Jewellery Maisons - Richemont
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Jewellery
Maisons
Key results
Sales (€m)
2021 7 459
2020 7 217
Operating result (€m)
2021 2 309
2020 2 077
Percentage of Group sales
2021
Jewellery Maisons 57%
Richemont’s Maisons
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Buccellati is one of the most prestigious Italian jewellers, established in Milan in 1919.
Its jewellery, silver pieces and watches are all characterised by a highly distinctive style
inspired by Italian Renaissance art, combined with a Venetian ornate influence, all
executed with a superior level of craftsmanship and engraving techniques. This unique
identity, originally introduced by Mario Buccellati in jewellery and silverware, embodied
precious fabrics, delicate damasks and Venetian laces and immediately obtained the
admiration of royal families in Italy, Spain and Egypt, of Popes and Cardinals and of the
famous poet Gabriele d’Annunzio, who coined the expression ‘Prince of Goldsmiths’.
Throughout its 100 years of activity, Opera Tulle and other key Icona collections
Buccellati has always strenuously defended its and produced the new episode of the Timeless
unique and unmistakable style, based on Beauty advertising campaign, featuring
ancient goldsmithing techniques, such as Beatrice Borromeo, who became the face of
engraving and chiseling, expertly combined Buccellati. This year, Buccellati inaugurated
with the use of yellow and white gold to obtain its new headquarters in a historical 2 000
unusual and extraordinary effects. square metre building in the centre of Milan,
designed in 1919 by the famous architect,
Richemont acquired Buccellati at the end of Piero Portaluppi.
2019 and, with Andrea Buccellati as honorary
Buccellati boutique in Shanghai Pudong IFC Mall chairman and creative director and the help of Buccellati jewellery and silver items can be
other family members, is securing the tradition admired and purchased in 50 boutiques,
In 2020, Buccellati continued its retail of the Maison. shop-in-shops and corners in the leading cities
expansion with the opening of seven new of the world. A selection of over
boutiques in London, Beijing, Shanghai,
This was Buccellati’s first full year as part of 170 prestigious multi-brand jewellers and
Chengdu, Hong Kong, and bought back the
historical shop on Via dei Condotti in Rome.
Richemont. This permitted Buccellati to make, exclusive department stores also present
despite the pandemic, significant investments Buccellati jewellery and silver items.
The year was marked by the extension of One in product assortment extensions and to open
of a Kind creations as well as variations in the new points of sale in London, Beijing, In the coming months, Buccellati will continue
classic Opera Tulle and other key Icona Shanghai, Chengdu and Hong Kong. The its retail expansion with new stores in Seoul,
jewellery and silver lines. investments in new points of sale included the Tokyo, Osaka, Nagoya, Taipei and in the US.
reunification of the historical store on Via dei
The company produced a new episode of its
Timeless Beauty advertising campaign with
Condotti in Rome.
Beatrice Borromeo, and inaugurated its new
headquarters in a 2 000 square metre In 2020, Buccellati saw the introduction Gianluca Brozzetti
historical building in the centre of Milan. of new creations in the One of a Kind, Chief Executive
Established 1919
Via Lodovico Mancini 1, Milan, Italy
Chief Executive Officer Gianluca Brozzetti
Finance Director Aldo Beltrami
www.buccellati.com
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Founded in 1847, Cartier is not only one of the most established names in the world of
jewellery and watches, it is also the reference of true and timeless luxury. The Maison
Cartier distinguishes itself by its mastery of all the unique skills and crafts used for
the creation of a Cartier piece. Driven by a constant quest for excellence in design,
innovation and expertise, the Maison has successfully managed over the years to
stand in a unique and enviable position: that of a leader and pioneer in its field.
In the last year that saw an unprecedented success at the Fondation Cartier pour l’art
crisis and generated many changes, Cartier contemporain in Paris, the photo exhibition
showed strength and resilience. ‘Claudia Andujar, the Yanomami struggle’
inaugurated an eight-year partnership with
From a product perspective, the relaunch of the Triennale Milano. The Maison also
iconic Pasha watch marked 2020. With its participated in the global coronavirus relief
distinctive codes and striking design, it echoes effort through Cartier Philanthropy. Cartier
to a whole new generation of successful also became increasingly involved in
talents. Cartier also expressed its unlimited global biodiversity protection by partnering
creativity in watchmaking with a new feminine with The Lion’s Share fund and establishing
watch, Maillon, and new additions to the the Cartier for Nature fund to contribute
Santos collection. to the preservation of biodiversity and
healthy ecosystems.
The new High Jewellery collection
[Sur]naturel was digitally unveiled around the To pay tribute to its emblematic creations,
world in July and physically revealed in Cartier began 2021 with its new campaign
Shanghai in October. ‘The Culture of Design’, bringing together
for the first time its icons – Santos, Tank,
Cartier also introduced a new collection Trinity, Love, Juste un Clou, Panthère and
Bond Street boutique, London
of objects and accessories. From decoration Ballon Bleu.
to writing, baby gifts and games, these
Cartier launched a new version of Pasha, a signature collections express the welcoming In 2021, Cartier will unveil more than
cult watch in a more contemporary version. spirit of Cartier. 150 original and unique High Jewellery
creations. In watches, the Maison will
The new High Jewellery collection, During the global health crisis, Cartier found continue to support emblematic designs with,
[Sur]naturel revealed an innovative look at creative ways to engage with audiences for instance, the remodeled Tank Must with a
nature, linking figuration with abstraction.
through digital touchpoints. While continuing solar dial.
to roll out the new boutique design concept,
Cartier strengthened its e-commerce network Following the postponement of the Expo 2020
and further enhanced its collaboration with Dubai from October 2021 to March 2022,
Alibaba’s Tmall Luxury Pavilion by enriching Cartier will present the Women’s Pavilion as a
the offer and launching limited collections. tribute to women.
The Maison continued to actively contribute to
society. Cartier celebrated women social
impact entrepreneurs at the Cartier Women’s Cyrille Vigneron
Initiative’s digital awards ceremony. After its Chief Executive
Established 1847 at
13 rue de la Paix, Paris, France
Chief Executive Officer Cyrille Vigneron
Finance Director François Lepercq
www.cartier.com
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Created in 1906, Van Cleef & Arpels is a High Jewellery Maison embodying the values of
creation, transmission and expertise. Each new jewellery and timepiece collection is
inspired by the identity and heritage of the Maison and tells a story with a universal cultural
background, a timeless meaning and which expresses a positive and poetic vision of life.
