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Richemont As Focused Luxury Conglomerate International Journal of Affective Engineering Vol.13 No.1 (Special Issue) pp.1-10 (2014) Special Issue on ISAE 2013 ORIGINAL ARTICLE Richemont as Focused Luxury Conglomerate Shinichiro TERASAKI and Shin’ya NAGASAWA Graduate School of Commerce, Waseda University Abstract: This paper clarifies the competitive advantage of Richemont in comparison to LVMH particularly from the angle of portfolio strategy. Unlike LVMH, limited numbers of people know Richemont that does not comprise the name of maisons under the umbrella. Even though LVMH gradually dominates global luxury market, Richemont as the second largest luxury conglomerate must have unique advantages over LVMH to compete, which could help examine the way to tackle the market’s dominant company as a follower. Through this study, one similarity and two differences are found in terms of a business strategy. The similarity is that both Richemont and LVMH commit two kinds of portfolio strategies: product portfolio strategy and regional portfolio strategy. In contrast, the differences are as follows: (1) way of brand expansion, and (2) the nature of each conglomerate i.e. designer-driven or craftsmanship-driven conglomerate. Keywords: Luxury, strategy, brand, Richemont, LVMH 1. INTRODUCTION 2. LITERATURE REVIEW Concentration by leading transnational companies has Luxury as a segment that was previously associated been a long-lasting trend in many industries. Luxury simply with design and creativity, production and retail, it industry also follows this trend led by Moët Hennessy formerly attracted marginal interest among researchers Louis Vuitton (LVMH), Richemont and Kering. Even because its impact on the academia and business worlds major maison such as BVLGARI merged by LVMH lacked tolerable importance as a business domain or in 2011 is no longer an exception. More and more discipline [1]. Before 1980s, most luxury maisons were independent maisons are exposed to the concentration. operated as family businesses, and in many cases, they As such, the competitive environment changes from had little management expertise. However, it became competition among maisons to rivalry among difficult to communicate consistent brand messages to conglomerates. This research focuses on the latter multinational consumers particularly after 1980s. As a particularly between Richemont and LVMH. Richemont result, many luxury maisons went bankrupt [2]. is a Swiss-based luxury conglomerate established by This difficulty was overcome by the birth of luxury Johann Rupert in 1988. At present, Richemont ranks the conglomerates that is characterized as strategic business second largest luxury goods company worldwide. In fiscal management. Bernard Arnault firstly developed luxury year 2012, the sales of Richemont recorded 8,967 million conglomerate named LVMH in 1987. Wetlaufer calls Euros, 29% growth versus the last year. In contrast to Bernard Arnault as masterful in his capability to manage LVMH, Richemont executes merger and acquisition of creativity for the sake of profit and growth [3]. many jewelry and specialty watch brands much before The growth of luxury conglomerate promotes the LVMH “collects” such brands as Chaumet, DeBeers, democratization of top of the range brands as new rich Hublot, and Zenith. Currently, Richemont has two jewelry increases [4-6]. In the US, household income had brands and nine specialist watchmakers, all of which increased more than 50% in the past 30 years due to operate worldwide, supporting the sustainable sales women’s social progress [7]. Credit card sustained growth. growth in the democratization of luxury, and was allowed Even though LVMH gradually dominates global luxury to appear consumer schizophrenia [8-10]. The blossom market, Richemont as the second largest luxury conglom- of duty-free shop also contributes to the luxury democra- erate must have unique advantages over LVMH to tization [11]. DFS Gallerrias is a typical example of compete. The competitive strategy of Richemont could duty-free shop, and it is under the umbrella of selective help examine the way to tackle the market’s dominant retailing in LVMH that accounts for roughly 30% of the company as a follower. entire turnover of LVMH in 2012. Received 2013.06.17 Copyright © 2013 Japan Society of Kansei Engineering. Accepted 2013.12.05 1 All Rights Reserved. International Journal of Affective Engineering Vol.13 No.1 (Special Issue) In addition, each luxury conglomerate is required to Other than the analysis above, we explore the overview increase sales and profits in short-term view because of luxury conglomerates in global economy from the angle they are listed companies [12]. This accelerates the of (1) the value of luxury brands, referring to Best Global acquisition