SKH Private Family Office Signs Hotel Management Agreement with Rotana for The Cove Resort, Announcing AED 500 Mio investments plan to transform the property into a flagship resort in Ras AL Khaimah
 
Dubai, United Arab Emirates, 31 October 2025: SKH Private Family Office and Rotana have announced the AED 500 million acquisition and redevelopment of The Cove Rotana Resort in Ras Al Khaimah. Under the agreement, SKH Private Family Office will acquire and invest in the comprehensive transformation of the iconic property, while Rotana will re-assume full management and operations for a further 15 years starting 1 December 2025. The collaboration marks a new era for one of the emirate’s most renowned hospitality landmarks and reflects both parties’ confidence in the UAE’s thriving tourism and investment landscape.
The agreement was formalised during an official signing ceremony between Mr Saqr Kamal Hasan, Founder and Chairman of SKH Private Family Office, and Mr Makram El Zyr, Corporate Vice President of Development of Rotana, in the presence of distinguished industry leaders and stakeholders.
Facilitated and arranged by Rasmala Investment Bank, acting as financial advisor, the renewed partnership underscores SKH Private Family Office’s commitment to advancing world-class hospitality projects in the UAE.
Rotana will reassume full management and take direct responsibility for the property’s operations, commercial performance, and guest experience as it undergoes a comprehensive transformation. The move reinforces Rotana’s operational leadership and long-standing partnerships with owners across the UAE, reflecting the company’s focus on efficiency, brand consistency, and delivering exceptional value to guests and stakeholders alike.
Philip Barnes, CEO of Rotana, said: “The Cove Rotana Resort has long been one of our most beloved properties, and we are proud to lead it into this exciting new chapter. Working alongside SKH Private Family Office, we’re combining vision with experience to shape a resort that truly reflects the spirit of Ras Al Khaimah and the Rotana brand. This partnership is about more than management—it’s about delivering the best possible experience for our guests and ensuring every stay reflects the warmth, quality, and care that define Rotana.”

Mr. Saqr Kamal Hasan, Founder and Chairman of SKH Private Family Office, said: “At SKH Private Family Office, our vision is to redefine the hospitality landscape through investments that create lasting economic and social value. The signing of our management agreement with Rotana reflects a shared commitment to excellence, sustainability, and regional authenticity. The transformation of The Cove Rotana Resort represents our ambition to deliver world-class guest experience in alignment with the United Arab Emirates’ vision for responsible investment and tourism leadership. We are confident that this next phase will reinforce the resort’s position as a flagship destination in the region, driven by focused strategy and long-term impact.”

The investment of over AED 500 million includes the acquisition of the property, and full renovation of guest rooms, villas, restaurants, and leisure facilities. The masterplan also introduces new design upgrades to the resort’s architecture and facades, the addition of development of towers with panoramic sea views, and the adoption of advanced sustainability standards. The development aligns closely with Ras Al Khaimah’s tourism strategy and national aspirations for sustainable hospitality leadership.
With Ras Al Khaimah recording more than 1.3 million visitors in 2024 and targeting 3.5 million by 2030, the resort is well-positioned to support the emirate’s tourism growth trajectory. The collaboration between SKH and Rotana reinforces investor confidence in the UAE’s tourism infrastructure and highlights the country’s enabling environment for visionary developments.

 
 SKH Private Family Office
Founded and chaired by Mr Saqr Kamal Hasan, SKH Private Family Office is a privately held global investment firm committed to long-term value creation and strategic capital deployment. With a solid foundation in banking and a distinguished family history in hospitality, SKH Private Family Officefocuses on building strategic, high-impact investments across hospitality, real estate, financial services, logistics, and technology.
 
Its investment philosophy is guided by  precision, control, and selective deployment of capital, targeting opportunities that offer strong growth potential and strategic significance. SKH partners with leading financial institutions, developers, and innovators to acquire and enhance assets that contribute to economic advancement and industry leadership. Driven by performance and guided by principle, SKH Private Family Officeplays an active role in shaping transformative projects that reflect the future of modern investment, grounded in expertise, focused on outcomes, and built to last.
 