Through its retail network, the Maison Human resources are at the heart of the
continues to rely on a well-balanced activity Maison. Van Cleef & Arpels’ focus consists of
geographically within its 140 stores building sustainable teams, reinforcing
worldwide. In the past twelve months, the expertise, promoting the flexibility and
Maison opened new locations in China, adaptability of its organisation, and ensuring
finalised the internalisation of its network in that the vision, purpose and values of the
Saudi Arabia, and renovated several boutiques, Maison are shared and understood at all levels.
including its historical flagship on Place Specific attention is paid to support the
Vendôme and its Prince’s Building store in development of e-commerce worldwide and
Hong Kong. the Chinese market.
To continue serving its clients from a distance In the year ahead, the Maison will strongly
Van Cleef & Arpels on Place Vendôme, Paris
despite the pandemic, Van Cleef & Arpels invest in its retail development, opening new
The Maison dedicated the year to the floral
significantly developed its omni-channel boutiques across China, the US, Korea and
celebration; focusing mainly on the Frivole capabilities, as well as its e-commerce Taiwan, China, as well as renovating,
jewellery collection, and launched the Sous platforms, notably with Alibaba’s Tmall extending or relocating other stores, mainly in
les étoiles High Jewellery collection. Luxury Pavilion flagship store in China. Asia. E-commerce development will also be
critical in 2021, as the Maison plans to invest
The Maison accelerated its digital and In terms of products, the Maison dedicated the in Alibaba’s Tmall Luxury Pavilion flagship
e-commerce network development on year to the floral celebration, with a major boutique in China while activating new
existing platforms and opened an e-boutique focus on the Frivole collection. Van Cleef & platforms in Europe, Korea, Hong Kong SAR,
on Alibaba’s Tmall Luxury Pavilion.
Arpels supported High Jewellery through a China, Singapore, Australia and the
The Maison celebrated precious stones programme on High Jewellery Signatures. The Middle East.
through the exhibition ‘Pierres Précieuses’ Maison also organised a moment dedicated to
at the National Museum of Natural History the Poetry of Time, its watch offer, in This will be the second year dedicated to the
in Paris. Shanghai. In September, the patrimonial and Maison’s floral inspirations, notably with the
institutional dimension of the Maison was creation of the ‘Florae’ traveling exhibition in
highlighted in the ‘Pierres Précieuses’ collaboration with Japanese photographer,
exhibition at the National Museum of Natural Mika Ninagawa. Two thematic High Jewellery
History in Paris. collections will be launched, and the Maison
will continue to organise local watch
L’Ecole des Arts Joailliers continues to presentations around its revisited Pont des
promote the traditional crafts of jewellery and Amoureux collection.
decorative arts with its growing offer of classes
and exhibitions, now on two campuses (Paris Through these activities, the Maison will
and Hong Kong), and its unique research continue to express its main values of
activity. 2020 was also a year of digital creativity, transmission and expertise.
transformation for L’Ecole, in particular with
its highly attended live online talks.
Nicolas Bos
Chief Executive
Established 1906 at
20-22 Place Vendôme, Paris, France
Chief Executive Officer Nicolas Bos
Finance Director Christophe Grenier
www.vancleefarpels.com
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Specialist
Watchmakers
Key results
Sales (€m)
2021 2 247
2020 2 859
Operating result (€m)
2021 132
2020 304
Percentage of Group sales
2021
Specialist Watchmakers 17%
Richemont’s Maisons
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A. Lange & Söhne creates outstanding hand-finished mechanical timepieces with challenging
complications that follow a clear and classical design line. Innovative engineering skills and
traditional craftsmanship of the highest level guarantee state-of-the-art calibre design,
the utmost mechanical precision and meticulously hand-finished movements.
Since its re-establishment, A. Lange & Söhne was unveiled in the centre of Glashütte in
has developed 66 different in-house calibres, September as part of the celebrations to mark
each revealing its unmistakable origins in the 175th anniversary of the town’s
high-precision Lange pocket watches. watchmaking industry.
There were two important milestones for In December, three new mechanical works of
A. Lange & Söhne in 2020: firstly, the art ‘Made in Saxony’ were launched, which –
175th anniversary of fine watchmaking in thanks to their elegance, creative harmony and
Glashütte, which was founded in 1845 by technical finesse – can be worn on a wide
Ferdinand Adolph Lange; and secondly, variety of occasions: the Saxonia Outsize Date
Main manufacturing building, inaugurated in 2015 the 30th anniversary of the new start initiated in pink and white gold and the Saxonia Thin in
by Ferdinand Adolph’s great-grandson white gold with a black, copper-coloured
On the occasion of the first digital Watches & Walter Lange in 1990, the year of Germany’s shimmering dial.
Wonders, A. Lange & Söhne expanded its
reunification.
Odysseus watch family with a version in
The Maison is perpetuating its sponsorships of
white gold with a grey dial and an integrated
strap of either leather or rubber. On the occasion of the Watches & Wonders in the Dresden State Art Collections and the
April, which was held exclusively online for Semperoper in Dresden. Additionally, the
To celebrate the 175th anniversary of the first time, a new Odysseus was presented in long-term partnership with the Concorso
Glashütte precision watchmaking, A. Lange & white gold with a grey dial and an integrated d’Eleganza Villa d’Este, a renowned contest
Söhne launched the Homage to F. A. Lange strap of either leather or rubber – the latter a for beauty and elegant design of classic
collection with three limited editions and premiere for A. Lange & Söhne. Additionally, automobiles, will continue. It will be
cases made of exclusive honey gold. a white gold version of the Zeitwerk Minute complemented by participation at Classic
As part of the anniversary celebrations, a Repeater with a dark-blue dial was launched, Days, Germany’s biggest classic car event at
memorial of the late Walter Lange was limited to just 30 pieces. Schloss Dyck near Düsseldorf, and a
unveiled in the centre of Glashütte. collaboration with the Concours of Elegance at
In June, a new version of the Lange 1 Time Hampton Court Palace near London.
