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 …
2024: Vhernier
Richemont acquired Vhernier, the distinctive Italian jewelry Maison, in a private transaction.
2024: Gianvito Rossi
Richemont acquired a controlling 70 percent stake in Gianvito Rossi, one of the world’s leading luxury shoe Maisons.
2021: Delvaux
Richemont acquired Delvaux, the world’s oldest luxury leather goods house
2019: Buccellati
Richemont acquired Italian jewelry brand Buccellati from privately held conglomerate Gangtai Group Corporation Ltd. for an undisclosed amount.
2019: AZFashion
Richemont announced a joint venture with fashion designer Alber Elbaz, former creative director of French heritage house Lanvin, under the name AZFashion.
2018: Yoox Net-a-Porter
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.
2018: Watchfinder.co.uk Limited
Richemont acquired Watchfinder.co.uk Limited, an e-commerce site that buys and sells luxury watches.
2017: Serapian
Richemont acquired Serapian, an Italian producer of leather goods and former leather supplier to Cartier and Dunhill.
This is a short excerpt from a Timeline that is published exclusively for TFL Pro+ subscribers. For access to our up-to-date Kering M&A tracker, inquire today about how to sign up for a Pro+ subscription.
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