About Rotana
Rotana is one of the region’s leading hospitality companies, founded in Abu Dhabi in 1992. It manages a portfolio of over 116 properties in operation and under development across the Middle East, Africa, Eastern Europe, and Türkiye. Known for its commitment to quality and guest satisfaction, Rotana operates six distinct brands: Rotana Hotels & Resorts, Centro Hotels, Rayhaan Hotels & Resorts, Arjaan Hotel Apartments, Edge by Rotana, and The Residences by Rotana.
As a member of the Global Hotel Alliance (GHA), Rotana is part of the GHA DISCOVERY loyalty program—one of the world’s largest for independent hotel brands—offering guests exclusive benefits at more than 900 hotels in nearly 100 countries.
With its brand promise of ‘Treasured Time’, Rotana continues to expand its presence across key markets while delivering trusted hospitality experiences.
For more information, please visit www.rotana.com

Exhibition powerhouses dmg events and Deutsche Messe AG to develop major new global energy platform

UAE, Dubai 24 November 2025: dmg events and Deutsche Messe AG (DMAG), two of the world’s most established international events organisers, have signed a Memorandum of Understanding (MoU) to jointly develop a major new global energy exhibition and conference set to launch in Germany in 2027.
The MoU was signed by Christopher Hudson, President of dmg events, and Dr Jochen Köckler, Chairman of the Board of Deutsche Messe AG, during the annual UFI Global Congress in Hong Kong (19–22 November 2025), one of the global exhibition industry’s most influential gatherings. The signing marks the beginning of a broader dialogue around long-term collaboration between the two organisations, who are exploring additional areas of cooperation and potential joint initiatives in the years ahead.
Global energy demand is rising faster than at any point in the last two decades. Electricity consumption alone is expected to grow by around 25% by 2030, fuelled by population growth, urbanisation and rising living standards across emerging markets. As millions enter the global middle class, demand for cooling, heating, transport and household appliances is accelerating, adding sustained pressure to power systems and fuel supply chains.
At the same time, the expansion of digital infrastructure is reshaping global energy needs. AI and data centres could consume up to 10% of global electricity by 2030, intensifying pressure on already stretched power grids and underscoring the urgent need for system-wide resilience.
These shifts are redefining the energy conversation. The challenge is not only how to reduce emissions, but how to add more energy to the system – reliably, affordably and at scale, to support economic growth, digital transformation and rising societal needs. Nations across both developed and emerging markets are confronting this dual imperative: securing supply while expanding capacity.
To address this moment, dmg events and DMAG are developing a platform that brings together the full breadth of the global energy system. Spanning fuels, power generation, grids, storage, clean technologies, digital infrastructure, mobility solutions and major energy-using sectors, the event will create a unique forum for strategic dialogue and practical action. It will convene producers, solution providers, technology companies, financiers, policymakers and emerging innovators to explore the pathways that will shape energy security, system resilience and future economic growth.

Christopher Hudson, President of dmg events, said: “The world is entering a new energy era where demand is rising, digitalisation is accelerating and pressure on systems is intensifying. Energy addition has become one of the defining challenges of our time.
“By partnering with Deutsche Messe AG, we are creating a platform that brings together the decision-makers who produce, move and consume energy, enabling them to confront shared challenges and accelerate the solutions needed for global progress. This collaboration reflects the scale of the energy conversation today and the need for deeper, more integrated engagement across the full value chain.”

The agreement brings together the combined global reach, sector expertise and convening strength of the two organisations. By uniting dmg events’ leadership in world-class energy platforms – including ADIPEC, Gastech and India Energy Week – with Deutsche Messe AG’s longstanding expertise in large-scale industrial and technology exhibitions, supported by its deep governmental and institutional networks, the partnership draws on decades of experience at the intersection of global industry, energy and innovation. Together, the two organisers will deliver a high-impact event designed to meet the needs of a rapidly evolving global energy system.
Energy underpins every major industrial sector, from advanced manufacturing to materials processing, transport and logistics. As industries adopt more electrified and digitally enabled processes, their need for reliable, scalable energy continues to grow, reinforcing the interdependence between energy systems, industrial activity and long-term economic competitiveness.