Zone with a new manufacture calibre was
presented, followed by three extraordinary In the context of the Covid-19 pandemic, and
models of the 1815 watch family presented at as a further development of its distribution
the Watches & Wonders event in Shanghai in strategy, the Maison has started online
September. The three limited editions with the customer consultations and sales, and will
epithet Homage to F. A. Lange, with cases present its first online shop during the course
made of exclusive honey gold and special of 2021.
movement decorations and dials, were
dedicated to Ferdinand Adolph Lange.
Paying tribute to company founder Walter Wilhelm Schmid
Lange, who passed away in 2017, a memorial Chief Executive
Established 1990
Ferdinand-A.-Lange-Platz 1, Glashütte, Germany
Chief Executive Officer Wilhelm Schmid
Finance Director Beat Bührer
www.lange-soehne.com
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Baume & Mercier has been creating watches of the highest quality since 1830,
combining refined design and technical achievements.
For both men and women, the Maison offers style with cutting-edge technology.
Baume & Mercier looks to the future, visibility in key historical markets such as
unveiling a blend of watchmaking expertise Italy, France and the US. The Maison
and the aspiration to move towards new accelerated its development in Asian markets,
horizons. Focused around innovation, especially in China through the participation at
materials, colours and style, the Maison Watches & Wonders Shanghai and Sanya.
approaches the new financial year with a
revitalised and optimistic vision of the way it In April 2020, Baume – the watch brand that
conceives watchmaking. Tradition and has been created to focus on customisation and
modernity, elegance and personality, nature sustainability – joined Baume & Mercier,
and consciousness will beat the rhythm of the becoming a collection of the Maison.
Baume & Mercier, Les Brenets
Maison throughout the year and will direct all
its initiatives to build the Maison’s future. Always looking to its future, the Maison is
Baume & Mercier has launched new
strengthening its identity, focusing on design,
complications with the Baumatic
Pursuing the success of the Clifton Baumatic watchmaking and collaboration through the
movement in the Clifton collection.
collection, Baume & Mercier introduced new lens of different and creative projects. First and
In April 2020, Baume joined Baume & complications that brought this collection to foremost, the Riviera collection relaunches the
Mercier, becoming a collection. another level. New complications are rebirth of the most iconic Maison collection:
encapsulated within the Clifton Baumatic born in 1973 and coming back today through a
April 2021 saw the relaunch of the iconic day-date, moon phase. It represents the perfect fifth generation targeting new and existing
Riviera collection.
blend of functional considerations, balance in clients. The Maison will highlight the shape of
proportions, and harmony in the choice of Riviera, a distinctive element of the collection.
materials and colours. The Maison decided to expand the Baumatic
calibre to Riviera, further strengthening its
The Maison reinforced its design watchmaking legitimacy.
distinctiveness and legitimacy through the
relaunch and redesign of Hampton, the iconic Besides Riviera, Baume & Mercier will
Baume & Mercier collection inspired by Art continue to reimagine and develop the Clifton,
Deco. For men and women, the Hampton Hampton, Classima and Baume collections,
collection reveals new silhouettes and offers adding more design and watchmaking content.
shapes that pay tribute to the design heritage of
the Maison.
Baume & Mercier has continued its David Chaumet
international development by strengthening its Chief Executive
Established 1830
4 rue André de Garrini, Meyrin, Geneva, Switzerland
Chief Executive Officer David Chaumet
Finance Director Vincent Lachaize
www.baume-et-mercier.com
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IWC Schaffhausen is the engineer and storyteller of fine watchmaking and the choice for ambitious
individuals with an appreciation of mechanics, a sense of style and a taste for adventure.
In a year marked by the Covid-19 pandemic, first luxury watch brand to meet the new 2019
IWC underscored its role as the engineer and Code of Practices set by the Responsible
storyteller of fine watchmaking and used Jewellery Council.
innovative digital concepts and tools to engage
with a worldwide audience. By opening its IWC’s enlarged and refurbished flagship
new and immersive flagship boutique in boutique in Zurich, Switzerland, combines a
Zurich, Switzerland, IWC also paved the way physical shopping experience with innovative
for the future of retail. digital tools, delivering an unparalleled ‘new
retail’ customer experience and service. Styled
In April, IWC presented new Portugieser as the global home of the brand’s classic racing
models. Building on the iconic design team, ‘IWC Racing Works’, it features an
IWC Manufakturzentrum in Schaffhausen established in the late 1930s, IWC introduced original 1955 Mercedes 300 SL with a VR
a broad range of timepieces, all fitted with driving experience, as well as interactive
In 2020, IWC unveiled a broad range of new in-house movements. The Maison supported engineering and racing exhibits.
Portugieser models, all fitted with in-house the digital Watches & Wonders exhibition
movements, including the Portugieser with a digital selling experience, including 3D With many physical points of sales closed
Automatic 40, Portugieser Perpetual
product presentations, an immersive Virtual during the pandemic, e-commerce was a key
Calendar 42 and the first-ever timepiece
with a moon and tide indication.
Reality (‘VR’) booth and an Augmented distribution channel, showing significant
Reality application. growth. To expand its customer service in
IWC published its second sustainability report China, IWC opened its new flagship boutique
to Global Reporting Initiative standards and Taking storytelling to a new level, IWC on Alibaba’s Tmall Luxury Pavilion. The
became the first luxury watch company to released ‘Born of a Dream’. This cinematic Maison pushed the channel’s boundaries with
reach Chain-of-Custody certification by the short film project recalls how the Maison’s the first in-page 3D watch presentation, and a
Responsible Jewellery Council. American founder, Florentine Ariosto Jones, grand opening with a TV show-like live stream
The Maison reopened its flagship store in worked tirelessly to achieve his dream of seen by several million customers in China.
