LONDON — Compagnie Financière Richemont, parent of brands including Cartier, Dunhill, Lancel and Chloé, is set to report its first-half results on Friday morning, and there is no doubt that analysts and the press alike will be peppering company principals with questions about possible disposals in the firm’s soft luxury division.
However, according to an internal company memo seen by WWD and signed by Richemont’s chairman and principal shareholder Johann Rupert, there are no disposals or initial public offerings in the cards.
“It has been widely speculated that CF Richemont is planning to sell/dispose of various maisons…We are not going to comment on press speculation but, as the controlling shareholder, it is my pleasure to confirm to you that I have no intention of disposing of any maison. We also have no intention of taking any of our maisons public through an IPO,” the memo read.
“For over a quarter of a century, our shareholders have benefited from superior returns on their investments. This was achieved by careful planning and nurturing of the Brand Equity of our maisons.
“As the controlling shareholder, I have always supported you, the Heads of the maisons. Our dividend policy has been prudent — preferring to put the money to work inside the maisons.
“Through carefully nurturing our resources we have today over euro 3.8 billion [$5.13 billion] on our balance sheet. Our shareholders expect us to build brand equity and to create goodwill, not merely to buy it. Let us continue to build more great maisons.”
WWD has reported, citing industry sources, that Lancel, Net-a-porter and Chloé are being shopped around. Richemont has denied that Net-a-porter is for sale, and has so far declined to comment on other potential disposals.
Last week, Thomas Chauvet of Citigroup in London published a detailed report in which he said he expects Richemont to make a “complete exit” from fashion and accessories in a bid to refocus on its hard luxury brands. The aim would be to forge a more “homogenous” group that generates higher margins and capital returns.
Taking the final spot on the mens’ portion of New York Fashion Week calendar next month will be none other than @tomford. Though he’s shown his men’s wear in New York in the past, this will mark the first time the designer has shown his men’s collection alone during New York Fashion Week: Men’s. His runway show will debut on February 6 at the Park Avenue Armory. #wwdfashion
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Minnie Mouse celebrated her 90th birthday by getting her own star on the Hollywood Walk of Fame. For her celebratory luncheon, @coach’s creative director @stuartvevers dressed her in a custom made prairie dress, complete with Vever’s take on the polka dot – black sequined versions – under a cropped motorcycle jacket. The designer also put his own mark on Minnie’s classic red shoes, infusing the color with sparkles and adding some Coach crystals. “We chose colors that were very Minnie and also represented quintessential Coach elements,” said Vevers. #wwdfashion #nationalpolkadotday (📷: George Chinsee)
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@margotrobbie steps out onto the red carpet wearing @miumiu. The actress is nominated for “Outstanding Performance by a Female Actor in a Leading Role” in “I, Tonya” at the #SagAwards. (📷: Stewart Cook) #wwdfashion
For @massimogiorgetti of @msgm, the Nineties are his favorite decade. “They had a huge impact on my personal growth. What I like of the Nineties is that they are not so precise in terms of style as other decades…there was actually a bit of everything,” he said. As seen on MSGM’s Spring 2018 show: tie-dye and a bit of grunge, two styles that are synonymous with the decade #wwdfashion #wwddecades (📷: @kukukuba)