Compagnie Financière Richemont is a leading global luxury conglomerate headquartered in Switzerland. Richemont designs, manufactures and distributes premium watches, jewelry, leather goods, writing instruments, rearms, clothing, and accessories.
The luxury watch brands under Richemont; Vacheron Constantin, A. Lange & Sohne, Jaeger Lecoultre, Piaget, Of cine Panerai, Roger Dubuis, IWC and Baume et Mercier, are few of the best in the world in terms of product and complication. The brand, however, lacks in terms of distribution and growth when compared to its competitors Rolex and Swatch group. Richemont’s competitors, Swatch Group has its own multi-brand distribution store for both its premium and accessible watch products. However, we noticed, though Richemont has few of the best watch maisons in the world along with a strong nancial background, the conglomerate hasn’t still invested in a multi-brand distribution store. It has nonetheless partnered with CTF to have all of its 8 specialist watchmaking brands under one roof (Time Vallee), but even its competitors’ watches are present in the 3 stores located in Hong Kong, Seoul and Nanjing.
Hence, this proposal focuses on a strategy that would allow Richemont to invest in a new agship store of its own that focuses on the 8 specialist watchmakers. The strategy encompasses a perfect location and space selection, design of a retail/educational agship space, insti- tutional and promotional marketing techniques, nancial plans and budgeting while considering factors of sales potential, current aesthetics of the 8 brands, and the goals and objectives to be achieved through this new investment. The proposal is named “The Time Empire” as Richemont has an empire of connoisseur watches that have the best technology, handcrafted to perfection yet remaining true to its heritage.