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PUBLIC at a glance
PUBLIC CONTENTS 3 THE GROUP AT A GLANCE 8 HOW WE OPERATE 12 SUSTAINABILITY 18 OUR LATEST FIGURES 23 APPENDIX
PUBLIC
THE GROUP AT A GLANCE
*
*End March 2021
**May 2021
Founded A leading luxury
in 1988 goods group
CHF 50 bn** € 13 bn € 1.5 bn € 3.4 bn
Market capitalisation Sales Operating profit Net cash
Top 8 SMI
Top 3 JSE
3
PUBLIC
THE GROUP AT A GLANCE
*
*End March 2021
25 Maisons and businesses Over 35 000 Employees
(including over 8 000 in
Switzerland)
7 Schools 9 Main Foundations 2 247 Boutiques
supported (of which 1 190 internal)
Richemont Headquarters by architect Jean Nouvel, Geneva
4
PUBLIC
FROM THE PAST INTO THE FUTURE
207 188 174 153 128 115 102 69 26 19
1755 1814 1830 1833 1845 1847 1860 1868 1874 1893 1906 1919 1928 1952 1983 1995 2001 2002 2015 2021
*
266 191 176 161 147 115 93 38 20 6
*Both YOOX and NET-A-PORTER were founded in 2000
5
PUBLIC
1988 – 2020: UNIQUE PORTFOLIO MOSTLY BUILT BY ACQUISITIONS
1988 1990’s 2000’s 2010’s 2020’s
6 10 15 24 25
6
PUBLIC
A WORLDWIDE PRESENCE
*
*End March 2021
Sales by geographical area
Japan Middle East and Africa
7% 7%
Americas
18%
Europe
23%
Operating in
Europe 38 Europe
locations
Asia Pacific
45%
2 247 boutiques
Cartier store in Cannes, France
7
PUBLIC HOW WE OPERATE
PUBLIC
WHAT WE STAND FOR
Our corporate culture is
determined by the Collegiality Freedom
principles we live by
They affect what we do
and why we do it
They shape how we behave
every day — in all areas Solidarity Loyalty
of our business
9
PUBLIC
HOW OUR BUSINESS OPERATES
We work as business partners
Headquarters
Our Maisons
and businesses SEC Strategy, Capital Allocation
are directly in charge of: Strategic Product & Guide the Maisons by verifying that decisions on Products,
Communication Committee Communication and Distribution are appropriate and consistent with
Creation Maisons’ identities & strategies
Product Development
Manufacturing Central Functions Provide guidelines, set policies & standards, and provide control
and support on:
Marketing
Communication HR, IP, Legal, Marketing Services, Finance, Manufacturing, CSR, Real
Distribution Network Estate, Logistics, Security, Health & Safety and IT
Customer Services
in order to preserve their Regional Functions
distinctiveness, unique heritage Provide the right business environment for Maisons and Businesses to
(Europe & Latin America; grow their brand equity and develop sustainably by running efficient
and DNA, and enable their North America; Asia Pacific; local operations and attracting the best local talents
individual creativity to flourish Japan; Middle East, India
and Africa)
HR, Finance, Logistics, IT, Real Estate, Security, Health & Safety and
Building & office services
10PUBLIC
FOCUS ON SUSTAINABLE CASH GENERATION
⟩ Build goodwill rather than acquire goodwill
⟩ Create value over the long term
⟩ Never undertake actions that would favour the short term to the detriment of the long term
⟩ "Create moats" developing sustainable competitive advantages
⟩ Generate steady cash flows and dividend growth (priority of cash over margins)
⟩ Cash is our fortress and enables to seize opportunities
Net cash, € m ∆% Cash flow from operations, € m ∆%
FY21 3 393 +42% FY21 3 561 +27%
FY20 2 395 -5% FY20 2 797 +20%
FY19 2 528 -52% FY19 2 331 -14%
FY18 5 269 -9% FY18 2 723 +44%
11PUBLIC SUSTAINABILITY
PUBLIC
OUR TRANSFORMATIONAL CSR STRATEGY
Our ‘Movement for Better Luxury’ is supported by four focus areas: People, Sourcing, Environment and
Communities - each of which has an owner at Group level and a series of commitments. These four areas are
encompassed by strong governance, active engagement and continuous innovation in materials and processes.
