Company profile
- Industry
- Luxury goods
- Founded
- 1988
- Ownership
- Publicly traded
Profiles are auto-generated and infrequently updated.
Decisions on record
2 verified Decision Records on Richemont, and the casebook each one belongs to.
| Fork date | Decision type | What Richemont chose | Where it stood | The story | Casebook |
|---|---|---|---|---|---|
| 2018 | Adjacency Expansion | Buy out remaining YNAP stake | profit rose 27% to €3.484 billion, partly from non-recurrence of the YNAP write-down (2026) | Read the story → | Adjacency Expansion Casebook → |
| 2024 | Adjacency Expansion | Hand off YNAP | grew 8% year-over-year to €15.33 billion (2025) | Read the story → | Adjacency Expansion Casebook → |
Videos on Richemont
Run one of these yourself
The decisions Richemont faced, as kits you can run.
Each pack takes one of these decisions and gives you the framework, a deck for the room, a model that resolves to one number, and the sourced cases behind it. $499, one-time.
Growth & PortfolioThe Adjacency ExpansionWhen does the business next door belong to you?See the pack →People & ControlThe Founder ControlWhat does holding control cost you, and what must it be worth?See the pack →Moat & CompetitionThe Moat AnatomyWhat would it actually cost a challenger to take your customer?See the pack →
The analyses
The Adjacency Expansion · Growth & Portfolio
Richemont Kept Trying to Escape Jewellery. It Kept Getting Dragged Back.
Richemont owns Cartier and a string of jewellery houses that generated €15.33 billion in sales in FY2025 — and it spent a fortune learning that Cartier's halo only stretches so far. Its biggest leap away from hard luxury, the YNAP e-commerce empire, posted a €1.46 billion loss from discontinued operations in its FY2024 financial year and was handed off at a write-down.
7 min
The Adjacency Expansion · Growth & Portfolio
Richemont Spent €5 Billion to Learn It Bought the Wrong Business in 2018
Richemont paid for Yoox Net-a-Porter as a digital triumph and exited it in 2025 by paying someone to take it away. Over €5 billion in non-cash charges later, the verdict isn't that it ran the bet badly. It's that the bet was wrong on the day it was made.
8 min
The Founder Doctrine · People & Control
Johann Rupert Holds 10% of Richemont's Equity and 51% of the Vote — by Constitutional Design
It looks like founder mythology. It's a legal machine: ~10% of the equity, B shares constitutionally fixed at 50% of the vote, plus a sliver of A shares to tip the count to 51%. Rupert is structurally irremovable without his own consent.
7 min
The Moat Anatomy · Moat & Competition
Richemont Sells Itself as a Watch Empire. The Money Is in the Necklaces.
Everyone files Richemont under Swiss watches. But in FY2025 its Jewellery Maisons booked €15.3 billion at a ~32% margin, while the famous watchmakers fell to roughly €3.3 billion and a 5.3% margin. The hard-luxury moat is a high-jewellery moat wearing a watch on its wrist.
8 min