| Mon 5 Mar 2007, 8:38 | | RCH - Richemont - Formation of the Polo Ralph Laur |
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RCH
RCH
RCH - Richemont - Formation of the Polo Ralph Lauren Watch and Jewellery Company
Richemont Securities AG
(Incorporated in Switzerland)
Share code: RCH
ISIN: CH0013157380
("Richemont")
The following joint press release has been issued today by Compagnie Financiere
Richemont SA, Geneva and Polo Ralph Lauren Inc., New York
RICHEMONT AND POLO RALPH LAUREN
ANNOUNCE THE FORMATION OF THE POLO RALPH LAUREN WATCH AND JEWELLERY COMPANY
Two leading players in the global luxury business announced today the formation
of The Polo Ralph Lauren Watch and Jewellery Company, S.A.R.L., whose purpose
will be to design and create luxury watches and fine jewellery.
In this unique partnership, Polo Ralph Lauren (NYSE:RL) and Richemont (SWX:
`CFR`) will form a joint venture to design, develop, manufacture and distribute
the products through Ralph Lauren boutiques as well as through the finest
independent jewellery and luxury watch retailers in the world. The partners
will each own 50 percent of the new entity and are committed to this joint
venture on a long-term basis. This is Richemont`s first such joint venture with
a luxury fashion designer and it is Polo Ralph Lauren`s first foray into the
precious jewellery and luxury watch businesses. It is expected that the
products will be launched in the fall of 2008.
Ralph Lauren, Chairman and Chief Executive Officer of Polo Ralph Lauren
Corporation said, "This business is an important part of our global luxury
accessories strategy. I am confident that our unique design sensibility and
luxury brand building skills, combined with Richemont`s unique experience on a
global basis, creates an opportune way for this partnership to succeed. I
believe strongly in this partnership."
Johann Rupert, Executive Chairman of Richemont, said, "I have long admired Ralph
Lauren. His impeccable taste, style and attention to detail are unique. These
factors, combined with Richemont`s expertise in jewellery and watches will lead
to a fascinating business venture. Jointly, we aim to create a new luxury
business, which I am confident will develop into a world leader. This is an
exciting partnership and I very much look forward to working with Ralph."
ABOUT POLO RALPH LAUREN
Polo Ralph Lauren Corporation (NYSE:RL) is a leader in the design, marketing and
distribution of premium lifestyle products in four categories: apparel, home,
accessories and fragrances. For more than 40 years, Polo`s reputation and
distinctive image have been consistently developed across an expanding number of
products, brands and international markets. The Company`s brand names, which
include Polo by Ralph Lauren, Ralph Lauren Purple Label, Ralph Lauren, RRL, RLX,
Rugby, Blue Label, Lauren by Ralph Lauren, RL Childrenswear, Chaps and Club
Monaco, constitute one of the world`s most widely recognized families of
consumer brands.
For more information, go to http://investor.polo.com.
ABOUT RICHEMONT
Richemont owns a portfolio of leading international brands or `Maisons`, which
are managed independently of one another, recognising their individuality and
uniqueness. The businesses operate in five areas: Jewellery Maisons, being
Cartier and Van Cleef & Arpels; Specialist Watchmakers, which comprises Jaeger-
LeCoultre, Piaget, IWC, Baume & Mercier, Vacheron Constantin, Officine Panerai
and A. Lange & Sohne; Writing Instrument Maisons - Montblanc and Montegrappa;
Leather and Accessories Maisons, being Alfred Dunhill and Lancel; and Other
Businesses, which includes, specifically, Chloe. In addition to its luxury goods
business, Richemont holds an 18.9 per cent interest in British American Tobacco,
one of the world`s leading tobacco groups.
For further information, see: http://www.richemont.com
Further information:
Richemont
Press inquiries: Mr Alan Grieve
Tel.: +41 22 721 3507
Analysts` inquiries: Ms Sophie Cagnard-Fabrici
Tel.: +33 1 5818 2597
Polo Ralph Lauren
Press inquiries: Ms Wendy Smith
Tel: +1 212 583 2262
Analysts` inquiries: Ms Nancy Murray
Tel: +1 212 813 7862
5 March 2007
Date: 05/03/2007 08:38:01 Produced by the JSE SENS Department.
