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Fashion United
3 days ago
- Business
- Fashion United
New book from Federico Marchetti, "The Geek of Chic," set for September release
Federico Marchetti's new book, with a foreword by Giorgio Armani, will be released in English on September 9th. The book, "The Geek of chic: an american dream italian style" (304 pages, 18.99 dollars), is published by the American publisher Post Hill Press. The book is described as an "inspiring story full of successes, mistakes, honesty and what it takes to start from scratch, with the aim of giving courage to anyone who wants to change the world". At the beginning of 2000, Marchetti secured a multi-million dollar investment from Benchmark, a venture capital firm, and transformed it into Yoox Net-a-Porter Group (YNAP). YNAP was later sold to Richemont, the Swiss group that owns Cartier among other brands, for six billion dollars. The book's introduction states, "Marchetti found his recipe for success by combining the technical skills of Silicon Valley with Italian creativity and humanism. His approach to business draws on this Italian DNA, yet Marchetti helped bring fashion into the 21st century by building the first Italian unicorn, in a country lacking digital infrastructure and technological culture." The cover of The Geek of chic: an american dream italian style Credits: Federico Marchetti website Marchetti's story unfolds against the backdrop of European landscapes: Milan, Lake Como, Venice, and the English Royal Palaces. His journey begins with a challenging Italian childhood. It touches on many of the most significant moments in international business of recent decades, from working in the Twin Towers to studying at Columbia Business School, to launching a startup just before the dotcom bubble. Along the way, he meets the most influential figures in the tech world, from Jeff Bezos to Bill Gates and Mark Zuckerberg. The book's introduction concludes, "Marchetti sits on Armani's board of directors as the only non-family member, attends fashion shows, and co-invests in Luca Guadagnino's films. The Geek of chic is as inspiring as it is entertaining, full of style, surreal situations, unexpected events, and sliding doors moments." The New Yorker wrote of Marchetti that "no one has done more than Federico to bring e-commerce to fashion," and the New York Times called him "The man who put fashion online." In 2021, the then Prince of Wales, now King Charles III, asked him to chair the Fashion Task Force of the Sustainable Markets Initiative. Marchetti and King Charles, who share a passion for craftsmanship and education, also conceived The Modern Artisan project in 2018. This initiative created an ongoing collaboration between The King's Foundation (formerly The Prince's Foundation) and YNAP, designed to encourage young students and artisans to create sustainable luxury using data and technology. This article was translated to English using an AI tool. FashionUnited uses AI language tools to speed up translating (news) articles and proofread the translations to improve the end result. This saves our human journalists time they can spend doing research and writing original articles. Articles translated with the help of AI are checked and edited by a human desk editor prior to going online. If you have questions or comments about this process email us at info@
Fibre2Fashion
16-07-2025
- Business
- Fibre2Fashion
Switzerland's Richemont kicks off FY26 with strong Q1 sales of $6.2 bn
Swiss luxury group Richemont has reported a solid start to fiscal 2026 (FY26), with sales rising by 6 per cent year-over-year (YoY) at constant exchange rates to €5.41 billion (~$6.27 billion) in the first quarter ended June 30, 2025. At actual exchange rates, sales increased by 3 per cent YoY, despite persistent macroeconomic and geopolitical uncertainties. Region-wise, the growth was led by double digit increases in Europe, the Americas and Middle East and Africa, more than offsetting Japan's sales decline against high prior-year comparatives; sales in the Asia Pacific region remained stable, Richemont said in a press release. Richemont has reported a strong start to FY26 with Q1 sales rising 6 per cent YoY at constant rates to €5.41 billion (~$6.27 billion). Growth was led by Europe, the Americas, and the Middle East & Africa, offsetting declines in Japan. All sales channels grew 6 per cent. The group maintained a strong net cash position of €7.4 billion (~$8.58 billion) as of June 30, 2025. In Europe, sales grew by 11 per cent, driven by robust demand from local clients and overall positive tourist spend. Almost all main markets in the region saw an increase in sales this quarter, with notable performances in Italy and Germany. In the Americas, sales growth remained strong at 17 per cent, driven by supportive local demand across all business areas and markets. Sales in the Middle East & Africa region rose by 17 per cent, led by the United Arab Emirates market as well as higher tourist spend. In Japan, sales declined by 15 per cent against a demanding 59 per cent comparative in the prior-year period, with a strengthening Yen strongly reducing tourist spend, most notably from Chinese clientele, whilst local demand remained positive. Asia Pacific sales were stable overall versus the prior-year period, as a 7 per cent decline in China, Hong Kong and Macau combined was fully compensated by robust growth in almost all other Asian markets. Sales in Australia and South Korea were up double digits, added the release. Channel-wise, all distribution channels posted 6 per cent growth at constant exchange rates. Retail contributed €3.73 billion, accounting for 69 per cent of group sales, with growth seen across all regions except Japan. Online retail rose to €323 million, and wholesale and royalty income reached €1.36 billion, driven by increases in the Americas, Europe, and Middle East & Africa. Richemont maintained a robust net cash position of €7.4 billion (~$8.58 billion) as of June 30, 2025, slightly up from €7.3 billion in the previous year. This follows a €426 million cash outflow related to the sale of YNAP to Mytheresa on April 23, 2025. Fibre2Fashion News Desk (SG)
