Richemont - Former Investments

Former Investments

Richemont acquired British clothing retailer Hackett Limited in 1992. After the acquisition, Hackett Limited became a wholly owned subsidiary of Richemont. On 2 June 2005, Richemont announced that it had entered into an agreement to sell Hackett Limited to Spanish investment company Torreal S.C.R., S.A.

Richemont acquired a minority interest in the business of New York-based jeweler Mimi So in 2004. Richemont expected that their backing would help to grow So's wholesale and retail sales. In 2007, Richemont requested to become the majority partner, but So declined. So purchased Richemont's stake in her company and the partnership was dissolved.

Due to changes in the tax laws of Luxemborg, Richemont decided to spin-off all of its non-luxury goods businesses, principally Richemont's stake in British American Tobacco, into a newly formed, separately traded holding company, Reinet Investments S.C.A.