The below joint press release has been issued today by Compaganie
Financiere Richemont SA and Polo Ralph Lauren Inc.
NEW YORK & GENEVA--(BUSINESS WIRE)--March 5, 2007--Two leading
players in the global luxury business announced today the formation of
The Polo Ralph Lauren Watch and Jewelry Company, S.A.R.L., whose
purpose will be to design and create luxury watches and fine jewelry.
In this unique partnership, Polo Ralph Lauren (NYSE:RL) and
Richemont (SWX: 'CFR') will form a joint venture to design, develop,
manufacture and distribute the products through Ralph Lauren boutiques
as well as through the finest independent jewelry and luxury watch
retailers in the world. The partners will each own 50 percent of the
new entity and are committed to this joint venture on a long-term
basis. This is Richemont's first such joint venture with a luxury
fashion designer and it is Polo Ralph Lauren's first foray into the
precious jewelry and luxury watch businesses. It is expected that the
products will be launched in the fall of 2008.
Ralph Lauren, Chairman and Chief Executive Officer of Polo Ralph
Lauren Corporation said, "This business is an important part of our
global luxury accessories strategy. I am confident that our unique
design sensibility and luxury brand building skills, combined with
Richemont's unique experience on a global basis, creates an opportune
way for this partnership to succeed. I believe strongly in this
partnership."
Johann Rupert, Executive Chairman of Richemont, said, "I have long
admired Ralph Lauren. His impeccable taste, style and attention to
detail are unique. These factors, combined with Richemont's expertise
in jewelry and watches will lead to a fascinating business venture.
Jointly, we aim to create a new luxury business, which I am confident
will develop into a world leader. This is an exciting partnership and
I very much look forward to working with Ralph."
ABOUT POLO RALPH LAUREN
Polo Ralph Lauren Corporation (NYSE:RL) is a leader in the design,
marketing and distribution of premium lifestyle products in four
categories: apparel, home, accessories and fragrances. For more than
40 years, Polo's reputation and distinctive image have been
consistently developed across an expanding number of products, brands
and international markets. The Company's brand names, which include
Polo by Ralph Lauren, Ralph Lauren Purple Label, Ralph Lauren, RRL,
RLX, Rugby, Blue Label, Lauren by Ralph Lauren, RL Childrenswear,
Chaps and Club Monaco, constitute one of the world's most widely
recognized families of consumer brands.
Richemont owns a portfolio of leading international brands or
'Maisons', which are managed independently of one another, recognising
their individuality and uniqueness. The businesses operate in five
areas: Jewellery Maisons, being Cartier and Van Cleef & Arpels;
Specialist Watchmakers, which comprises Jaeger-LeCoultre, Piaget, IWC,
Baume & Mercier, Vacheron Constantin, Officine Panerai and A. Lange &
Sohne; Writing Instrument Maisons - Montblanc and Montegrappa; Leather
and Accessories Maisons, being Alfred Dunhill and Lancel; and Other
Businesses, which includes, specifically, Chloe. In addition to its
luxury goods business, Richemont holds an 18.9 per cent interest in
British American Tobacco, one of the world's leading tobacco groups.
For further information, see: http://www.richemont.com
CONTACT: Polo Ralph Lauren
Wendy Smith, PRL Corporate
212-583-2262
or Nancy Murray, PRL Investor Relations
212-813-7862
or
Richemont
Alan Grieve, Press Inquiries
+41 22 721 3507
or
Sophie Cagnard-Fabrici, Analyst's Inquiries
+33 1 5818 2597
SOURCE: Polo Ralph Lauren Corporation