Dr Jochen Köckler, Chairman of the Board of Deutsche Messe AG, said: “Energy is the foundation of economic growth, social development and technological advancement. As global demand continues to climb, the need for secure, reliable and diverse energy systems has never been more critical. Working with dmg events allows us to build a platform that unites the world’s leading voices across energy and technology, creating the space for the partnerships, innovation and investment required to meet the demands of tomorrow.”

The event feature a high-level strategic conference, technical exchanges, leadership roundtables, technology showcases and discussions focused on system resilience, energy addition, supply security and digital transformation.
Following the signing of the MoU, dmg events and Deutsche Messe AG will begin joint planning, with further details to be shared as the partnership develops.

ShowCase is joining forces with Dubai Watch Week 2025 as its Official Digital Partner — bridging the world of fine watchmaking with the future of digital experience.
Throughout the event, ShowCase will empower brands to present their latest creations remotely, offering clients and collectors an immersive, ultra-realistic view of the timepieces unveiled at the fair — as if they were holding them in their hands.

The press and media attending the event will also benefit from a dedicated ShowCase studio, enabling them to capture, produce and share exclusive content in real time with audiences across the globe.

At Dubai Watch Week 2025, ShowCase turns distance into presence — and innovation into emotion.

Why should you visit 
 Live product presentations with unparalleled realism
 Connect instantly with your customers worldwide
 Reduce costly shipments by showcasing your collections remotely
 Enhance your content strategy with high-quality photos & videos
 Boost conversions with a seamless online-to-offline experience

Join at Dubai Watch Week for an exclusive live demonstration and experience firsthand how The ShowCase can elevate your retail strategy.

Let's meet there! Book your demo now and let’s shape the future of luxury retail together!

The ShowCase, Chemin du Pré-Fleuri, 3, Genève, Genève 1228, Suisse

Farhan Badami, Business Development Manager at eToro
Abu Dhabi, United Arab Emirates – November 20, 2025:
All eyes were on Nvidia as they released their Q3 results, leaving little doubt about where the
Momentum in AI still sits. The company posted a record US$57.01 billion in revenue, up over 60%.
from a year ago and comfortably beating expectations. Almost all of that strength came from its
data-center business, which has become the backbone of the global AI boom. Demand for Nvidia’s Blackwell chips are running so hot that major customers are placing orders months ahead. This is clear evidence that Nvidia remains the central supplier in the AI infrastructure race.
According to Farhan Badami, Business Development Manager at eToro, for investors worried about
Whether the AI rally has gone too far, these results will feel reassuring. CEO Jensen Huang stressed that Blackwell demand is "off the charts" and is backed by multi-year commitments from tech giants like Microsoft and Amazon.
Whilst I agree with the skeptics who continue to point to rising power demands as a major industry bottleneck, Nvidia didn’t shy away from it. They tackled the issue directly by saying its newest chips are noticeably more efficient and that it’s teaming up with renewable and nuclear energy partners to stay ahead of the problem.
With Q4 revenue expected to land around the US$65 billion mark, Nvidia is signaling that this wave of demand isn’t a short-term surge, as it’s part of a much bigger structural shift. Jensen Huang summed it up perfectly: "AI is going everywhere, doing everything, all at once". It’s hard to imagine the CEO is feeling anything but on top of the world right now. Between a shout-out from Trump and his ongoing world tour, he just saw his company's stock price jump 5% after hours, translating to a cool US$205 billion. 
For anyone trying to make sense of whether the AI trend has legs, Nvidia’s numbers point to a
simple truth showing this isn’t a bubble popping. In fact, I feel we’re still in an early inning of a
technology cycle that’s reshaping entire industries.

​La Spezia, 19th November 2025_Italian based Baglietto shipyard is pleased to announce the appointment of ASIAMARINE as its authorized central sales agent in Asia. This new partnership strengthens the shipyard’s strategic expansion across a region that is showing a fast-growing interest in world-class superyachts.

