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Annual Report and Accounts 2021 Richemont is one of the world’s leading luxury goods groups. The Group’s luxury goods interests encompass some of the most prestigious names in the industry, including Cartier, Van Cleef & Arpels, Piaget, Vacheron Constantin, Jaeger-LeCoultre, IWC Schaffhausen and Montblanc. Each of Our Maisons™ represents a proud tradition of style, quality and craftsmanship which Richemont is committed to preserving. 1 Financial and operating highlights 42 Peace Parks Foundation 2 Chairman’s review 43 Laureus 6 Business review 44 Michelangelo Foundation 6 Jewellery Maisons 7 Buccellati 45 Board of Directors 8 Cartier 9 Van Cleef & Arpels 50 Corporate governance 10 Specialist Watchmakers 11 A. Lange & Söhne 12 Baume & Mercier 62 Compensation report 13 IWC Schaffhausen 14 Jaeger-LeCoultre 77 Consolidated financial statements 15 Panerai 16 Piaget 145 Company financial statements 17 Roger Dubuis 18 Vacheron Constantin 154 Five-year record 19 Online Distributors 20 Watchfinder 156 Statutory information 21 YOOX NET-A-PORTER 22 Other 23 Alaïa 24 AZ Factory 25 Chloé 26 dunhill 27 Montblanc 28 Peter Millar 29 Purdey 30 Regional & Central Functions 33 Financial review 40 Corporate social responsibility Cautionary statement regarding forward-looking statements This document contains forward-looking statements as that term is defined in the United States Private Securities Litigation ReformAct of 1995. Words such as ‘may’, ‘should’, ‘estimate’, ‘project’, ‘plan’, ‘believe’, ‘expect’, ‘anticipate’, ‘intend’, ‘potential’, ‘goal’, ‘strategy’, ‘target’, ‘will’, ‘seek’ and similar expressions may identify forward-looking statements. Such forward-looking statements are not guarantees of future performance. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside the Group’s control. Richemont does not undertake to update, nor does it have any obligation to provide updates or to revise, any forward-looking statements. 2021 Richemont cover.indd 4 28/07/2021 11:06 Financial and operating highlights Group sales (€m) Sales by business area (% of Group) 2021 13 144 2021 Specialist Online Jewellery Maisons Other 2020 14 238 Watchmakers Distributors 10% 57% 17% 16% Operating profit (€m) Jewellery Maisons (€m) 2021 1 478 2021 7 459 2020 1 518 2020 7 217 Earnings per share, diluted basis (€) Specialist Watchmakers (€m) 2021 2.296 2021 2 247 2020 1.646 2020 2 859 Dividend per share Online Distributors (€m) 2021 CHF 2.00 2021 2 197 2020 CHF 1.00 2020 2 427 Other Businesses (€m) 2021 1 345 2020 1 788 • Fourth quarter sales growth of 36% and 30% at constant and actual exchange rates, respectively, containing the decline in full year sales to 5% at constant exchange rates and 8% at actual exchange rates. • Operating margin improved to 11.2% and profit for the year increased to € 1 289 million, impacted positively by net finance income. • Significant increase in net cash position to € 3 393 million, supported by strong cash flow from operating activities and strict working capital management. • Proposed dividend of CHF 2.00 per 1 A share / 10 B shares. Richemont Annual Report and Accounts 2021 1 Richemont Annual Report 2021.pdf 1 27/07/2021 10:03 Chairman’s review Johann Rupert, Chairman Overview of results Our Specialist Watchmakers division is in a very healthy state. The In a year marked by the outbreak of Covid-19 our first concern was desirability of our Maisons has been fuelled by the reinforcement the health and safety of our colleagues, clients and partners. Our of iconic collections with well received new references, and our company acted pro-actively, shutting down offices, factories, strongest-ever resonance during Watches & Wonders. The ‘new distribution centres and boutiques, whilst also helping in the fight retail’ initiatives have accelerated direct engagement with the end against the pandemic by providing material and financial support. client, notably through the aforementioned Alibaba’s Tmall Luxury Pavilion flagship stores and numerous remote digital interactions During this unprecedented level of global disruption, all of our with clients. The quality of the Specialist Watchmakers network has colleagues have demonstrated remarkable agility and discipline, improved, and subsequently 73% of the division sales are now adapting rapidly in the face of repeated closures, a halt in through internal and franchise stores. Sales to our local clientele in international tourism and an overall lack of visibility. As a result, our retail network grew by double-digits, which partly mitigated the our Maisons and businesses delivered resilient performance and contraction in inbound tourism. Stock with our multi-brand watch made good progress on Richemont’s transformation agenda. retail