Zurich, Switzerland, with an unparalleled establishing the ‘International Watch
customer experience that spans both physical Company’ in Switzerland. In a sequel, the In 2021, IWC will take its Pilot’s watch
and digital channels. It extended its e-business story of Jones was intertwined with milestones collection to the next level and establish it as
service in China with its own flagship in the life of NFL superstar and seven-time the most complete offering on the market. The
boutique on Alibaba’s Tmall Luxury Pavilion. Superbowl champion, Tom Brady. communication focus will be on the Big Pilot’s
Watch 43, a versatile and ergonomic version of
Delivering its promise to biennial reporting the Maison’s global icon.
and full transparency towards stakeholders,
IWC published its second Sustainability
Report to Global Reporting Initiative
standards. The Maison also became the Christoph Grainger-Herr
Chief Executive
Established 1868
Baumgartenstrasse 15, Schaffhausen, Switzerland
Chief Executive Officer Christoph Grainger-Herr
Chief Financial Officer Lorenz Bärlocher
www.iwc.com
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Since its founding in 1833, Jaeger-LeCoultre has created over 1 200 calibres and
registered more than 400 patents, placing the Manufacture at the forefront of invention
in fine watchmaking. Its leading position stems from its full integration with over
180 areas of expertise gathered under one roof, in the heart of the Vallée de Joux.
2020 focus has been set on protecting Control Chronograph Calendar, a triple
the Maison’s people. Jaeger-LeCoultre calendar associated with a chronograph for the
committed a lot of its resources to ensure a first time by Jaeger-LeCoultre.
year full and rich in creativity in the safest
conditions possible. The Polaris collection was completed with
two new models, the Polaris Mariner Date and
Manufacture Jaeger-LeCoultre, Le Sentier
Known as the watchmaker’s watchmaker, the Polaris Mariner Memovox, exhibiting its
Jaeger-LeCoultre dedicated the year to in-house automatic Memovox calibres for the
Jaeger-LeCoultre celebrated the Soundmaker, celebrating its soundmaking expertise. With first time through an opened case back. The
a tribute to the inventiveness and creativity of more than 200 chiming calibres invented since launch of these watches was supported by the
the Manufacture’s watchmakers who have 1833, Jaeger-LeCoultre has always innovated movie ‘In a breath’ starring Maison
invented over 200 chiming calibres since the in this field, from the iconic alarm function, the ambassador, Benedict Cumberbatch.
Maison’s foundation in 1833. Memovox, to the most prestigious minute
repeaters featuring some of the Manufacture’s Jaeger-LeCoultre also continued to develop
2020 saw the launch of the new Master
400 patents. Jaeger-LeCoultre’s relationship to and strengthen its distribution network. The
Control collection, with a redesigned
case, improvements to the calibres
sound was revealed to the public through a Maison opened new boutiques in Melbourne,
and new complications such as the unique exhibition in China celebrating the Seoul and Toronto and continued the
Chronograph Calendar. chiming innovations of the Manufacture and a expansion of its distribution in China, not only
specially commissioned sound sculpture from with the opening of new boutiques, but also
The elegant sport Polaris collection saw the Swiss artist, Zimoun. Several chiming with the new digital flagship boutique on
launch of two new models, the Memovox timepieces were also revealed this year, Alibaba’s Tmall Luxury Pavilion.
Mariner and the Date Mariner reminiscing starting with the Master Grande Tradition
the marine legacy of the Polaris, the first
Grande Complication equipped with a For the coming year, the Maison will celebrate
sport watch equipped with an alarm back
minute repeater and a structured celestial dial, the iconic Reverso. Born during the Art Deco
in 1965.
and a Master Control Memovox Timer period, the Reverso started its story in 1931.
featuring for the first time a countdown For the 90th anniversary of the swivelling case
function for the alarm. watch, the Manufacture is planning to reveal
several new creations, the most complicated
The year also saw the launch of the redesigned Reverso ever made together with new dial
Master Control collection. Created in 1992, colours and leather straps. The Maison’s
the new collection is a perfect blend of in-house Métiers Rares workshop will also be
watchmaking tradition and 21st century highlighted with more novelties to be revealed
modernity. It features improved calibres with during the year.
enhanced capabilities such as the power
reserve now increased up to 70 hours. The date
function, the geographic complication, the
jumping calendar and the Memovox have been Catherine Rénier
joined with a new complication, the Master Chief Executive
Established 1833
Rue de la Golisse 8, Le Sentier, Switzerland
Chief Executive Officer Catherine Rénier
Finance Director Philippe Hermann
www.jaeger-lecoultre.com
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Panerai is an exclusive technical sports watch Maison; its products feature unmistakable
Italian design and creative innovations, closely associated to the world of the sea.
This year marked the 70th anniversary of the During the year, Panerai welcomed a new
iconic Luminor watches. For this very special ambassador, the famous Japanese actor,
celebration, Panerai launched new models in Takashi Sorimachi. Our ambassadors
the Luminor collection, focusing on Panerai developed their storytelling within all Panerai
emblematic models, the core of the brand. territories, helping the Maison to reach new
audiences. A noticeable achievement of the
New Luminor models in different materials year was the celebration of the 20th
have been introduced, from high-tech anniversary of the ‘Paneristis’, one of the most
materials like CarbotechTM or ScafotechTM up loyal communities in the watch industry. To
to the precious new GoldtechTM. Two new honour this particular occasion, Panerai
Manufacture Panerai, Neuchâtel Prima Assoluta editions were released this launched a new edition of Radiomir and
year: ScafotechTM and EcopangaeaTM, in organised a 100% digital P-Day event.
The iconic Luminor collection celebrated its collaboration with brand ambassador, the
70th anniversary, a very special occasion explorer Mike Horn. To celebrate the year of A new era in marketing has started with a
during which the Maison launched a series of the Luminor, the advertising campaign has strong focus towards digital events, during
innovative models.
been focused on the Panerai emblem: the which new opportunities have been explored,
Panerai has further extended its partnership Luminor Marina 1312. developing new formats and initiatives.
with the America’s Cup team, Luna Rossa,
becoming the official timekeeper of the Panerai has also introduced a new range of Moreover, this year Panerai moved its digital
PRADA Cup. Luminor watches in partnership with the strategy into editorial e-business with the
Italian team competing in the America’s Cup: launch of PamCast, a storytelling platform that
The Maison has focused on its digital strategy
Luna Rossa. In addition, this programme has entertained regularly the enthusiastic Panerai
with initiatives such as the successful 24-hour
further been developed by continuing to take communities around eight themes as diverse as
flash sales on Panerai.com and the storytelling
platform, PamCast.
advantage of skills of the Luna Rossa research Il Laboratorio di Idee, Italian stories or the
and development department, providing Maison’s historical background.
innovative materials for new editions.
