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Richemont chairman Johann Rupert and François‐Henri Pinault, chairman of Kering and Artemis, join Farfetch and Alibaba in search for global, integrated, omnichannel, luxury retail concept.
Multibrand watch retailers under-perform direct sales by the group's watch brands through owned and operated physical stores and ecommerce.
Investment from Alibaba and Richemont would likely be part of a strategy to extend Farfetch's reach into the Chinese market.
Few businesses are going to look back on 2020 with any satisfaction, but Richemont has misused the covid crisis.
Investors will instead be rewarded with warrants that can be converted into new shares in three years.
Wendy Luhabe, a social entrepreneur and economic activist from South Africa, could challenge the group's male, pale and stale image.
Sales by the group's watchmakers were down by 56% from €833 million to €359 million at actual exchange rates. Jewelry sales were down by 41%.
Richemont-owned jewelry and watch brand Piaget has launched a digital showroom that you can walk around, browse and get advice.
Cyrille Vigneron expected to take charge with Jérôme Lambert moving to head up Online Distributors.
Sophie Guieysse is stepping down immediately from her senior executive committee role and will not stand for re-election to the board.