Richemont Joins up with Chinese Luxury Chain

by swisscham in Business

Geneva-based luxury goods group Richemont and the world’s largest jewellery chain, Chinese Chow Tai Fook, have agreed to create a joint venture, reported the Swiss newspaper Le Temps. Citing a source inside Richemont, the newspaper said in an online report on Saturday that the two luxury brands would each control 50% of the new company, which would distribute watches made by Richemont luxury watchmaking brand Baume & Mercier in mainland China. The Chinese company already distributes a long line of Swiss brands, several of them owned by Richemont, including Cartier, Piaget and Jaeger-LeCoultre. No financial details of the deal were revealed.

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