Richemont, Polo Ralph Lauren Announce Watch and Jewelry JV
July 03, 07
Luxury firms Polo Ralph Lauren and Richemont have formed a joint venture that will design and create luxury watches and fine jewelry. The Polo Ralph Lauren Watch and Jewellery Company will also distribute the products through Ralph Lauren boutiques and independent jewelry and luxury watch retailers. The first products are expected to be launched in the fall of 2008.
The 50/50 joint venture marks Richemont's first cooperation with a luxury fashion designer. In addition, it is Polo Ralph Lauren's first foray into the precious jewelry and luxury watch business.
Ralph Lauren, Chairman and CEO of Polo Ralph Lauren Corporation said, "This business is an important part of our global luxury accessories strategy.”
Johann Rupert, Executive Chairman of Richemont, said, “Jointly, we aim to create a new luxury business, which I am confident will develop into a world leader.”