Richemont snips less than stellar luxury brand
Johann Rupert’s luxury goods group did not disclose how much it received from the buyer, Italian textiles entrepreneur Alessandro Bastagli
Richemont has parted ways with Chinese luxury brand Shanghai Tang, after owning it for 19 years — the last nine as the 100% shareholder. Johann Rupert’s luxury goods group did not disclose how much it received from the buyer, Italian textiles entrepreneur Alessandro Bastagli. It said on Monday that the sale would have "no material impact" on its balance sheet, cash flow or results for the year to March 2018. But analysts said it was significant. It showed Jérome Lambert — the former Montblanc CEO named head of operations in a major management overhaul in 2016 — was starting to make his mark on Richemont’s less than stellar businesses. Investec Asset Management portfolio manager Samantha Hartard said the sale was an indication that Richemont had the "will to really address underperforming brands" in its "other" division, in which Alfred Dunhill, Montblanc, Chloé, Lancel and Shanghai Tang are housed. The division tends to be ignored by the market, which has focused on Richemont’s trav...
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