The Maison has pursued its retail strategy with
The Maison has committed to a new the opening of new boutiques in key cities,
sponsorship with the Luna Rossa team, reaching now 149 stores in prime locations
becoming the official timekeeper of the around the world. The new retail concept was
PRADA Cup. In a move never previously extended to cities such as San Francisco,
attempted by Panerai, the Maison released the Fukuoka, Singapore and Parkview Green
new Luna Rossa Luminor Special Edition for in Beijing.
sale exclusively online at Panerai.com for
24 hours only, targeting its growing In the years ahead, Panerai will continue to
e-commerce community. Furthermore, the emphasise the spectacular Maison attributes of
partnership with Luna Rossa highlighted technical performance and Italian lifestyle,
the Luminor Regatta and the Maison’s while addressing modern heroes. The Maison
capacity to master innovative materials is working on a major eco-friendly initiative,
and technologies such as the Titanium DMLS, which will be revealed later.
a technology exclusive to the Maison and
to the watch industry, which allows the
creation of ‘3D titanium’, resulting in a saving
of 30% in weight. Jean-Marc Pontroué
Chief Executive
Established 1860 at
Piazza San Giovanni 14/R, Palazzo Arcivescovile, Florence, Italy
Chief Executive Officer Jean-Marc Pontroué
Chief Financial Officer Olivier Bertoin
www.panerai.com
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Richemont Annual Report 2021.pdf 15 27/07/2021 10:03Piaget began in 1874, with a unique vision: always push the limits of innovation
to be able to liberate creativity. Positioned as a reference for precious watches and
known for its audacity, it enjoys unrivalled credentials as both a watchmaker
and jeweller. Two fully integrated Manufactures enable the Maison to reaffirm its
unique expertise in gold and jewellery crafting as well as ultra-thin movements.
Piaget’s iconic Possession collection turned cinema to music, design, and artistry. Through
30 this year. The Possession collection has a series of heartfelt videos, these unique
grown to encompass colourful bracelets, women shared their life lessons to inspire
earrings and necklaces beyond the iconic ring. other women.
Four new creations in yellow gold were
launched in commemoration of the very first Piaget also launched an extraordinary Haute
yellow gold Possession ring that started this Joaillerie collection, Wings of Light, an
extraordinary journey. invitation to a joyous journey to a fantasy land
of magic and mystery, romance and rarity.
In 2020, the Altiplano Ultimate Concept To reveal this collection, the Maison created
watch, the thinnest mechanical watch in the major events in Hangzhou, Hong Kong
world, won the prestigious ‘Aiguille d’Or’ at and Seoul.
Piaget’s Manufacture and headquarters, Geneva
the 20th Grand Prix d’Horlogerie de Genève,
the ultimate prize of the industry. The Two milestones marked the Maison’s ongoing
The Possession collection turned 30 and has
Altiplano Ultimate Concept continues the development in China. In May, Piaget
grown with four new creations in yellow gold
Maison’s great legacy of mastering ultra-thin unveiled its official flagship store on Alibaba’s
in commemoration of the very first yellow
gold Possession ring. watchmaking. Tmall Luxury Pavilion, to offer an extra level
of online experience. Piaget was proud to
In 2020, Piaget brought together international As one of Piaget’s iconic and glamourous become an official partner and designated
Extraordinary Women and shared their life designs, the Limelight Gala watch opened a jewellery brand of the 23rd Shanghai
lessons to inspire other women through a brand-new chapter in its history with the International Film Festival. Piaget continues
series of heartfelt videos. introduction of an automatic movement, a first its long-standing commitment in supporting
for the collection. The Limelight Gala the film industry.
The Altiplano Ultimate Concept watch, the
thinnest mechanical watch in the world, won
campaign was built around a central theme:
the prestigious ‘Aiguille d’Or’ at the The Extraordinary Women. Going forward, Piaget will continue to assert
20th Grand Prix d’Horlogerie de Genève. its unique identity by expanding its iconic lines
Piaget brought together Chen Man, Jessica and creating countless audacious, daring and
Chastain, Olivia Palermo, Constance Wu, extraordinary masterpieces for its Watch,
Gong Hyo-Jin, Shiva Safai, Balqees Fatih, Jewellery and High Jewellery collections.
Arianne Philips, Carineh Martin and
Cynthia Erivo in celebration of being a woman
today. Those Extraordinary Women are
exceptional in their fields, ranging from Chabi Nouri
Chief Executive
Established 1874
37, chemin du Champ-des-Filles, Geneva, Switzerland
Chief Executive Officer Chabi Nouri
Chief Financial Officer Giorgio Ferrazzi
www.piaget.com
16 Richemont Annual Report and Accounts 2021
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Richemont Annual Report 2021.pdf 16 27/07/2021 10:03Representing a disruptive blend of distinctive character and Hyper Horology expertise,
Roger Dubuis has been at the forefront of the contemporary watchmaking scene since 1995.
Over the years, the Maison has been well-known for its limitless obsession for conceiving, designing
and inventing the future of Haute Horlogerie and for its fearless determination to challenge the
rules of classical watchmaking through a resolutely expressive and contemporary approach.
The exceptional degree of vertical integration The enduring partnership with Lamborghini
within Manufacture Roger Dubuis enables it to Squadra Corse, based on cutting-edge
enjoy the comprehensive mastery of its in- performance, groundbreaking technology and
house production, certified by the prestigious striking aesthetics, gave birth to
Geneva seal. This capacity has gradually adrenaline-charged masterpieces, completing
contributed to its specialisation in spectacular the Excalibur Spider Huracan and
limited or unique editions, as well as its Aventador S collections.
enviable reputation in the domain of
skeletonised and complicated calibres. Drawing inspiration from the partnership with
Pirelli, the Maison also released a new
With its daring character paired with unleashed interpretation of its Excalibur Spider, featuring
creativity, Roger Dubuis keeps voicing its a stunningly complicated single flying
unique values: an excessive attitude brought to tourbillon in a 39mm case.
life through pleasure, madness and freedom.
