Richemont, founded by South Africa’s richest man Johann Rupert, has increased its brand portfolio by acquiring Italian jeweler Vhernier S.p.A. (Vhernier).
Earlier this week, the group announced a private transaction to buy 100% of Vhernier, an iconic Italian jewelry brand.
Subject to customary closing conditions and regulatory approvals, the Vhernier transaction is not expected to have a meaningful impact on Richemont’s net assets or operational performance in the fiscal year ending March 31, 2025. The transaction corresponds with Richemont.
The deal is consistent with Richemont’s growth strategy under Rupert’s leadership and expands the group’s jewelry portfolio, which includes iconic names such as Buccellati, Cartier, and Van Cleef & Arpels.
Vhernier was founded in 1984 in Valenza, Italy, and is located in Milan. It is known for its modern style and commitment to great craftsmanship. The Traglio family purchased Vhernier in 2001, and the company is anticipated to use Richemont’s global reach to grow its network of mono-brand boutiques and distribution in important regions such as Europe and the United States.
Vhernier Chairman Carlo Traglio and CEO Maurizio Traglio remarked, “We are delighted that Maison Vhernier has joined Richemont, the indisputable leader in design jewelry. We are confident that our unique jewelry Maison will thrive under Richemont’s management, knowledge, and careful nurturing.”
Johann Rupert, Chairman of Richemont and South Africa’s richest man, said, “Maison Vhernier brings a distinguished and distinctive design that beautifully blends modern, sleek, and elegant shapes with unconventional materials, magnified by exceptional craftsmanship.” This distinct design nicely matches our existing array of prestigious jewelry Maisons.
The Vhernier transaction comes as analysts and investors wait for Richemont’s 2024 annual results. Despite global uncertainty, the group’s third-quarter sales in fiscal 2024 exceeded $6.1 billion, representing an 8% increase at constant exchange rates and a 4% increase at real rates.
This sales increase was driven by excellent results in major areas, particularly Japan, Asia Pacific, and the Americas. The Asia-Pacific area saw a 13% gain in sales, driven by a combined 25% growth in mainland China, Hong Kong, and Macau.
Richemont’s stock price has increased by almost 20% year-to-date, bringing its market capitalization above $80 billion. This remarkable performance has benefited shareholders, especially Johann Rupert, who owns 10.18% of the corporation and has 51% of the voting rights.
This year, his net worth climbed by $614 million to $13 billion, making him South Africa’s richest man. His share in Richemont is currently worth $9.16 billion.
