• Dangerous games

    Employers' body Neasa is playing a potentially dangerous game, says Terry Bell.

  • Rational thinking

    All players should first consider the net result of their actions, says Leopold Scholtz.

  • Telkom's property poser

    BEE may be hindering Telkom's plans to offload redundant real estate, says Gugu Lourie.

Data provided by iNet BFA
Loading...
See More

Richemont in JV with China jewellery giant

Jan 20 2013 09:52 AP


Company Data

COMPAGNIE FINANCIERE RICHEMONT SA [JSE:CFR]

Last traded 101.06
Change -1.02
% Change -0.01
Cumulative volume 954217
Market cap 527.53bn

Last Updated: 01/08/2014 at 11:22. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Co-CEOs to replace Richemont's Rupert

Richemont drives JSE to new record

Richemont down as Swiss exports drop

Richemont acquires VVSA

Richemont to acquire Peter Millar

Richemont forecasts rise in H1 profit

 

Geneva - Swiss luxury goods group Richemont [JSE:CFR] and the world's largest jewellery chain, Chinese Chow Tai Fook, have agreed to create a joint venture, Swiss daily Le Temps reported in its online edition late on Saturday.

Citing a source inside Richemont, the newspaper said that the two luxury brands would each control 50% of the new company, which would distribute watches made by Richemont luxury watchmaking brand Baume & Mercier in mainland China.

It will be tasked with boosting the Geneva brand's sales in China, the world's second largest market for luxury goods, Le Temps reported.

Chow Tai Fook, which was founded more than 80 years ago and went public in late 2011, meanwhile views the deal as a way to accelerate its watch distribution business, according to the report.

The Chinese company already distributes a long line of Swiss brands, several of them owned by Richemont, including Cartier, Piaget and Jaeger-LeCoultre.

No financial details of the deal were revealed.

richemont
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
1 comment
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

A cash flow crunch often occurs in small businesses trying to balance cash coming in with cash going out. Watch this video to help you improve.
 
 

No need to keep up with the Joneses

Fin24 users provide their own personal tips on how to save money instead of trying to keep up with the Joneses.

 
 

Start saving...

Where can you stash your cash?
Time the key for retirement saving
Dummy's guide to saving
Save money with affordable account

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...