With this collaboration, Baglietto brings its more than 170-year heritage of Italian craftsmanship, innovation, and design excellence even closer to discerning yacht owners and buyers in Asia. ASIAMARINE will play a fundamental role in representing the Baglietto brand in key markets including, initially, Hong Kong, Singapore, Thailand and Indonesia, with a broader regional rollout to follow.
As the exclusive representative of Fraser in Asia, ASIAMARINE is ideally positioned to introduce Baglietto’s unique know-how, values, and product range to a sophisticated and rapidly expanding clientele. Laura Verbrugge, Sales Manager for Fraser Asia, will oversee the partnership, supported by Fraser Sales Broker Jan Jaap Minnema in an advisory role, bringing more than 25 years of new-build expertise to the initiative.

Baglietto’s Chief Commercial Officer, Fabio Ermetto commented:
“Asia represents an extraordinary opportunity for Baglietto. The region shows a growing appetite for high-quality superyachts and a deep appreciation for the Italian design DNA that defines our brand. Partnering with ASIAMARINE allows us to strengthen our presence with a team that truly understands the market and shares our commitment to excellence. We look forward to building a long-term and successful collaboration.”
 
Laura Verbrugge, Sales Manager for Fraser Asia, commented:
“We are delighted to partner with this elite Italian shipyard, particularly at such an exciting time for superyachts in Asia. With a growing Asian market and the rapid development of improved infrastructure for superyachts, this is the perfect time to introduce to Asian clients the exceptional craftsmanship and 170-year heritage of the Baglietto brand.”
​
Anders Kurtén, Fraser CEO, added:
“This new partnership marks a compelling new step for Fraser Asia and ASIAMARINE. We very much look forward to a prosperous long-term collaboration between our brands.”

Boat builder Baglietto specialises in the construction of new planing aluminium yachts and steel & aluminium semi-displacement mega-yachts ranging between 35 and 65 metres in length. Baglietto can currently rely on 2 production sites, in La Spezia (headquarters) and Carrara (operating site). The La Spezia headquarters extend over an area of approximately 35,000 sq. m. Over the last few years, considerable investments were made to extensively renovate the entire production site: 3 new sheds for the construction of yachts up to 65 m in length were built in La Spezia, as well as new fully-equipped quays to berth vessels of up to 70 m. An approximately 1,200-ton travel lift - the largest in Europe - allows for the haulage and launch of up-to-65 m long yachts.  The operating site in Carrara, conversely, comprises 2 areas of 5,000 sq. m each. One is used to build military crafts under the Baglietto Navy brand as well as some models of the iconic brand Betram Yachts, which joined the Baglietto Group in 2015; the second area is equipped with 4 new sheds for the construction of the DOM line and yachts up to 46 m long.

On November 14, the U.S. and Switzerland agreed to reduce tariffs to 15%, matching the rate applied to goods from the European Union. This marks a substantial drop from the 39% announced in August 2025. Since the increase, Swiss watch exports to the U.S. plummeted by 56% in September, according to the Federation of the Swiss Watch Industry, with the U.K. replacing the U.S. as Switzerland’s top watch market.

​Whether the new 15% tariff will have an immediate impact on luxury watch shopping in the U.S. this holiday season remains uncertain. What is certain, however, is that vintage watches have continued to surge in popularity across the American luxury market. This renewed enthusiasm is fueled largely by social media and Gen Z consumers, who are drawn to the timeless allure of the “Old Money” aesthetic, as well as the immediate availability and relative affordability of vintage timepieces.

“We’re seeing high-net-worth collectors and seasoned stylists come to us specifically for vintage pieces. For gifting in particular, vintage women’s watches have become one of the most sought-after choices in the luxury segment, especially among clients between the ages of 30 and 45,” said Vadim Yakubov, CEO of Wrist Aficionado. “For Cartier, the Santos and Baignoire remain favorites, and clients love stacking their vintage timepieces with jewelry — sometimes even mixing metals — to achieve a fashion-forward look for social media..”