This year, Roger Dubuis focused on sustaining The year marked the era of Roger Dubuis’
Roger Dubuis’ Manufacture and headquarters, Geneva
its technical and horological supremacy, digital transformation, with a strong push in
emphasising the Maison’s craftmanship, the Maison’s e-commerce activities,
Roger Dubuis focused on sustaining its
combining state-of-the-art technology with connecting its world to a younger clientele and
technical and horological supremacy,
emphasising the Maison’s craftmanship
traditional métiers, yet focusing on its providing access to Hyper Horology
yet focusing on its disruptive, audacious disruptive character, well expressed by the anywhere, anytime and with any device.
and daring character, through a new claim: ‘No Rules, Our Game’.
communication: ‘No Rules, Our Game’. The digital evolution reached its apex with the
Since 2005, Roger Dubuis has been shaking launch of a new experience in digital space
In 2020, the Maison introduced its latest the world of Hyper Horology with its artistic through Roger Dubuis’ first virtual flagship
interpretation of its Excalibur collection, approach to skeleton designs, regularly store. From product showcase to the exclusive
restyling an icon in a contemporary way.
reinterpreted through a fervid creativity and Manufacture visit, all has been designed to
Its digital transformation was showcased in the use of innovative materials. This year, the offer a truly immersive way to plunge into the
different elements of the Maison’s activities, Maison has introduced the latest evolution of Maison’s universe.
from the expansion of its e-commerce its iconic Excalibur collection, restyling the
footprint to its first virtual flagship store. original design of the Excalibur Double Flying In the year ahead, the Maison will keep
Tourbillon to give it a contemporary touch. increasing its value proposition by
strengthening its Hyper Horology supremacy
Such a resolutely expressive and contemporary while asserting its unique identity and
approach is attested to in every aspect of Roger delivering on its promise of being ‘the most
Dubuis and corroborated by the creation of a exciting way to experience Hyper Horology’.
new boutique concept introduced this year in
Shenzhen, China, fully incarnating the values
of the Maison and its innovative spirit.
Nicola Andreatta
Chief Executive
Established 1995
2 rue André de Garrini, Meyrin, Geneva, Switzerland
Chief Executive Officer Nicola Andreatta
Finance Director Vincent Lachaize
www.rogerdubuis.com
Richemont Annual Report and Accounts 2021 17
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Richemont Annual Report 2021.pdf 17 27/07/2021 10:03Crafting eternity since 1755, Vacheron Constantin is the world’s oldest watch
Manufacture in continuous production, faithfully perpetuating a proud heritage
based on transmitting expertise through generations of master craftsmen.
Epitomising the spirit of ‘Beautiful High The Maison strengthened its long-standing
Watchmaking’, Vacheron Constantin partnership with the Musée du Louvre and
continues to create outstanding timepieces for demonstrated its commitment to art and culture
connoisseurs who value technical excellence, by participating in the ‘Bid for Le Louvre’
understated luxury aesthetics and finishing to auction for which a bespoke one-of-a-kind
the highest standards. Les Cabinotiers watch was auctioned, with all
proceeds to support the solidarity projects of
Over the last year, Vacheron Constantin Le Louvre. The acquirer of this exceptional
devoted itself to concentrating on a limited piece will have the opportunity to personalise
production with a long-term value strategy, the timepiece through full participation in its
and providing strong client engagement, the creation, along with experts and master
highest levels of quality and desirability. craftsmen of Vacheron Constantin and the
Musée du Louvre.
Key new launches were revealed at the first
Watches & Wonders digital event in which the Vacheron Constantin continued to build a
first Overseas Perpetual Calendar consistent and selective distribution network
Openworked was revealed and applauded by around the world. This included the opening of
clients and the press. It was later awarded the boutiques in key cities such as Seoul,
Calendar and Astronomy prize at the Grand Frankfurt, Lisbon and Bahrain, as well as the
Prix de l’Horlogerie de Genève. Other constant improvement of its network of
highlights of the event included Les retailers and numerous digital and
Cabinotiers timepieces with the unveiling of omni-channel initiatives.
Vacheron Constantin’s Manufacture and headquarters, Geneva the Tempo, a unique masterpiece celebrated as
the most complicated wristwatch ever made by Staying true to its values and motto, the
With the continued development of Les the Maison, and the Métiers d’Art Singing Maison will keep innovating in 2021,
Cabinotiers; the Maison expresses the
Birds series showcasing ultimate artistic crafts. leveraging its expertise and creativity to
ultimate know-how in both technical and
delight its clients. Vacheron Constantin looks
Métiers d’Art fields.
The year was also marked by the introduction to the future with caution and confidence,
The launch of the new Égérie collection of a new collection, Égérie, inspired by and building on its successful collections, its
was a success and increased the appeal of the dedicated to women. The launch was a major unassailable reputation for fine craftsmanship,
Maison among women. success and increased the appeal of the Maison its unique one-to-one approach to client
among women. Other collections such as relations as well as the talent and commitment
Vacheron Constantin kept demonstrating its
Patrimony, Traditionnelle and Fiftysix of its teams – all forged in accordance with
commitment to art and culture by participating
performed well, while the elegant sport François Constantin’s motto “do better if
in the ‘Bid for Le Louvre’ auction.
segment covered by the Overseas collection possible, and that is always possible”.
continue to grow.
Louis Ferla
Chief Executive
Established 1755
10 Chemin du Tourbillon, Geneva, Switzerland
Chief Executive Officer Louis Ferla
Finance Director Gil Weinmann
www.vacheron-constantin.com
18 Richemont Annual Report and Accounts 2021
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Richemont Annual Report 2021.pdf 18 27/07/2021 10:03Online
Distributors
Key results
Sales (€m)
2021 2 197
2020 2 427
Operating result (€m)
2021 -223
2020 -241
Percentage of Group sales
2021
Online Distributors 16%
Richemont’s Businesses
Richemont Annual Report and Accounts 2021 19
Business review
2021 Richemont divider pages.indd 19 27/07/2021 17:19Founded in 2002, Watchfinder buys, services and sells pre-owned watches. It is the
recognised leader in this business area. Watchfinder operates both online and through
its network of boutiques and showrooms, predominantly in the UK, enabling it to reach
customers wherever they are through a fully integrated, omni-channel approach.