13PUBLIC
OUR SUSTAINABILITY PROGRAMMES
Aim
to minimise the environmental impacts of
our business operations
Help
our people to realise their potential in a
supportive and stimulating environment
Invest
in local communities where we operate
Work
with business partners to foster sustainable
practices
Headquarters in Geneva, Switzerland
14PUBLIC
UNITED NATIONS GLOBAL COMPACT
Richemont is a participant in the
United Nations Global Compact,
the world’s largest corporate
sustainability initiative
UNGC participants align strategies and
operations with universal principles on
human rights, labour, environment and
anti-corruption, and take actions that
advance societal goals
15PUBLIC
DIVERSITY IS OUR CULTURE
*
*End March 2021
British Others
6% 23%
German
6%
Swiss
8%
At Richemont, we ensure
Men
equality for all, regardless of
48% nationality, ethnicity,
Italian Nationalities
9% gender identity, age,
religion, ability status, sexual
orientation and any other
American types of diversity.
9% People
Managers
French
Chinese 22%
17%
58 %
of total workforce Women
are women 52%
16PUBLIC
RESPONSIBLE SOURCING, MANUFACTURING AND DISTRIBUTION
01 02 03
Sustainable manufacturing and
Responsible sourcing Eco-friendly distribution
office facilities
Richemont requests all its suppliers to Since 2010, all our new manufacturing Use of smaller boxes for e-commerce
provide assurance that supplies have been facilities have been designed with very deliveries, working towards the complete
sourced in a way which respects human special care for the environment removal of plastic laminates from
and labour rights, and the environment shopping retail bags and, whenever
The IWC manufacture in Schaffhausen possible, use of 100% responsibly-sourced
Richemont is an active member of the RJC along with 7 of our other manufacturing wood-based materials certified by the
(Responsible Jewellery Council) with Cartier facilities do not use any fossil energy for Forestry Stewardship Council
being one of the founding members heating or cooling purposes and produce
no direct CO2 emissions Environmental-friendly lighting with LED
We consider how the environment is technology in our renovated boutiques
affected throughout the supply chain, The Campus Genevois de Haute
favouring, for instance, recycled gold over Horlogerie runs on 100% renewable energy, Panerai’s Shanghai Plaza 66 boutique
mined gold producing zero carbon emissions received GOLD LEED certification in July
2017. LEED stands for Leadership in Energy
and Environmental Design
17PUBLIC OUR LATEST FIGURES
PUBLIC
FINANCIAL HIGHLIGHTS
*
*End March 2021
€ 13 billion € 1.5 billion 11% € 3.4 billion
Turnover Operating Profit Operating Margin Net Cash Position
Group sales (€ m) Operating Profit (€ m) and Operating Margin
FY21 13 144 -8% FY21 1 478 11.2%
14 238 +2% 1 518 10.7%
13 989 +27% 1 943 13.9%
11 013 +3% 1 844 16.7%
10 647 -4% 1 764 16.6%
11 076 +6% 2 061 18.6%
FY15 10 410 +4% FY15 2 670 25.6%
0 2 000 4 000 6 000 8 000 10 000 12 000 14 000 16 000 0 500 1 000 1 500 2 000 2 500 3 000
19PUBLIC
SALES BY REGION
*
*End March 2021
EUROPE ASIA PACIFIC AMERICAS JAPAN MIDDLE EAST AND AFRICA