“Not every female client wants a traditional ladies’ watch though,” added Julie Yakubov, Founder of Jewels Aficionado. “Unisex styles — especially the Patek Philippe Nautilus — are extremely popular among sophisticated female watch collectors. Our top-selling vintage watch brands are Patek Philippe, Audemars Piguet, Rolex, and Cartier. Female VIPs and stylists who appreciate watchmaking often seek a Patek Philippe Nautilus, a vintage Golden Ellipse, a diamond-bezel Royal Oak, or a classic Rolex Day-Date.”

Victoria Beckham’s 2025 Netflix documentary Victoria Beckham further fueled interest in vintage Patek Philippe, showcasing her collection, including the Nautilus 3800/1, Nautilus 7118/1200R-001, Nautilus 7118/1A-001, Nautilus Joaillerie 7118/1300R-001, and Aquanaut Luce 5072R-001. Watch Instagram video breaking down her pieces.

In recent years, prices for pre-owned models from iconic brands such as Rolex, Patek Philippe, and Audemars Piguet have climbed dramatically. According to WatchChart, average multi-year price increases on the pre-owned market are:

• Rolex: +16.1%
• Audemars Piguet : +53.9%
• Patek Philippe: +57.4%
• 
  

In 2025, vintage Cartier emerged as Gen Z’s favorite watch brand, according to multiple media outlets, solidifying its position as the most coveted vintage women’s label in the U.S. luxury market. This enthusiasm reached a peak in August when global searches for “Cartier Santos” surged by 2,000% following Taylor Swift’s engagement photo, which featured a discontinued yellow-gold Cartier Santos Demoiselle set with diamonds. The moment went instantly viral, cementing Cartier as a modern symbol of prestige for a new generation of female collectors. Not sure what to gift this holiday season? Vintage watches are the hit — especially for her.

Founded in 2017, Wrist Aficionado is a premier luxury retailer specializing in watches, fine jewelry, and designer handbags, with flagship boutiques in New York City,  Beverly Hills, and Miami Beach, as well as international warehouses in Hong Kong and Dubai.
Bridging the worlds of digital and in-person luxury retail, Wrist Aficionado evolved from an online platform for collectors into a network of elegant physical boutiques offering curated collections from the world's most prestigious brands.
Its offerings include iconic Swiss watchmakers such as Rolex, Patek Philippe, Audemars Piguet, Richard Mille, and Cartier, alongside exclusive jewelry and Hermès Birkin and Kelly bags for discerning collectors.
With a highly trustworthy reputation for worldwide trust, exceptional service, and uncompromising quality, Wrist Aficionado has become synonymous with sophistication, exclusivity, and timeless elegance.
For more information please visit: www.wristaficionado.com. Instagram: @wristaficionado

Diriyah Company Launches 239 Premium Homes in New Manazel AlHadawi Residential Area Alongside Major Contract Awards Worth $1.5 Billion (SAR 5.7 Billion)

• New Manazel AlHadawi residential units planned for in flagship Media and Innovation District in Diriyah
• Three major contract awards covering residential, commercial, and infrastructure developments worth $1.5 Billion (SAR 5.7 Billion)
• Announcements shared on Day 1 of Cityscape Global, where Diriyah Company participates as Foundation Partner

RIYADH, Saudi Arabia – 17 November 2025: Diriyah Company has announced the launch of 239 premium homes in the new Manazel AlHadawi residential area at Cityscape Global 2025. This is the first release of properties planned within its flagship Media and Innovation District.
The new homes will include one bedroom studio apartments, two-bedroom and three-bedroom houses, and four-bedroom duplex properties, with the prices starting from 1.6 million SAR. The new properties celebrate Saudi heritage, seamlessly blending traditional architectural themes with contemporary design to create living spaces that are both timeless and innovative.​
They will benefit both media and technology professionals who will be working in the new district and families looking for a desirable home in Diriyah offering an unparalleled quality of life.
The launch marks the first in what will eventually be more than 18,000 residential properties for over 100,000 residents in Diriyah’s City of Earth that have been inspired by the centuries-old Najdi architectural traditions of the birthplace of the first Saudi state.


