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COMPAGNIE FINANCIERE RICHEMONT SA - Richemont sells Shanghai Tang

Release Date: 03/07/2017 07:30
Code(s): CFR     PDF:  
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Richemont sells Shanghai Tang

Compagnie Financiere Richemont SA Depositary Receipts
Issued by Richemont Securities SA ("Richemont Securities" or "Richemont")
(Incorporated in Switzerland)
Share code: CFR
ISIN: CH0045159024
Depositary Receipt Code: CFR

COMPANY ANNOUNCEMENT FOR IMMEDIATE RELEASE

RICHEMONT SELLS SHANGHAI TANG

3 JULY 2017


Richemont, the Swiss luxury goods group, announces that it has completed the sale of its wholly-owned subsidiary, Shanghai Tang, on 30 June 2017 to an entity controlled by Mr Alessandro Bastagli, an Italian entrepreneur.  The transaction will have no material impact on Richemont's balance sheet, cash flow or results for the year ending 31 March 2018.

Established in 1994 in Hong Kong by Sir David Tang, Shanghai Tang was the first contemporary luxury brand from China.  Its modern and sophisticated range of men's and women's clothing, accessories and home decorations combine the style and heritage of the orient with western design influences.  Richemont took a controlling stake in 1998 and acquired 100% ownership in 2008.

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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 three business areas: Jewellery Maisons, being Cartier, Van Cleef and Arpels and Giampiero Bodino; Specialist Watchmakers, being A. Lange and Söhne, Baume and Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Officine Panerai, Piaget, Roger Dubuis and Vacheron Constantin, as well as the Ralph Lauren Watch and Jewelry joint venture; and Other, including Alfred Dunhill, Chloé, Lancel, Montblanc as well as other smaller Maisons and unbranded watch component manufacturing activities.

In addition, Richemont holds a 49% equity-accounted interest in the YOOX Net-A-Porter Group, a publicly traded company.

For its financial year ended 31 March 2017, Richemont reported sales of EUR 10 647 million. Operating profit for the year amounted to EUR 1 764 million.  Net profit for the year amounted to EUR 1 210 million.

Richemont 'A' shares are listed on the SIX Swiss Exchange, Richemont's primary listing, and are included in the Swiss Market Index ('SMI') of leading stocks.   Richemont South African Depository Receipts are listed in Johannesburg, Richemont's secondary listing.


COMPAGNIE FINANCIERE RICHEMONT SA
50, CHEMIN DE LA CHENAIE  CP30  1293 BELLEVUE - GENEVA SWITZERLAND
TELEPHONE +41 (0)22 721 3500  TELEFAX +41 (0)22 721 3550
WWW.RICHEMONT.COM


3 JULY 2017

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
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