Richemont and Ralph Lauren to Partner in a New Venture

Richemont and Polo Ralph Lauren have agreed to form a joint venture to design, develop, manufacture, and distribute luxury watches and fine jewelry through Ralph Lauren boutiques as well as through independent jewelry and luxury watch retailers around the world.

The joint company will be called The Polo Ralph Lauren Watch. The partners will each own 50 percent of the new entity and said that this will be a long-term commitment.

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. They said they expect products to be launched in the fall of 2008.