€ 3.0 billion € 5.9 billion € 2.4 billion € 0.9 billion € 0.9 billion
vs prior year
constant rates
-30% +22% -10% -21% +4%
FY21 sales by region (€ m) vs prior year % FY21 sales
actual rates
Middle East and Africa
5 937 7%
ASIA PACIFIC +19% Japan
4 992
7%
2 955
EUROPE -31%
4 298
2 388 Asia Pacific
AMERICAS -15% Americas 45%
2 806
18%
940
JAPAN -22%
1 212
MIDDLE EAST 924
-1%
AND AFRICA 930
0 2 000 4 000 6 000 8 000
Europe
23%
FY20 sales
20PUBLIC
SALES BY DISTRIBUTION CHANNEL
*
*End March 2021
RETAIL ONLINE RETAIL WHOLESALE**
€ 7.2 billion € 2.8 billion € 3.1 billion
vs prior year
constant rates
+2% +9% -25%
FY21 sales by distribution channel (€ m) vs prior year
% FY21 sales
actual rates
Online Retail
19%
7 248
Retail -1%
7 338
2 794
Online Retail +6% Retail
2 646 55%
3 102
Wholesale** -27%
4 254 Wholesale**
24%
0 2 000 4 000 6 000 8 000
FY20 sales
** includes royalty income
21PUBLIC
SALES BY BUSINESS AREA *
*End March 2021
JEWELLERY MAISONS SPECIALIST WATCHMAKERS ONLINE DISTRIBUTORS OTHER BUSINESSES
€ 7.5 billion € 2.2 billion € 2.2 billion € 1.3 billion
vs prior year
constant rates
+7% -19% -7% -23%
vs prior year % FY21 sales
FY21 sales by business area (€ m)
actual rates
Other
10%
Jewellery
Jewellery 7 459
Maisons
Maisons +3%
7 217 Online
Specialist Distributors
Specialist 2 247
Watchmakers
Watchmakers -21% 17%
2 859
Online Jewellery
2 197
Distributors
Online -9%
Distributors 2 427 Maisons
57%
Other
1 345
Other -25%
1 788 Specialist
Watchmakers
0 2 000 4 000 6 000 8 000 17%
FY20 sales
22PUBLIC APPENDIX
PUBLIC
25 MAISONS & BUSINESSES
4 business areas:
Jewellery Maisons Specialist Watchmakers Online Distributors Fashion &Accessories/Other
24PUBLIC
RETAIL NETWORK - WORLDWIDE
31 March 31 March Net change
2021 Internal Franchise 2020 Internal Franchise Total Internal Franchise
Jewellery Maisons 463 326 137 457 321 136 +6 +5 +1
Cartier 269 201 68 270 203 67 -1 -2 +1 Total
139
Van Cleef & Arpels
Buccellati 55
102
23
37
32
140
47
99
19
41
28
-1
+8
+3
+4
-4
+4
Boutiques
Specialist Watchmakers 767 324 443 719 320 399 +48 +4 +44
Piaget 119 70 49 117 75 42 +2 -5 +7 2 247
IWC 185 56 129 166 54 112 +19 +2 +17
Jaeger-LeCoultre
Panerai
154
145
56
56
98
89
137
132
53
52
84
80
+17
+13
+3
+4
+14
+9
Of which
Vacheron Constantin 93 46 47 89 44 45 +4 +2 +2 Internal Boutiques
Other SW* 71 40 31 78 42 36 -7 -2 -5
1 190
Online Distributors 13 13 0 19 19 0 -6 -6 0
Other - Fashion & Accessories 1 004 527 477 971 515 456 +32 +12 +20
M ontblanc 638 290 348 600 277 323 +38 +13 +25
Chloé 231 121 110 235 121 114 -4 0 -4
dunhill 98 91 7 103 96 7 -5 -5 0
Peter M illar 18 6 12 18 7 11 0 -1 +1
Other F&A* 19 19 0 15 14 1 +4 +5 -1
Total 2 247 1 190 1 057 2 166 1 175 991 +80 +15 +65
* Other SW - A. Lange & Söhne, Baume & Mercier, Roger Dubuis; Online Distributors - Watchfinder & Co.; Other F&A - Alaïa, Purdey, Serapian
25PUBLIC
OUR 7 SCHOOLS
Creative Academy
(Milan)
INSTITUTE OF Institute of Swiss Watchmaking
SWISS WATCHMAKING (Hong Kong SAR, Shanghai
and Dallas)
L’Ecole des Arts Joailliers
(Paris)
L’Ecole des Métiers Retail Academy
Artisans de Haute (Hong Kong SAR,
Horlogerie (Geneva) Shanghai and
New York)
Institut Horlogerie Cartier (La Chaux-de-Fonds)
