Leading luxury businesses to form a joint venture
Tuesday, March 6, 2007
Richemont and Polo Ralph Lauren decided to join their skills and rich experience in order to form a joint venture, the name of which is Polo Ralph Lauren Watch and Jewelry Company, S.A.R.L. The representatives of the global luxury business decided to unite their efforts in order to develop luxury timepieces and fine jewelry items.
After the new products are manufactured, they will be distributed through Ralph Lauren boutiques and independent retailers of jewelery items and luxury timepieces. The first jointly developed products are to appear in the fall of the following year.
Richemont and Polo Ralph Lauren will equally share 50 percent of the new joint venture. The partners hope for long-term cooperation. The union will be a completely new experience for both Richemont, which has never cooperated with a luxury fashion designer before, and Polo Ralph Lauren, which, until the present day, has not maintained any links with the precious jewelry and luxury watch businesses.
Ralph Lauren, holding the post of Polo Ralph Lauren's Chairman and Chief Executive Officer , believes that the company's experience in the area of designing and marketing luxury lifestyle products will blend with Richemont’s experience on a global scale.
Johann Rupert, owning the position of Richemont's Executive Chairman counts on Ralph Lauren's reputation and image based upon distinctive taste, style and attention to detail. He hopes that the newly formed joint venture will benefit from these factors, as well Richemont’s expertise in the area of jewelry and watches.
- "Polo Ralph Lauren and Richemont - New Great Joint Venture" — , March 6, 2007
- "Richemont and Polo Ralph Lauren announce joint venture" — , March 5, 2007
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