of independent luxury maisons into luxury Brands from Interbrand, (2) the scope of luxury goods & conglomerates. services industry, (3) the definition of luxury goods, and (4) Unlike LVMH, the name of Richemont does not the scale of luxury conglomerates, focusing on the top three encompass the name of brands under the umbrella; few actors: LVMH, Richemont and KERING. people know Richemont holds many distinguished luxury brands: Cartier, Vacheron Constantin, Dunhill, and Mont 4. LUXURY CONGLOMERATE IN GLOBAL Blanc, for instance. Hence, many researches related to ECONOMY luxury industry target LVMH, referring to, for example, “Gucci Competition” versus Pinault Printemps Redoute, 4.1 Value of Luxury Brands and Kenzo merger. We can see such issues in “An The value of luxury brands indicates the positioning of Unpainted Face of the Empire of Luxury Brands: LVMH luxury brands among brands in all industries from Moët Hennessy Louis Vuitton” [13] and “Why many buy manufacturing to information technology. There are two Louis Vuitton” [14] and many other references. types of brands; one is a luxury brand, and another is Except for LVMH, most researches do not explain the a power brand like Procter & Gamble, which targets the management of luxury conglomerates. Instead, many mass shoppers. In Japan, “brand” generally equals to luxury researches focus more on the category management of brand, whereas many researches have focused on power luxury goods such as “Luxury Fashion Management” [15], brands rather than luxury ones since Aaker began to “Luxury Fashion Branding: Trends, Tactics, Techniques,” explore brand marketing [19]. In fact, only Louis Vuitton [16] both of which focus on fashion & leather goods. and Gucci rank within top 50 in Best Global Brands, and In contrast, few references that explore watch & jewelry five to seven luxury brands appear in top 100 (Table 1). business are available presently, and other luxury-related Louis Vuitton constantly ranks within top 20 since researches examine consumer perception and trend 2005, keeping a leading status in luxury industry. Gucci towards luxury industry: for instance, “The Luxury also ranks within top 50 since 2001 followed by Hermès, Market in India” [17] and “Luxury China: Market Oppor- Tiffany and Cartier. Given the scale of luxury business, tunities and Potential” [18]. luxury brands readily outperform over many power This research takes unique approach to clarify the brands; more than six luxury brands rank within top 100. strategy of Richemont as a luxury conglomerate in comparison to LVMH, focusing especially on the strategy 4.2 Scope of Luxury Goods & Services Industry of portfolio management in each conglomerate. Before 1980s, luxury industry had not introduced modern expertise of business management, for most 3. METHODOLOGY luxury maisons had been operated as a family business. Yet, the scope of the luxury industry has been quite diver- This paper unveils the competitive advantage of sified after the late 1980s when luxury conglomerates Richemont over LVMH particularly in terms of portfolio started to be formed. The figure below visualizes the strategy by comparing the following issues: (1) brand overview of the current luxury industry (Fig. 1). portfolio, (2) turnover and profitability by business category, (3) regional contribution of turnover. Quantitative Table 1: Ranks of Luxury Brands references largely derive from annual reports of each 2008 2009 2010 2011 2012 Louis Vuitton 16 16 16 18 17 conglomerate, referring to the last five years to explore the Cartier 79 77 77 70 68 business trends. Comments from executives in Richemont GUCCI 45 41 44 3 38 and LVMH are also added to support the arguments. Such Chanel 60 59 - - - ROLEX 71 68 - - - comments came from the authors’ face-to-face semi- Tiffany 80 76 76 73 70 structured interviews in Richemont SA headquarter and Polo Ralph Lauren - - - - - ARMANI 94 89 95 93 - exclusive meeting room in Basel World 2012. We also PRADA 94 87 - - 84 refer to executive presentations at LVMH chair luxury Hermès - - 69 66 63 BVLGARI - - - - - branding module in Waseda University organized by the Burberry - 98 - - 82 authors of this paper. Source: Best Global Brands 2 International Journal of Affective Engineering Vol.13 No.1 (Special Issue) Richemont as Focused Luxury Conglomerate Figure 2 is created based on the following two studies: “Defining Three Levels of Prestige” [21] and “A Hierarchy of Luxury Goods Products” [24]. Vigneron and Johnson regard luxury brand as the most prestigious brand within prestige brands followed by premium and upmarket brands. Alleres splits luxury brands into three categories: exclusive luxury, intermediate luxury and democratic Figure 1: Scope of Luxury Goods & Services Industry [1] luxury in keeping with social
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