Richemont and Ralph Lauren Form Joint Venture

Swiss luxury goods group Richemont said it would set up a joint venture with Polo Ralph Lauren to distribute watches and jewellery through shops of the U.S. company.

The companies would each own 50% of the new entity, called The Polo Ralph Lauren Watch and Jewellery Company, Richemont said in a statement.

Richemont, the owner of watch brands Jaeger-LeCoultre, IWC and Cartier and of Van Cleef & Arpels jewellery, disclosed no financial details of the deal.

First products would be launched in the fall of 2008, Richemont said, adding it would also design and develop products with Ralph Lauren, which makes clothing lines such as Ralph Lauren Purple Label and Club Monaco.