel business “renowned for its strength in the US market, performance golf clothing and strong online retail presence.”
In an all-share transaction, the YOOX NET-A-PORTER GROUP is created and listed on the Italian stock exchange, with Richemont initially holding 50 percent of the share capital and 25 percent of the voting rights.
Richemont acquired Serapian, an Italian producer of leather goods and former leather supplier to Cartier and Dunhill.
Richemont acquired full control of Yoox Net-a-Porter (“YNAP”) after offering up to 2.8 billion euros ($3.4 billion) for full control of the online fashion/luxury retail group. In 2024, Richemont confirmed that MYT Netherlands parent B.V. Mytheresa will acquire 100% of the share capital of Yoox Net-a-Porter to create what it calls “a global, multi-brand digital luxury group” in exchange for a 33 percent equity stake in Mytheresa.
Richemont acquired Watchfinder.co.uk Limited, an e-commerce site that buys and sells luxury watches.
Richemont acquired Italian jewelry brand Buccellati from privately held conglomerate Gangtai Group Corporation Ltd. for an undisclosed amount.
Richemont announced a joint venture with fashion designer Alber Elbaz, former creative director of French heritage house Lanvin, under the name AZFashion.
Richemont acquired Delvaux, the world’s oldest luxury leather goods house
Richemont acquired a controlling 70 percent stake in Gianvito Rossi, one of the world’s leading luxury shoe Maisons.
Richemont acquired Vhernier, the distinctive Italian jewelry Maison, in a private transaction.