Richemont, one of the most important luxury groups, and fashion designer Alber Elbaz announced the signing of an agreement to form a joint venture, called “AZfashion” (AlberelbaZfashion). AZfashion will be an innovative and dynamic start up, meant to turn dreams into reality. Richemont owns several of the world’s leading companies in the field of luxury goods, with particular strengths in jewellery, luxury watches, and writing instruments.
After positions at a number of other fashion houses, Elbaz was the creative director of Lanvin in Paris from 2001 until
Johann Rupert, Chairman of Richemont, said in a statement that he was struck by Alber Elbaz’s creativity and insight.
“So happy to find a new home at Richemont,” Alber Elbaz wrote on Instagram. “AZfashion will be an innovative+dynamic Start-Up… Dream Factory…A place To Dream, To Think and to Bring Joy to Everyone. Thank you all for your love and support.”
“I am very happy to partner with Richemont and to establish my “dream factory”, which will focus on developing solutions for women of our times. I am extremely excited to collaborate with good people, talented and smart individuals and look forward to also having a lot of fun with this new adventure,” commented Alber Elbaz.
“His talent and inventiveness, with his sensitivity towards women and their wellbeing, will be of great value to our Group and its Maisons. We warmly welcome Alber to Richemont and look forward to an exciting partnership,” commented Johann Rupert.
Richemont luxury Maisons encompass several of the most prestigious names in the luxury industry including Cartier, Van Cleef
& Arpels, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Vacheron Constantin, Montblanc, dunhill and Chloé.
Richemont also owns leading online distributors YOOX NET-A-PORTER GROUP and Watchfinder & Co.
At the end of September, Richemont announced that it has acquired 100% of Buccellati Holding Italia S.p.A., the owner of Buccellati, the renowned Italian jewellery Maison, in a private transaction with Gangtai Group Corporation Limited, a privately held conglomerate. Buccellati’s jewellery creations are renowned for their highly distinctive look-and-feel evoking silk, damask, tulle and linen. All jewellery pieces are handcrafted with techniques dating back to the Renaissance, in Buccellati’s four in-house workshops, all located in Italy. Buccellati is also active in the fields of watchmaking and silverware.
The transaction closed on 26 September 2019 and will have no material financial impact on Richemont’s consolidated net assets or operating result for the year ending 31 March 2020. The results of Buccellati will be reported under the Jewellery Maisons business area.
Yesterday, Richemont has replaced the boss of its Chloe luxury-fashion brand. Chloe Chief Executive Geoffroy de la Bourdonnaye will step down at the end of November and be replaced by Riccardo Bellini, the Paris-based label said in a press release on Thursday. Bellini is currently chief executive of the Maison Margiela fashion label, which is owned by Italy’s OTB Group.