As a leader in the market for pre-owned twelve to 24 months together with the opening
watches, Watchfinder is focused on the of two boutiques in Europe: the first in the
customer experience, whether buying or heart of Geneva and the second in the
selling. The company presents an prestigious eighth arrondissement of Paris.
unparalleled selection of watches, all owned
by Watchfinder, that have all been Watchfinder’s YouTube channel continued to
authenticated, inspected and restored to be in delight and educate audiences around the
proper working condition in Watchfinder’s world, with over 620 000 subscribers,
manufacturer-accredited service centre. As a underlining its leadership, the desirability of its
result, customers can buy watches backed by a offer and approach, and its independence in the
Watchfinder at Bongénie, Geneva Watchfinder warranty with complete watch segment. It is by far the most popular
confidence. To date, the business has dedicated watch channel on the platform. The
The UK operations weathered both Covid-19 generated a vast number of independent content broadcasts Watchfinder’s expertise,
and Brexit with agility and its businesses in
Trustpilot reviews with an average rating independence and broad choice of watches to
France, Germany, Hong Kong SAR, China,
of 5/5 stars. an international audience.
Switzerland and the US have delivered strong
growth.
During the year, Watchfinder weathered the Watchfinder’s part exchange (trade-in) service
Watchfinder opened its first international impact of both Covid-19 and Brexit with is now live in close to 100 luxury boutiques in
boutique in the centre of Geneva, in agility and focus on the end-client, delivering the six countries where it has direct operations,
partnership with Bongénie, followed by a on important enhancements to its watch and has several new partners coming onboard
boutique in the eighth arrondissement of purchasing and multi-territory stock offer, in the year ahead.
Paris. Its part exchange (trade-in) service is watch pricing and new partnerships. In the first
now live in close to 100 luxury boutiques in
half of the year dominated by Covid-19 Next year, and with post-Covid-19 recovery
the six countries where it has direct
operations.
lockdowns, the mission of its significant UK planning underway, Watchfinder will focus on
business was to ensure the highest level of its leadership position in the UK; continuing to
Client satisfaction, independence and trust client service, continue to build the customer transform its operating processes to serve its
were at the core of Watchfinder’s mission, base and drive e-commerce growth through fast-growing international business; and
highlighted in the extension of its warranty, nimble redeployment of its teams and enhancing its brand awareness and customer
strong growth in subscribers to its leading streamlining of operations. Internationally, the experience globally.
YouTube channel and independent Trustpilot US business unit was launched and all markets
reviews.
focused on maintaining a high level of service
and e-commerce capabilities. The second half
of the year began to see the results of Matt Bowling
improvements in its data-driven pricing, the Chief Executive
extension of the Watchfinder warranty from
Established 2002
Invicta House, Pudding Lane, Maidstone, England
Chief Executive Officer Matt Bowling
Finance Director Patrick Addor
www.watchfinder.co.uk
20 Richemont Annual Report and Accounts 2021
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Richemont Annual Report 2021.pdf 20 27/07/2021 10:03YOOX NET-A-PORTER is the world leader in online luxury and fashion. As the pioneer in combining
the realms of luxury and technology, it has two decades of experience in global e-commerce, meeting
the needs of modern luxury customers through superior service, mobile-led innovation, high-quality
content, an expertly curated multi-brand selection and advancements in sustainability.
Multi-brand online stores, NET-A-PORTER, The technology and logistics replatforming of
MR PORTER, YOOX and THE OUTNET, are NET-A-PORTER commenced as part of a
connected within an ecosystem alongside the long-term vision to drive global expansion and
Online Flagship Stores Division which further enrich the customer experience.
partners with luxury brands to power their
e-commerce destinations. Together they serve This year also marked the launch of Infinity, a
YOOX NET-A-PORTER Tech Hub, London an exceptional base of high-spending ten-year sustainability strategy, designed to
customers across 180 countries, working with transform the way fashion is made, sold and
YOOX and NET-A-PORTER celebrated their the world’s most coveted luxury brands. used. In partnership with HRH The Prince of
20th anniversaries, marking their exceptional Wales’ The Prince’s Foundation, The Modern
track record in luxury e-commerce. This year, NET-A-PORTER and Artisan collection was launched, the result of a
MR PORTER exclusively collaborated with charitable training initiative that guided
Sustainability initiatives included the launch
many brands, including Gabriela Hearst, students to design, craft and bring to market a
of a ten-year sustainability strategy, Infinity,
launched AZ Factory and hosted a unique sustainable luxury collection. Sustainable
and The Modern Artisan collection.
virtual event with Watches & Wonders, platforms, NET SUSTAIN and YOOXYGEN,
featuring 14 prestigious Maisons. have both expanded to now feature over
MR PORTER, YOOX and THE OUTNET 175 consciously crafted brands within the
also developed their private label collections. curated edits.
The Online Flagship Stores Division was The businesses remain focused on their
selected by Cartier (UK) and Montblanc to mission to connect people with the joy of
power their successful e-commerce platforms. luxury and fashion that lasts a lifetime and
beyond. Continued success as the leaders in
NET-A-PORTER’s flagship store on selective distribution will be driven by the
Alibaba’s Tmall Luxury Pavilion now brings evolution of business models, expert
Chinese customers a hand-picked curation of customer-centric retail practice and service, an
240 brands. In the Middle East, NET-A- exceptional curation of the world’s leading
PORTER deepened its presence with the brands, technology and sustainability
launch of a fully localised store. innovation and global expansion.
