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Swiss luxury group Richemont, led by South African billionaire Johann Rupert, is bringing its newly acquired Italian jewelry brand, Vhernier, to Asia with a planned store in Hong Kong. The move comes as demand for luxury goods continues to grow across the continent.
Vhernier to open Hong Kong boutique
According to Bloomberg, Vhernier—purchased by Richemont in September 2024—will open a boutique at the Peninsula, a landmark hotel in the Tsim Sha Tsui district. A representative from Hongkong & Shanghai Hotels Ltd., which owns the property, confirmed the plans. One person familiar with the matter, who requested anonymity due to the information being private, said the opening is expected in the fourth quarter.
The new store highlights increasing interest in Vhernier, known for its contemporary designs and meticulous craftsmanship. It also aligns with Richemont’s broader strategy to strengthen its Jewelry Maisons division, which includes celebrated brands such as Cartier and Van Cleef & Arpels. Earlier this year, Van Cleef & Arpels opened its first boutique in Florence, Italy, marking an expansion into one of Europe’s most historically rich cities.
Heritage brands remain priority for Richemont
Rupert, South Africa’s richest man, holds 10.18 percent of Richemont’s shares but controls 51 percent of the company’s voting rights. He has long advocated for Richemont to focus on heritage brands celebrated for their craftsmanship and timeless appeal, emphasizing the group’s role as a home for prestigious maisons across jewelry, watches, fashion, and accessories.
Under Rupert’s leadership, Richemont posted a 6 percent rise in sales at constant exchange rates in the opening quarter of its 2026 fiscal year, with actual sales up 2.73 percent, from €5.27 billion ($6.12 billion) to €5.41 billion ($6.29 billion). These figures underscore the group’s continued resilience in the global luxury market.
Jewelry sales drive Richemont growth
Jewelry Maisons remain at the heart of Richemont’s business. Sales from Cartier, Van Cleef & Arpels, Buccellati, and Vhernier grew 11 percent to €3.91 billion ($4.55 billion). Regionally, the Americas led growth with a 17 percent jump, while Europe rose 11 percent driven by both local and tourist demand.
The Middle East and Africa also saw 17 percent growth, largely thanks to strong performance in the UAE. In contrast, Asia Pacific sales were flat overall, as a 7 percent decline in Greater China was offset by gains elsewhere, and Japan fell 15 percent due to a strong yen and challenging year-on-year comparisons.