partners ended lower than a year ago, with sell-out greater Following a sharp decline in the first half of the financial year as than sell-in for the fourth consecutive year. Operational costs have the health crisis spread across the globe, sales recovered throughout been streamlined and redirected at transforming the division the year and reached € 13 144 million, led by the Jewellery towards a client-centric ‘new retail’ business model. The division’s Maisons, online retail and Asia Pacific. Fourth quarter sales recovery has been constantly accelerating from the third quarter of increased by 30% and 36% at actual and constant exchange rates, our financial year, with the first four months of the calendar year respectively, mitigating the rate of sales decline for the year as a trading above 2019 levels, when corrected for a significant stock whole to 8% at actual exchange rates and 5% at constant exchange rebalancing. rates. At actual exchange rates, sales in Asia Pacific grew by The Group’s digital transformation has further accelerated, and we double-digits, underpinned by strong sales in mainland China due are experiencing triple-digit growth in our Maisons’ online retail to a strong local presence of our Maisons. sales, in all our major markets. The objective of the Group’s As our Maisons and businesses adapted rapidly to changing levels ‘Luxury New Retail’ business model is to provide a superior route of demand and the differing ways customers wanted to interact, our to market for our Maisons, while delivering much improved transformation accelerated, and we advanced our understanding of economic performance compared to the traditional luxury business the customer journey and client preferences via digital tools. model. Online, mobile and distant shopping have proven to be key growth Richemont’s strong balance sheet provided ample resources to drivers, and we have seen a sharp increase in clients favouring those finance the €253 million investment in convertible notes issued by channels. Higher online retail sales, benefiting from triple-digit Farfetch last November, a first step in our partnership with Farfetch growth at our Maisons, partially offset lower retail and wholesale and a deepening of our relationship with Alibaba, as we accelerate sales. Direct engagement with end clients generated around three our journey towards ‘Luxury New Retail’. To date, our partnership quarters of Group sales, through offline and online retail channels. with Alibaba has led to eleven flagship stores being operational on The Jewellery Maisons posted higher sales, exceeding pre-Covid Alibaba Tmall Luxury Pavilion: Cartier, Van Cleef & Arpels; IWC levels, and a solid 31% operating margin underlined the enduring Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget and Vacheron appeal of Cartier, Van Cleef & Arpels and Buccellati. We are Constantin; NET-A-PORTER; Chloé, dunhill and Montblanc. pleased with the leadership positions of Cartier and Van Cleef & Despite distribution centre disruption and closures contributing to a Arpels as well as with the international expansion of Buccellati sales decline at the Online Distributors, the businesses benefited which is progressing well. At the Specialist Watchmakers, the from positive trends at YOOX and THE OUTNET, as well as the double-digit sales increase in Asia Pacific, partly supported by the localisation of websites. Watchfinder has deepened its opening of five flagship stores on Alibaba’s Tmall Luxury Pavilion collaboration with our Maisons, with their ‘part exchange’ and participation in Watches & Wonders fairs in Shanghai and programme now rolled out in more than 80 Specialist Watchmakers Sanya, only partially mitigated contraction in other regions. boutiques. The new fiscal year has started at an accelerated pace, Over the past few years we allocated substantial financial and with triple-digit growth compared to the previous year, and strong human resources into two areas: we restructured our watch division double-digit growth compared to 2019. and we further developed our Group’s online capabilities. These investments are beginning to bear fruit. 2 Richemont Annual Report and Accounts 2021 Chairman’s review Richemont Annual Report 2021.pdf 2 27/07/2021 10:03 We see increasing client demand for more choice, newness, and In addition, our ‘Luxury New Retail’ developments in mainland ‘see-now buy-now’, accelerated by the penetration of digital and China are providing the Group with the incubator of the future ATAWAD (Any Time, Anywhere, Any Device). However, clients luxury retail model, where customer shopping journeys will benefit also want a more personalised touch, styling advice, curation, and from a seamless online/offline
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