IOL News
16-07-2025
- Business
- IOL News
Luxury goods group Richemont sees strong first quarter sales growth across key markets
Richemont's headquarters in Geneva. The JSR and Switzerland listed luxury goods group reported a relatively robust 6% increase in global sales in its first quarter to June 30. Image: Supplied Compagnie Financière Richemont SA increased sales 6% to €5.4 billion in the quarter to June 30, 2025, the Switzerland and JSE-listed luxury goods group that trades under brands such as Cartier, Paige and Van Cleef & Arpels said Wednesday. The increase in the group first quarter sales was in spite of a volatile macroeconomic and geopolitical environment in many markets. The growth was led by double-digit increases in Europe, the Americas and Middle East & Africa, more than offsetting Japan's sales decline against high prior-year comparatives. Sales in the Asia Pacific region remained stable. In Europe, sales grew by 11%, driven by robust demand from local clients and overall positive tourist spend, supported by successful jewellery events. Almost all main markets in the region saw an increase in sales this quarter, with notable performances in Italy and Germany, the group said in a statement. In the Americas, sales growth remained strong at 17%, driven by local demand across all business areas and markets. Sales in the Middle East & Africa region rose by 17%, led by the United Arab Emirates market as well as higher tourist spend. In Japan, sales declined by 15% against a demanding 59% comparative in the prior-year period, with a strengthening Yen strongly reducing tourist spend, most notably from Chinese clientele, whilst local demand remained positive. Asia Pacific sales were stable overall versus the prior-year period, as a 7% decline in China, Hong Kong and Macau combined, was compensated by robust growth in almost all other Asian markets. Of note, sales in Australia and South Korea were up double digits. The four Jewellery Maisons - Buccellati, Cartier, Van Cleef & Arpels and Vhernier, recorded an 11% rise in sales, marking a third consecutive quarter of double-digit growth, supported by both jewellery and watch product lines. Specialist Watchmakers sales were 7% lower than the prior-year period, largely reflecting declines in sales in China, Hong Kong and Macau combined as well as in Japan, partly offset by double-digit growth in the Americas. The 'Other' business area, which includes Fashion & Accessories Maisons, fell 1% compared to the prior-year period. Highlights included continued solid momentum at Peter Millar and Alaïa, an encouraging performance at Chloé and robust growth at Watchfinder & Co. There was consistent growth across all distribution channels, led by Jewellery Maisons. The group cash position remained robust at €7.4 billion, after cash of €4276m was transferred to luxury fashion e-commerce company YNAP, upon closing of the sales transaction with LuxExperience. Richemont's sale of YNAP to luxury e-commerce platform Mytheresa, now called LuxExperience, involved transferring YNAP debt-free, with a €555m cash balance, in exchange for 33% of LuxExperience, which was finalised in April 2025. Richemont's share price gained 1% on the JSE Wednesday morning to R3325.58 per share, 18.3% higher than the R2811.00 it traded at a year previously. Visit:
Yahoo
19-05-2025
- Business
- Yahoo
Cartier owner Richemont posts 4% sales growth in FY25
Richemont, owner of Buccellati, Cartier and other luxury brands, has announced a 4% increase in sales at both actual and constant exchange rates in fiscal 2025 (FY25), resulting in total sales of €21.39bn ($23.89bn) compared with €20.62bn in FY24. This growth was primarily driven by performance from its Jewellery Maisons, which saw an 8% rise in sales at actual and constant exchange rates and an operating margin of 31.9%. The company experienced double-digit sales expansion across all regions except for Asia Pacific. But the Specialist Watchmakers segment witnessed a downturn, with a 13% decrease in sales at actual and constant exchange rates and an operating margin of 5.3%. Richemont's operating profit for the year experienced a decline of 7%, falling from €4.79bn in FY24 to €4.47bn in FY25. The company's gross profit saw a modest increase of 2%, up to €14.32bn in FY25 from €14.04bn in the previous year. Profit from continuing operations stood at €3.76bn, marking a slight decrease of 1% from the previous year. This figure includes an improvement in net finance costs by €125m to €53m. The loss from discontinued operations totalled €1.01bn for the year, including a