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Laurent in 2005 but grew extremely fast until 2013 when Saint Laurent was doing very poorly. Then Saint Laurent woke up and did extremely well, and Bottega Veneta was stuck with decreasing volume and profitability. It may have woken up now, but we still have to wait to find out.

Table 2.10 Kering Historical Sales and Results (€ million)

      Source: PPR annual reports.

		Sales	Operating Profit
	2019	2015	2010	2005	2019	2009	2008
Gucci	9,628	3,898	2,266	1,807	3926	618	625
Saint Laurent	2,049	974	237	162	552	–10	0
Bottega Veneta	1,168	1,286	402	160	207	92	101
All others Unallocated	2,537	1,707	484	907	306 (213)	–75	5
Total	15,383	7,865	3,389	3,036	4,778	625	731

Richemont. The Compagnie Financière Richemont, based in Geneva, with sales of €13.9 billion was, for many years, the second major operator in the luxury fashion, jewelry, and watch businesses. But probably because of difficulties in the sales of watches, and little involvement in the fashion business, it has developed slower than its competitors in the past 5 years (see Table 2.11). In 2019, it integrated and consolidated the two online distribution systems: NAP (Net à Porter.com) and Y (now called YNAP).

The company's results by product lines are given in Table 2.12.

Table 2.11 Richemont Historical Sales and Profit (€ million)

      Source: Richemont annual reports.

	Sales	Operating Profit	Net Profit
2019 2018 2017 2015 2013	13,989 10,979 10,647 10,410 10,150	1,943 1,844 1,764 1,339 2,426	2,787 1,221 1,210 2,387 2,005

Table 2.12 Richemont Performance by Product Lines, 2005–2019 (€ million)

      Source: Richemont annual reports.

	Sales	Operating Profit
	2019	2015	2010	2005	2019
Jewelry houses	7,083	5,168	2,688	844	2,229
Specialty watches	2,980	3,325	1,437	1,750	378
Online distribution	2,105		N.A.		(100)
Writing instruments			551	297
Leather and accessories			584	780
Other businesses	1,881				(264)
Unallocated			46
Total	13,989	10,410	5,176	3,671	1,943

      ^* Starting in 2010, leather and accessories and other businesses have been merged.

In 2019, the jewelry houses (Cartier and Van Cleef & Arpels) represented 51% of sales and 115% of operating profit, with Cartier probably being the biggest contributor, but the growth performances of Van Cleef & Arpels have certainly been extraordinary in the past 10 or 12 years. Specialty watches (which include Vacheron Constantin, Baume & Mercier, Jaeger-LeCoultre, Lange und Söhne, Officine Panerai, IWC, and Piaget) also performed quite well.

      The performance of Montblanc (with Montegrappa first included in the figures then sold out) was certainly quite impressive as well. The only bad news was in the leather-goods category (which now only includes Dunhill), which has probably been losing money. Now that this category is merged with other businesses, it will be more difficult to follow.

      Richemont is both a

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