Technology innovations included the
expansion of YOOX Mirror, the virtual styling
tool, and cutting-edge pilots for digital ID. Geoffroy Lefebvre
Chief Executive
Established 2000
Via Morimondo 17, Milan, Italy
Chief Executive Officer Geoffroy Lefebvre
Finance Director Paola Agasso
www.ynap.com
www.net-a-porter.com www.mrporter.com www.theoutnet.com www.yoox.com
Richemont Annual Report and Accounts 2021 21
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Richemont Annual Report 2021.pdf 21 27/07/2021 10:03Other
Key results
Sales (€m)
2021 1 345
2020 1 788
Operating result (€m)
2021 -241
2020 -141
Percentage of Group sales
2021
Other 10%
Richemont’s Maisons
22 Richemont Annual Report and Accounts 2021
Business review
2021 Richemont divider pages.indd 22 27/07/2021 17:19“My obsession is to make women beautiful. When you create with this in mind
things can’t go out of fashion.” Azzedine Alaïa
Alaïa has been a legendary Parisian Couture Asia, but also to expand the Maison’s network
House since 1964, which, beyond fashion, with the opening of the Bon Marché and the
reveals the power of femininity and the Petite Boutique in Paris, focused around a
timelessness of beauty in the spirit of its meaningful sustainability and charity concept.
namesake creator. Azzedine Alaïa’s free and The Maison also developed a stronger digital
uncompromising mind still imbues the footprint and strategy, focusing on campaign
Maison’s invention in all things. activations, its own e-business and key digital
partnerships such as with NET-A-PORTER.
7 rue de Moussy, Paris Following the arrival of the new executive
team, Alaïa launched the first steps in fostering Most importantly, this year saw the strategic
Pieter Mulier was appointed Creative the Maison’s development while perpetuating appointment in February of Pieter Mulier as
Director. its outstanding legacy. Creative Director, who stands out for his
remarkable technical talent and sense of
Moved to only two collections per year These steps involved re-enforcing the beauty. His creative leadership and innovative
and launched the Editions, a permanent Maison’s fundamentals, structuring the spirit will be key to push forward the Maison
wardrobe curated from the archives
collections and setting up new creative teams with modernity, with the greatest respect for
between 1981 and 2017.
in Image and Product to ensure innovation, Azzedine Alaïa’s legacy.
Introduced Alaïa at the Bon Marché and desirability and further expertise for knitwear
the opening of the Petite Boutique in Paris. and accessories. The Maison launched the In the year ahead, the Maison will see the
implementation of a singular product strategy launch of Alaïa’s Spring / Summer 2022
moving to only two collections per year and collection, the first envisioned by Pieter Mulier
combining both fashion and heritage through and available in stores next December. Along
permanent and seasonal creations with high with this key moment, Alaïa will build its
topicality. The Editions, a wardrobe curated communication strategy through exclusive
from the archives, was successfully launched events and will strengthen its image as well as
with a strong worldwide communication push its digital activity. These initiatives will
including PR events and digital campaigns support continued growth and build greater
in November. awareness of Alaïa’s distinctive vision of
modern femininity and timeless beauty.
The year under review was also marked by the
Covid-19 crisis it led the teams not only to
secure existing distribution and key
partnerships including those in the US and Myriam Serrano
Chief Executive
Established 1964
7 rue de Moussy, Paris, France
Chief Executive Officer Myriam Serrano
Finance Director Amélie Meunier
www.maison-alaia.com
Richemont Annual Report and Accounts 2021 23
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Richemont Annual Report 2021.pdf 23 27/07/2021 10:03 “We are on a journey to design beautiful, purposeful, solutions-driven fashion that works for everyone.
A place to experiment and try new things, our way.” Alber Elbaz
AZ Factory believes in smart fashion that With AZ Factory’s first product story,
cares. Built around the core principles of love, MyBody, Mr Elbaz re-imagined the little black
trust and respect, Alber Elbaz founded the dress for today. The MyBody product story is
digital luxury Maison as a fashion reset. enhanced with AnatoKnit technology, a
Innovation and technology are seamlessly specially engineered knitwear that gently
blended with traditional craftsmanship to shapes the silhouette while providing support
design beautiful, solutions-driven fashion that and comfort.
works for everyone.
The inspiration for the second product story,
AZ Factory opened its doors for business Switchwear, came from the desire to give the
during the official Paris Haute Couture 2021 gift of time. Switchwear promises a quick look
line-up with the Show Fashion, a modern spin transformation, going from leisurewear to
on the traditional fashion show focusing on fabulous in under one minute with bodysuits,
educational entertainment. This 30-minute hoodies, pyjamas and glam duchesse add-ons
digital film unveiled the Maison’s origins, made from recycled yarn.
mission and first product stories.
The third product story, Pointy Sneaks,
At the close of the Show Fashion, the combines the comfort of a sneaker with the
The late Alber Elbaz AZ Factory direct-to-consumer website went elongating visual effect of a pointy-toe pump.
live with products available for immediate The sneakers became a fast favourite with
Launch of AZ Factory on 26 January 2021 purchase. With the promise to interact with clients worldwide, one of the best sellers for
with the Show Fashion, an entertaining and clients as friends, the Alber & Amigos the Direct-To-Customer business.
educational digital event during Paris Haute membership programme also went live,
Couture 2021. providing first access to the latest brand news, Next for AZ Factory is the release of the
an Near-Field-Communication enabled SuperTech-SuperChic product story, taking hi-
First product stories launched: MyBody,
product experience, and special surprises from tech to high-fashion. Eco-dyed nylon
Switchwear, and PointySneaks.
Mr Elbaz himself. microfibre fabrics traditionally used in
activewear are transformed into seasonless
The Maison initially launched with two fashion pieces inspired by couture.
exclusive commercial partners, Farfetch and
NET-A-PORTER. Immediately following the In the year ahead, the future of AZ Factory will
launch, special experiences were unveiled with be defined in accordance with the
both. The AZ Factory World Tour created with fundamentals of creativity and innovativeness
Farfetch provided an immersive, virtual pop- dear to founder Alber Elbaz. The first semester
up boutique for consumers to discover the will be dedicated to the edition of the last
designs in 3D. The Talk Show with product stories finalised by Alber.
Alber Elbaz & Friends, a live-streaming event
from NET-A-PORTER featured Mr Elbaz in
conversation with Kristin Scott Thomas,
Rachel Khoo and Charli Howard. Laurent Malecaze
Chief Executive
Established 2019
261 Boulevard Raspail, Paris, France
Chief Executive Officer Laurent Malecaze
Finance Director Laetitia de Mathan
www.azfactory.com
24 Richemont Annual Report and Accounts 2021
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