significant write-down of €954m on the net assets held for sale related to YNAP (the YOOX NET-A-PORTER group) and reflecting the valuation of Mytheresa shares as of 31 March 2025. Consequently, Richemont's profit for the year amounted to €2.75bn. Its earnings per share on a diluted basis reached €4.671 in FY25, against €4.077 in the previous fiscal year. Richemont chairman Johann Rupert stated: 'Richemont delivered a robust performance for the financial year ended 31 March 2025. In a persistently uncertain macroeconomic and geopolitical environment, we maintained our focus on nurturing Maisons' current and future growth, investing in our distribution network, manufacturing assets and quality craftsmanship.' Mytheresa completed the acquisition of YNAP from Richemont in April 2025 after securing unconditional clearance from the European Commission. "Cartier owner Richemont posts 4% sales growth in FY25" was originally created and published by Retail Insight Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Fibre2Fashion
19-05-2025
- Business
- Fibre2Fashion
Switzerland's Richemont's 2025 sales hit $23.97 bn amid retail growth
Switzerland-based luxury goods holding company Richemont has reported group sales of €21.4 billion (~$23.97 billion) in 2025 ended March 31, reflecting up 4 per cent year-over-year (YoY) on both actual and constant exchange rates. Operating profit decreased by 7 per cent to €4.5 billion and operating margin reduced 240 basis points (bps) to 20.9 per cent. Meanwhile, the gross margin declined by 120 bps to 66.9 per cent. Richemont has reported sales of €21.4 billion (~$23.97 billion) in 2025, up 4 per cent YoY, with strong retail and direct-to-client growth offsetting Asia Pacific weakness. Operating profit fell 7 per cent to €4.47 billion, while net profit rose to €2.75 billion (~$3.08 billion). Key milestones included the YNAP sale, Vhernier acquisition, and brand expansions. The profit from continuing operations was marginally lower at €3.76 billion, down 1 per cent YoY, while losses from discontinued operations improved to €1.01 billion primarily due to a non-cash write-down of Yoox Net-A-Porter (YNAP)—an improvement from the €1.3 billion loss reported in the first half of 2025. Overall, the group recorded a profit of €2.75 billion (~$3.08 billion) for the year, up from €2.36 billion the previous year. Diluted earnings per 'A' share / 10 'B' shares stood at €4.671, an increase from €4.077 in 2024, Richemont said in a press release. Retail sales, representing 70 per cent of total group, grew by 6 per cent YoY at actual exchange rates across all regions except Asia Pacific. Meanwhile, online retail sales, which exclude sales made by YNAP, grew by 12 per cent. In total, direct-to-client sales accounted for 76 per cent of total group sales. Wholesale sales, representing 24 per cent of the total, were 3 per cent lower than the prior year with the decline in Asia Pacific being partly mitigated by growth in other regions. For the full year, most regions achieved double-digit growth at both actual and constant exchange rates, more than offsetting the decline in Asia Pacific, particularly in China. Europe grew by 10 per cent, the Americas by 16 per cent, Japan by 25 per cent, and the Middle East & Africa by 15 per cent. Segment-wise, Alaia recorded another year of strong growth, and Peter Millar maintained its solid momentum. Overall, ready-to-wear sales rose by double-digits across the Maisons, with notably an encouraging performance from Chloe. The operating result was a €102 million loss for the year, resulting in a margin of -3.7 per cent. Within this, fashion and accessories Maisons posted a -2 per cent operating margin when excluding targeted inventory provisioning. Following a resilient first half in 2025, Richemont's sales momentum strengthened in the second half of the year, with a 10 per cent increase in Q3 and an 8 per cent rise in Q4 at actual exchange rates. Upon closing the transaction, Richemont sold YNAP to Mytheresa, which held a cash position of €555 million and no financial debt. In return, Richemont received shares representing 33 per cent of the fully diluted share capital of the newly combined entity, LuxExperience from May 1, 2025. As part of the agreement, Richemont also extended a €100 million revolving credit facility to support YNAP's corporate requirements. 'We continued to invest in future growth by further strengthening our distribution network, enhancing our manufacturing capacity, and contributing to the nurturing and preservation of unique artisan skills,' said Johann Rupert, chairman of Richemont. 'We also delivered on several strategic fronts, successfully completing the acquisition of Vhernier, and enabling Gianvito Rossi to further expand its brand globally, after having joined the Group last year. We are also pleased to have found a good home for YNAP, whose strengths Mytheresa will harness to create a new global leader in digital luxury.' 'With a renewed leadership team and governance structure, the completion of seamless management transitions across several Maisons, and our teams of talented professionals committed to creativity and innovation, we are well-positioned to guide Richemont through its next phase of development,' added Rupert. 'As I have said before, ongoing global uncertainties will continue to require strong agility and discipline.' Fibre2Fashion News Desk (SG)
