Compagnie Financiere Richemont AG has taken full control of jewelry house Van Cleef & Arpels by acquiring the remaining 20 percent stake still held by the Arpels family, for an undisclosed sum. The move is part of the Arpels family’s strategy to build a luxury goods conglomerate in Italy.
While confirming the acquisition, a Richemont spokeswoman had no further comment. The Swiss luxe group owns a portfolio of brands including Cartier, Piaget and Alfred Dunhill. Johann Rupert, chief executive of Richemont, has said he believes Van Cleef eventually could be as big as Cartier. Richemont’s sales were $3.69 billion in the year ended last March.
In a statement, Van Cleef & Arpels said the transaction was amicable. Claude Arpels, a descendant of the family that founded the company in Paris almost a century ago, remains on the board of Van Cleef & Arpels USA.
"The sale of our historic family company allows us to focus on our activities in Italy," said Arpels, who is currently chief executive officer of Redwall Group. Last month, Arpels took control of Redwall, a Bologna-based leather goods firm that produces the accessories and clothing brands Redwall and Borbonese.
Together with several investors, Arpels said he was looking at "opportunities in Italy that our family…would like to take advantage of to create, in the next couple of years, a significant core of luxury brands."
In particular, Arpels said he was focused on luxury brands that had "growth potential in international markets, with particular emphasis on the U.S. market." He said an acquisition will be announced "in the next few weeks."
As reported last month, sources here say Arpels is interested in acquiring Alessandro Dell’Acqua’s business, currently owned by the designer and his partner, Gianandrea Cataneo. Dell’Acqua designs the Borbonese line.
While some might question the idea of creating a new luxury pole in this difficult economy, when many luxury goods groups are cutting costs and revising their strategies, Armando Branchini, vice president of Intercorporate, a luxury goods analyst here, said, "This is exactly the moment to be brave and go against the current because there are some golden opportunities out there."Branchini said Arpels is helped by an experienced, in-depth knowledge of the luxury business. "The Arpels know the sector inside-out and they have the financial resources that allow them to be selective."
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)
Not only does #TheProfit return to CNBC tonight, but @marcuslemonis has launched @shopmarcus, a new shopping and lifestyle retail experience in Aspen and Chicago, with more locations to come. The retail stores offer in-store stylists and a variety of contemporary womenswear selections.
“It’s life, I’m going to face it,” @mingxi11 sighed. “I fell, but you know, I think the most important thing is that I get back up. I had the love, the help from my sister — the girl next to me Gizele [Oliveira] — she’s so nice. When I went backstage everybody was trying to comfort me like ‘Oh Ming, it’s OK.’ I’m really, really touched. I think it’s them who gave me the courage to go back on stage for the finale,” Xi told WWD of her fall at the @victoriassecret fashion show. (📷: David Fisher) #wwdfashion #vsfashionshow #victoriassecret
@louisvuitton tapped @therealpeterlindbergh for its latest city-centric photo book, which is part of a series called Fashion Eye. The primarily black and white book captures the spirit of Berlin in 57 images shot between 1989 and 2019. “Berlin is an inspiration for me, more than a city. I mean @millajovovich is simply Berlin!” said Lindbergh. #wwdfashion
“You know, I think audiences expect a certain performance so I have to deliver to them what they’re expecting to a certain degree. But I’m also a different actor and a different person, I have my own spin on the character,” says @noahegalvin of his takeover of the leading role in “Dear Evan Hansen” following the departure of @bensplatt, who originated the role. Read WWD’s interview with the 23-year-old actor on WWD.com #wwdeye (📷: @jilliansollazzo)
For pre-fall 2018, @etro created richly-colored wonderland, using tapestries, textiles and wallpapers from the Eastern world at large. The line featured floral and graphic prints and jacquard motifs, like this two-piece look featured here. #wwdfashion (📷: Giovanna Pavesi)
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)