Published by MBA Skool Team, Last Updated: April 26, 2020
SWOT analysis of Richemont analyses the brand by its strengths, weaknesses, opportunities & threats. In Richemont SWOT Analysis, the strengths and weaknesses are the internal factors whereas opportunities and threats are the external factors.
SWOT Analysis is a proven management framework which enables a brand like Richemont to benchmark its business & performance as compared to the competitors. Richemont is one of the leading brands in the lifestyle and retail sector.
The article below lists the Richemont SWOT, competitors and includes its target market, segmentation, positioning & USP. Let us start the Richemont SWOT Analysis:
For Richemont, SWOT analysis can help the brand focus on building upon its strengths and opportunities while addressing its weaknesses as well as threats to improve its market position.
The strengths of Richemont looks at the key aspects of its business which gives it competitive advantage in the market. Some important factors in a brand's strengths include its financial position, experienced workforce, product uniqueness & intangible assets like brand value. Below are the Strengths in the SWOT Analysis of Richemont :
1. Richemont makes jewellery, fine watchmaking and premium accessories, which encompasses writing instruments, leather goods and fashion.
2. One of the top 10 biggest company in the Swiss Market Index
3. Richemont is the second-largest luxury goods company in the world by turnover.
4. Particular strengths in jewellery, luxury watches and writing instruments
5. Employs over 20,000 people
6. Richemont encompass several of the most prestigious names in the luxury industry including Cartier, Van Cleef & Arpels, Piaget, Vacheron Constantin, Jaeger-LeCoultre, IWC, Panerai.
The weaknesses of a brand are certain aspects of its business which are it can improve to increase its position further. Certain weaknesses can be defined as attributes which the company is lacking or in which the competitors are better. Here are the weaknesses in the Richemont SWOT Analysis:
1. Richemont need to promote and market brands aggressively as compared to some of its competitors
2. Limited global presence specially in emerging economies
The opportunities for any brand can include areas of improvement to increase its business. A brand's opportunities can lie in geographic expansion, product improvements, better communication etc. Following are the opportunities in Richemont SWOT Analysis:
1. A joint venture of Richemont and Polo Ralph Lauren can help boost business
2. More than dozen of companies are fully owned subsidies of Richemont eg. Montblanc.
3. More enhanced penetration in global and emerging economies
The threats for any business can be factors which can negatively impact its business. Some factors like increased competitor activity, changing government policies, alternate products or services etc. can be threats. The threats in the SWOT Analysis of Richemont are as mentioned:
1. Competition largely exists on how potent and valuable the brand image has become.
2. Richemont can invest huge money in brand promotions in order to maintain their image.
3. Counterfeits often penetrate the market which hurt the brand image
There are several brands in the market which are competing for the same set of customers. Below are the top 10 competitors of Richemont:
Richemont is a leading company in the field of luxury watches and goods
Aspiration lifestyle based segment
SEC A and SEC A+ audience
Richemont offers unique design with traditional skills
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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