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COMPAGNIE FINANCIERE RICHEMONT SA - Richemont Acquires Watchfinder.co.uk Limited

Release Date: 04/06/2018 07:05
Code(s): CFR     PDF:  
Wrap Text
Richemont Acquires Watchfinder.co.uk Limited

Compagnie Financière Richemont SA 
Depositary Receipts issued by Richemont Securities SA 
("Richemont Securities" or "Richemont") 
(Incorporated in Switzerland) 
Share code: CFR 
ISIN: CH0045159024 
Depositary Receipt Code: CFR


COMPANY ANNOUNCEMENT 


1 JUNE 2018


RICHEMONT ACQUIRES WATCHFINDER.CO.UK LIMITED


Richemont, the Swiss luxury goods group, is pleased to announce that it has reached agreement to acquire 100% of the share capital of Watchfinder.co.uk Limited ("Watchfinder" or "the Company"), the leading pre-owned premium watch specialist, in a private transaction with its shareholders.

Established in 2002 in the United Kingdom, Watchfinder has grown organically under the careful stewardship of co-founder Stuart Hennell to become the leading platform to research, buy and sell premium pre-owned watches, both online and through its seven boutiques. In addition, Watchfinder operates a highly qualified customer service centre and employs c.200 employees worldwide. 

Commenting on the transaction, Mr Johann Rupert, Chairman of Richemont, said:

"Sixteen years ago, Watchfinder's founders foresaw the need for an online marketplace for premium pre-owned timepieces. Watch enthusiasts themselves, they established Watchfinder to provide excellence in customer experience. We believe there are substantial opportunities to help grow the Company further. Today, Watchfinder operates both as an 'online' and 'offline' business in a complementary, growing, and still relatively unstructured segment of the industry. 

Together with YOOX NET-A-PORTER and our stake in Dufry, the acquisition of Watchfinder is another step in Richemont's strategy. It will enable us to better serve the sophisticated needs of a discerning clientele. 

We welcome Stuart Hennell and his team, and look forward to ensuring Watchfinder remains the compelling destination for premium pre-owned timepieces."

The transaction is expected to close in the summer of 2018 and will have no material impact on Richemont's consolidated net assets or operating result for the year ending 31 March 2019.


Corporate calendar

The Group's annual general meeting will be held on Monday 10 September 2018 in Geneva.


About Richemont

Richemont owns a portfolio of leading international 'Maisons' which are recognised for their distinctive heritage, craftsmanship and creativity. The Group operates in three segments: Jewellery Maisons, being Cartier, Van Cleef and Arpels and Giampiero Bodino; Specialist Watchmakers, being A. Lange and Söhne, Baume and Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Officine Panerai, Piaget, Roger Dubuis and Vacheron Constantin; and Other, including Alfred Dunhill, Azzedine Alaïa, Chloé, Lancel, Montblanc and Peter Millar as well as watch component manufacturing activities.

In addition, Richemont's voluntary public tender offer for all ordinary shares of YOOX NET-A-PORTER GROUP S.p.A. is expected to complete in June 2018.

For the financial year ended 31 March 2018, Richemont reported sales of EUR 10 979 million, operating profit of EUR 1 844 million and profit for the year of EUR 1 221 million.

Richemont 'A' shares are listed on the SIX Swiss Exchange, Richemont's primary listing, and are included in the Swiss Market Index ('SMI') of leading stocks. Richemont South African Depository Receipts are listed in Johannesburg, Richemont's secondary listing.


Investor/analyst and media contacts 

Sophie Cagnard, Corporate Communications Director 
James Fraser, Investor Relations Executive

Investors/analysts        +41 22 721 30 03        investor.relations@cfrinfo.net
Media                     +41 22 721 35 07        pressoffice@cfrinfo.net
                                                  richemont@teneobluerubicon.com


COMPAGNIE FINANCIERE RICHEMONT SA
50, CHEMIN DE LA CHENAIE | CASE POSTALE 30 | 1293 BELLEVUE | GENEVA | SWITZERLAND
TELEPHONE +41 (0)22 721 3500 
WWW.RICHEMONT.COM


Sponsor: RAND MERCHANT BANK (A division of FirstRand Bank Limited)


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