May 14, 1999
Richemont Buys 60% of Van Cleef & Arpels
Richemont, the Swiss luxury goods group whose subsidiary Vendome owns Cartier, purchased 60% of Paris-based watch and jewelry firm Van Cleef & Arpels for $306 million. Van Cleef & Arpels has eight stores in the U.S. and Europe plus 34 boutiques, primarily in Asia.
The Arpels family will retain 20% of the 93-year-old firm, and the remaining 20% is owned by Italian clothing and property group Fingen, according to the Financial Times.
Vendome owns Cartier, Vacheron Constantin, Piaget, Baume & Mercier, Panerai and Alfred Dunhill, among other luxury merchandise manufacturers.
- by Michael Thompson