Luxury Brand Management in Digital and Sustainable Times. Michel Chevalier
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Laurent in 2005 but grew extremely fast until 2013 when Saint Laurent was doing very poorly. Then Saint Laurent woke up and did extremely well, and Bottega Veneta was stuck with decreasing volume and profitability. It may have woken up now, but we still have to wait to find out.
Table 2.10 Kering Historical Sales and Results (€ million)
Source: PPR annual reports.
| Sales | Operating Profit | ||||||
|---|---|---|---|---|---|---|---|
| 2019 | 2015 | 2010 | 2005 | 2019 | 2009 | 2008 | |
| Gucci | 9,628 | 3,898 | 2,266 | 1,807 | 3926 | 618 | 625 |
| Saint Laurent | 2,049 | 974 | 237 | 162 | 552 | –10 | 0 |
| Bottega Veneta | 1,168 | 1,286 | 402 | 160 | 207 | 92 | 101 |
| All others Unallocated | 2,537 | 1,707 | 484 | 907 | 306 (213) | –75 | 5 |
| Total | 15,383 | 7,865 | 3,389 | 3,036 | 4,778 | 625 | 731 |
Richemont. The Compagnie Financière Richemont, based in Geneva, with sales of €13.9 billion was, for many years, the second major operator in the luxury fashion, jewelry, and watch businesses. But probably because of difficulties in the sales of watches, and little involvement in the fashion business, it has developed slower than its competitors in the past 5 years (see Table 2.11). In 2019, it integrated and consolidated the two online distribution systems: NAP (Net à Porter.com) and Y (now called YNAP).
The company's results by product lines are given in Table 2.12.
Table 2.11 Richemont Historical Sales and Profit (€ million)
Source: Richemont annual reports.
| Sales | Operating Profit | Net Profit | |
|---|---|---|---|
| 2019 2018 2017 2015 2013 | 13,989 10,979 10,647 10,410 10,150 | 1,943 1,844 1,764 1,339 2,426 | 2,787 1,221 1,210 2,387 2,005 |
Table 2.12 Richemont Performance by Product Lines, 2005–2019 (€ million)
Source: Richemont annual reports.
| Sales | Operating Profit | ||||
|---|---|---|---|---|---|
| 2019 | 2015 | 2010 | 2005 | 2019 | |
| Jewelry houses | 7,083 | 5,168 | 2,688 | 844 | 2,229 |
| Specialty watches | 2,980 | 3,325 | 1,437 | 1,750 | 378 |
| Online distribution | 2,105 | N.A. | (100) | ||
| Writing instruments | 551 | 297 | |||
| Leather and accessories | 584 | 780 | |||
| Other businesses | 1,881 | (264) | |||
| Unallocated | 46 | ||||
| Total | 13,989 | 10,410 | 5,176 | 3,671 | 1,943 |
* Starting in 2010, leather and accessories and other businesses have been merged.
In 2019, the jewelry houses (Cartier and Van Cleef & Arpels) represented 51% of sales and 115% of operating profit, with Cartier probably being the biggest contributor, but the growth performances of Van Cleef & Arpels have certainly been extraordinary in the past 10 or 12 years. Specialty watches (which include Vacheron Constantin, Baume & Mercier, Jaeger-LeCoultre, Lange und Söhne, Officine Panerai, IWC, and Piaget) also performed quite well.
The performance of Montblanc (with Montegrappa first included in the figures then sold out) was certainly quite impressive as well. The only bad news was in the leather-goods category (which now only includes Dunhill), which has probably been losing money. Now that this category is merged with other businesses, it will be more difficult to follow.
Richemont is both a