Commenting on the launch, Diriyah Company Group CEO Jerry Inzerillo said: “Manazel AlHadawi represents a pivotal milestone in Diriyah Company’s journey, as it is a fully in-house residential development that reflects the maturity of our capabilities and the strength of our integrated, urban ecosystem. It embodies our commitment to delivering premium homes that capture the authentic spirit of Diriyah while offering an elevated, modern living experience rooted in quality, design excellence, and a deep sense of place.
This new chapter reaffirms that Diriyah is a testament to our history, and a living vision for the future: a future that continues to set new benchmarks for world-class, people-focused urban living.”
The new residential homes will benefit from advanced infrastructure and smart city technologies that are underpinning every aspect of Diriyah’s residential strategy, ensuring efficient, sustainable and future-ready living. The homes will be divided into two residential areas within the larger district.
Alongside the new residential offering launch, Diriyah Company also announced three major contract awards covering residential, commercial, and infrastructure developments, totaling to $1.5 billion USD (5.7 billion SAR).
BEC Arabia Contracting Company has been awarded the contract for the Media and Innovation District - South Offices. This project, located within the Media and Innovation District, will deliver state-of-the-art office spaces to support global media networks and creative agencies. Also, within the Media and Innovation District, BEC Arabia Contracting Company has secured the contract for the Manazel AlHadawi plots, which will further expand the district’s residential offering, supporting the growing community of professionals and families.
Additionally, and as a testament to Diriyah’s comprehensive infrastructure progress, Almabani General Contractors has been awarded the King Khalid Road Main Works contract. This critical infrastructure project will enhance connectivity and accessibility, supporting the seamless integration of Diriyah’s districts.
These latest announcements demonstrate the progress of Diriyah Company’s $63.2 billion urban development program in building a new contemporary human-centric place to live, work and play on the outskirts of Riyadh.
Diriyah’s Media and Innovation District was announced at MIPIM in Cannes in March 2025 to serve as a new home for global media networks, creative agencies, and professionals seeking a collaborative ecosystem with state-of-the-art infrastructure, designed to promote sustainability and provide an exceptional quality of life. ​
Diriyah, the $63.2 billion integrated urban development, has now awarded over $27 billion in construction contracts. Once complete, Diriyah will contribute approximately $18.6 billion (SAR 70 billion) directly to the Kingdom’s GDP, create more than 180,000 jobs and will be home to an estimated 100,000 people.
It will also include museums, shopping districts, a university, the Royal Diriyah Opera House, the Diriyah Arena, a variety of food and beverage outlets, and nearly 40 world-class resorts and hotels spanning its two main masterplans. Additionally, Diriyah will include the Royal Golf Club, Wadi Safar, home to a Greg Norman–designed championship golf course and the Royal Equestrian & Polo Club, Wadi Safar.
 
Read also 21. Nov. 2025 The-legacy-cup-in-dubai-with-big-art-festival-and-polo-xperience​

​Johann Rupert
Chairman
Compagnie Financière Richemont SA, stated,

Annual General Meeting and publication and shareholder approval of our Non-Financial Report
At the Annual General Meeting (‘AGM’) on 10 September 2025, all Board members who stood for re-election for a further one-year term were re-elected and Wendy Luhabe was re-elected as the ‘A’ shareholders’ representative.
The appointment of KPMG SA taking over from PricewaterhouseCoopers as auditor of the Company was approved for a term of one year.
On 5 June, Richemont published its Non-Financial Report alongside its Annual Report and Accounts for the year ending 31 March 2025.
Our Non-Financial Report 2025 was put to the vote for the second time at this year’s AGM where it was approved. The Report was prepared in accordance with the Global Reporting Initiative (‘GRI’) standards and complies with the reporting disclosures required by Swiss regulations, with non-financial disclosures and indicators independently assured. As I have said before, we recognise that our responsibility extends beyond our shareholders towards our colleagues, our customers, the communities in which we operate, society and our planet as a whole. Our Non-Financial Report lays out how we operate as a responsible business, guided by a common sustainability framework to ensure a consistent application of policies and risk management, and to foster collaboration across the Group and with external partners.

