Alber Elbaz and Richemont Join Forces on AZfashion

In a move that signals a luxury comeback for Alber Elbaz and nods to Richemont’s commitment to fashion, the two have formed a joint venture known as AZfashion, a from-scratch project aimed at wardrobe “solutions” for women.

Compagnie Financière Richemont has been on an M&A tear this year, most recently buying Italian jeweler Buccellati from its Chinese owners, while roughly 12 months ago it inked a joint venture with Alibaba to push Net-a-Porter and Mr Porter further into China.

Those deals followed Richemont’s purchase of 100% of Yoox Net-a-Porter and Watchfinder in 2018. Since then, the group has been placing a strong focus on digital retail and broadening the reach of its watch and jewelry collections, selling them alongside luxury fashion at Net-a-Porter and Mr Porter.

Richemont described AZfashion as “an innovative and dynamic start-up, meant to turn dreams into reality.” The luxury giant, parent of brands including Cartier, Chloé, IWC, Van Cleef & Arpels and Dunhill, is clearly seeking to learn from Elbaz, in addition to helping build the new venture.

This story was reported by WWD and originally appeared on WWD.com. To read the full story, please go to WWD.com.

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