Institut Joaillerie Cartier (Paris)
26PUBLIC
MAIN FOUNDATIONS SUPPORTED
Cartier Philanthropy Laureus Sport for
Good Foundation
Cologni Foundation for Artistic The Michelangelo Foundation for
Craft Professions Creativity and Craftsmanship
Fondation Azzedine Alaïa Fondation Culturelle
Montblanc
Fondation Cartier
Pour l’Art Contemporain
Peace Parks
Foundation
Fondation de la
Haute Horlogerie
27PUBLIC
OUR PEOPLE
*
*End March 2021
Middle East
and Africa
Japan 3%
6% Rest of Europe
Americas 37%
9%
8y
Av. Seniority
39y
Europe
Europe
Av. Age
5y 60%
Time in
Asia Pacific position
22% Corporate
& Regional
24 %
55%
Functions
S&D
Switzerland
23% 21 %
Manufacturing
28PUBLIC
OUR ORIGINS
Listed in Johannesburg (90%) and Zurich (10%)
Compagnie Financière Richemont Initial offering price = CHF 5.00
̴ to CHF 2.20 after splits/ restructurings
Luxury Goods Tobacco Financial Natural Diversified Compagnie Financière
34.1% equity interest
90%
43.8% voting interest
Services Resources Consumer Goods Richemont was
established in September
Luxco North American
TransAtlantic
Holdings PLC
Resources Limited
Fosforera
Española SA
1988 in Switzerland,
(50%)
Cartier Monde Rothmans * with the spin-off of the
Piaget
International PLC The Continental
& Industrial Trust Frontier Holdings Inc Diversa SA non-SA assets of the
Baume & Mercier
Holding
PLC
Rembrandt Group
Capital & Counties Metal Powder
Ind. de Fósforos
y Encendederos SA
Limited, now known as
Dunhill Holdings Products Inc
PLC
PLC Fósforos del Pirineo SA Remgro Ltd and founded
(Montblanc,
Dunhill, Chloé)
Sun Life Assurance Harken Energy Conservas La Tila SA in the 1940’s by Anton
Society PLC Corporation Viuda de Solano SA
Rupert
* Founded in 1973
29PUBLIC
KEY GROUP DEVELOPMENTS SINCE 1988
Merger of
Foundation of Buyout of Rothmans’ Merger of pay Merger of Rothmans Merger of VLG with Separation of NET-A- Issue of a Issue of a
Compagnie minority (40%) television interest with with BAT. Richemont Richemont; Richemont’s luxury good PORTER and € 4 billion € 2 billion
Financière shareholders Canal+. Richemont owns 23.3% of BAT Mr Rupert remains business from its other YOOX bond bond
Richemont, listing owns 15% of Canal+ Executive Chairman of interests (notably stake in GROUP (49%
on SIX and the JSE the Management Board BAT now under Reinet) owner)
1988 1993 1995 1996 1997 1998 1999 2000 2001 2002 2008 2010 2015 2018 2020
Foundation of Vendôme Merger of Buyout of VLG Acquisition of LMH (JLC, Mr Rupert becomes Acquisition of Acquisition of 100%
Luxury Group (VLG) and Richemont’s and minority (30%) IWC, L&S) and disposal of Chairman of 93% of NET-A- of YOOX NET-A-
listing on the UK stock Rembrant’s tobacco shareholders interest in Vivendi (2.9%) Richemont PORTER.COM PORTER GROUP
exchange businesses
30PUBLIC
LEGAL OWNERSHIP STRUCTURE
Compagnie Financière Richemont SA
50% votes Geneva 50% votes
Listed 522.0m A Registered Shares Private 522.0m B Registered Shares
90.9% of Capital / Economic Participation 9.1% of Capital / Economic Participation
Listed & traded on SIX Swiss Exchange Unlisted
(Reuters "CFR.VX" / Bloomberg "CFR:VX") and included 100% owned by Compagnie Financière Rupert