 
Concluding remarks
The Group delivered a remarkable top line performance in the first half led by sustained local demand, attesting to the strength of our Maisons’ positioning, built with consistency over time. Our Jewellery Maisons continued to excel, and we saw some encouraging signs at several Specialist Watchmakers and Fashion & Accessories Maisons. At constant rates in Q2, we saw growth across all our business areas and double-digit performances across all regions, demonstrating the benefit of the Group’s several growth engines.
In the last months, the Group has continued to be stress-tested, confronted by an unprecedented combination of external macroeconomic headwinds including material currency movements, the rising price of gold and the first impact of additional US duties. In order to reflect this high-cost environment, we introduced balanced and targeted price increases at the same time as aiming to preserve value for our clients over the long term. Supported by effective cost discipline, the Group was able to grow its operating profit and maintain a strong balance sheet whilst continuing to invest in our Maisons’ long-term success, through selective manufacturing capacity and distribution network expansion.
Looking ahead, it is evident that we will need to continue navigating through uncertain times, given that recovery paths remain unsteady, for instance in China, and that external pressures show no sign of abating. Managing the uncertainty will continue to require agility and discipline, particularly as we face demanding comparatives.
I have full confidence in our talented teams’ ability to continue to rise to the challenge, and never cease to be impressed by their excellence at crafting distinctive and timeless creations to enchant our clients. I know that we can count on the unwavering dedication of our renewed leadership to implement our Maisons’ long-term strategies with discipline and agility, thereby contributing to sustainable value creation for our stakeholders.


 Annual General Meeting and publication and shareholder approval of our Non-Financial Report
At the Annual General Meeting (‘AGM’) on 10 September 2025, all Board members who stood for re-election for a further one-year term were re-elected and Wendy Luhabe was re-elected as the ‘A’ shareholders’ representative.
The appointment of KPMG SA taking over from PricewaterhouseCoopers as auditor of the Company was approved for a term of one year.
On 5 June, Richemont published its Non-Financial Report alongside its Annual Report and Accounts for the year ending 31 March 2025.
Our Non-Financial Report 2025 was put to the vote for the second time at this year’s AGM where it was approved. The Report was prepared in accordance with the Global Reporting Initiative (‘GRI’) standards and complies with the reporting disclosures required by Swiss regulations, with non-financial disclosures and indicators independently assured. As I have said before, we recognise that our responsibility extends beyond our shareholders towards our colleagues, our customers, the communities in which we operate, society and our planet as a whole. Our Non-Financial Report lays out how we operate as a responsible business, guided by a common sustainability framework to ensure a consistent application of policies and risk management, and to foster collaboration across the Group and with external partners.

 
Concluding remarks
The Group delivered a remarkable top line performance in the first half led by sustained local demand, attesting to the strength of our Maisons’ positioning, built with consistency over time. Our Jewellery Maisons continued to excel, and we saw some encouraging signs at several Specialist Watchmakers and Fashion & Accessories Maisons. At constant rates in Q2, we saw growth across all our business areas and double-digit performances across all regions, demonstrating the benefit of the Group’s several growth engines.
In the last months, the Group has continued to be stress-tested, confronted by an unprecedented combination of external macroeconomic headwinds including material currency movements, the rising price of gold and the first impact of additional US duties. In order to reflect this high-cost environment, we introduced balanced and targeted price increases at the same time as aiming to preserve value for our clients over the long term. Supported by effective cost discipline, the Group was able to grow its operating profit and maintain a strong balance sheet whilst continuing to invest in our Maisons’ long-term success, through selective manufacturing capacity and distribution network expansion.
Looking ahead, it is evident that we will need to continue navigating through uncertain times, given that recovery paths remain unsteady, for instance in China, and that external pressures show no sign of abating. Managing the uncertainty will continue to require agility and discipline, particularly as we face demanding comparatives.
I have full confidence in our talented teams’ ability to continue to rise to the challenge, and never cease to be impressed by their excellence at crafting distinctive and timeless creations to enchant our clients. I know that we can count on the unwavering dedication of our renewed leadership to implement our Maisons’ long-term strategies with discipline and agility, thereby contributing to sustainable value creation for our stakeholders.