Cartier, a world-renowned jewelry and watch brand, has been owned by Richemont (or a subsidiary of Richemont) since 1993. There have been some confusing corporate restructurings involved along the way, so in this article we’ll try to give you the full picture of who owns Cartier.
Who is Richemont?
Today, Richemont is the world’s fourth-largest luxury goods company, behind only LVMH, Hermès, and Swatch Group. Richemont’s roots date back to 1988, when Johann Rupert, son of South African tobacco and mining mogul Anton Rupert, spun off Richemont from the luxury goods assets of his father’s company, Rembrandt Group. Richemont now owns several of the world’s most respected watch companies, like Jaeger-LeCoultre, A. Lange & Söhne, Piaget, and Vacheron Constantin, in addition to Cartier.
When Did Richemont Buy Cartier?
Vendôme, a luxury goods subsidiary that was 70%-owned by Richemont at the time, acquired a majority stake in Cartier in 1993 from a group of investors led by Joseph Kanoui. The remaining 30% of Vendôme was purchased by Richemont in 1998. By 2012, Richemont had acquired all outstanding shares of Cartier as well.
Who Owns Cartier: A Timeline
1847 | Louis-François Cartier founds Cartier in Paris, France, establishing it as a luxury jewelry and watch brand. |
1899 | Alfred Cartier, son of Louis-François Cartier, takes over the business. |
1909 | Pierre Cartier, grandson of Louis-François, establishes Cartier’s New York presence. |
1940’s-1950’s | Cartier divests some of its international holdings. |
1964 | Pierre Cartier passes away. A period of turmoil follows as the remaining heirs grapple with the situation. |
1972 | Continental Business Syndicate, led by cigarette lighter tycoon Robert Hocq and banker Joseph Kanoui, purchases Cartier Paris. |
1973 | Les Must de Cartier is founded as a separate entity designed to offer relatively affordable luxury products. |
1974-1979 | Continental purchases other previously-divested Cartier divisions, like Cartier New York and Cartier London, and reunites them as a global brand–Cartier Monde. |
1981 | Les Must de Cartier is absorbed into Cartier Monde. |
1993 | A majority stake of Cartier is purchased by Vendôme Luxury Group, which was 70%-owned by Compagnie Financière Richemont S.A. at the time. |
1998 | Richemont buys the remaining 30% of Vendôme. The Vendôme name ceases to exist; it’s simply Richemont now. |
2012 | Richemont purchases all outstanding shares of Cartier. |
The purchase of Cartier was only one of a string of savvy watch brand acquisitions by Richemont. Let’s look at the acquisitions that turned the company who owns Cartier into a Swatch Group-like powerhouse in the luxury watch industry:
Timeline of Richemont Watch Brand Purchases
Watch Brand | Year Acquired by Richemont | Previous Owner |
---|---|---|
Piaget | 1988 | Family-owned |
Baume & Mercier | 1988 | Piaget SA |
Cartier | 1993 | Continental Business Syndicate |
Vacheron Constantin | 1996 | Sheik Ahmed Zaki Yamani et al |
Officine Panerai | 1997 | Family-owned |
A. Lange & Söhne | 2000 | Les Manufactures Horlogères |
IWC Schaffhausen | 2000 | Les Manufactures Horlogères |
Jaeger-LeCoultre | 2000 | Les Manufactures Horlogères/Audemars Piguet |
Roger Dubuis | 2008 | Carlos Dias |
Is Cartier Publicly Traded?
Investors who wish to own Cartier have to do so by buying shares of Cartier’s parent company, Compagnie Financière Richemont S.A. Richemont is listed on the SIX Swiss Exchange under the stock ticker “CFR.”
Who Controls Cartier Today?
Cyrille Vigneron has been the CEO of Cartier since 2016, and Jérôme Lambert has been the CEO of Richemont since 2018. Ultimately though, the Rupert Family, via Compagnie Financière Rupert, still controls Richemont. Despite owning only 10% of the company, due to a rather Zuckerbergian share structure (meaning the early owners have a disproportionate amount of voting power), the Ruperts maintain 51% of voting shares.
In any case, the executive team behind Cartier seems to be doing a good job these days. In 2016, Cartier watches were moving so slowly that Richemont chose to buy back massive amounts of unsold inventory rather than face the brand damage caused by inevitable discounting. Cartier has had such a strong turnaround since then that by many estimates, they’ve even surpassed Omega to become the #2 luxury watch brand in the world by sales volume. Not bad.
More on Cartier:
The Best Entry Level Cartier Watches
A History of the Cartier Tank
Is Cartier Leading the Return of Small Watches for Men?
Do Cartier Watches Hold Value?
How to Sell a Cartier Watch