in the Swiss Market Index ('SMI') of leading stocks. ISIN
CHF 0.10 par value
CH0210483332
B shareholders receive 1/10th (10%) of the dividend per share
South African depository receipts in respect of
paid to A shareholders
Richemont 'A' shares are traded on the Johannesburg
Stock Exchange operated by JSE Limited (Reuters
"CFRJ.J" / Bloomberg "CFR:SJ"). ISIN CH0045159024
Richemont South African Depository Receipts are
issued in registered form
CHF 1.00 par value
1m A shares minimum needed to request that an item
be placed on the agenda for the AGM
Treasury shares are held in relation
to Executive Stock Options
31PUBLIC
SALES BY PRODUCT LINE
*
*End March 2021
WRITING
JEWELLERY WATCHES CLOTHING LEATHER GOODS OTHER
INSTRUMENTS
€ 5.6 billion € 4.1 billion € 1.6 billion € 1.1 billion € 0.3 billion € 0.4 billion
vs prior year
constant rates +10% -13% -6% -18% -17% -30%
FY21 Sales by product line (€ m) vs prior year % of FY21 Sales
actual rates
Other
Writing Instruments
3%
Jewellery
5 553 +7% 2%
5 205 Leather Goods
9%
4 085 -15%
Watches
4 816
1636
Clothing -9%
1 792 Clothing 13%
Leather 1129
-20% Jewellery
goods 1 415
42%
Writing 308
-20%
instruments 383
433 -31%
Other
627
0 1 000 2 000 3 000 4 000 5 000 6 000 Watches
31%
FY20 sales
32PUBLIC
SALES EVOLUTION 2000-2021
*
*End March in € billions
14.2
14.0
13.1
11.1 11.0
10.4 10.6
10.2 10.0
8.9
5.3 5.4 5.2
6.9
>4X
In 21 years
4.8
4.3
3.7 3.9 3.7 3.7
3.4
2.9
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
33PUBLIC
FINANCIAL HIGHLIGHTS
Solid cash flows, financing critical investments, led to a strong net cash position
5 791
5 269
€m
3 561
3 393
2 723 2 797
2 528 *
2 331 2 395
1 896
826 735 * Net acquisition of fixed assets, primarily in
599 513 manufacturing facilities and boutiques
487
2017 2018 2019 2020 2021
34PUBLIC
FINANCIAL HIGHLIGHTS
Gross profit, € m Cash flow from Operating profit, € m
operations, € m 3 561
8 645 8 611
7 861 2 797 1 943
2 723 1 844
7 150 1 764
6 799
2 331
1 518 1 478
1 896
2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021
35PUBLIC
DIVIDENDS; PAID AND PER A SHARE/10 B SHARES *
*FY ending 31 March
CHF 2.00
€ 1 017 m
CHF 1.80
1000 € 918 m CHF 1.90 2.50
CHF 1.70
€ 926 m
CHF 1.60 € 878 m
€ 854 m
CHF 2.00***
800 2.00
CHF 1.40
Dividends per share (in CHF)
€ 650 m
600 CHF 1.00* 1.50
€ 529 m
in € millions
CHF 1.00
€ 452 m
400 1.00
CHF 0.45 CHF 0.55
€ 204 m € 250 m
200 0.50
0 0.00
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
** Warrants under the shareholder loyalty scheme issued on 27 November 2020
*** For shareholder approval at Sept 2021 AGM 36PUBLIC
SHARE PRICE SINCE FLOTATION
(in CHF)
120
100
80
60
40
20
0
37PUBLIC
SHARE PRICE OVER 10 YEARS
(in CHF)
120
100
80
60
40
20
0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
38At Richemont, we craft the future
Buccellati • Cartier • Van Cleef & Arpels •
A. Lange & Söhne • Baume & Mercier • IWC • Jaeger-LeCoultre • Panerai • Piaget • Roger Dubuis • Vacheron Constantin •
Watchfinder & Co. • NET-A-PORTER • MR PORTER • THE OUTNET • YOOX • ONLINE FLAGSHIP STORES •
Alaïa • AZ Factory • Chloé • dunhill • Montblanc • Peter Millar • Purdey • SerapianYou can also read
