WritingInstrumentsKey results*Sales (€ m)200920082007587625585Operating pr<strong>of</strong>it (€ m)20092008200769110126Percentage <strong>of</strong> Group sales2009Writing Instruments 11%*Where shown, <strong>the</strong> results for <strong>the</strong> year ended 31 March 2007 have not beenre-presented for <strong>the</strong> d<strong>is</strong>continuation <strong>of</strong> <strong>the</strong> Montegrappa business.20 <strong>Richemont</strong> Annual Report and Accounts 2009Business review
Establ<strong>is</strong>hed 1906Hellgrundweg 100Hamburg GermanyChief ExecutiveLutz BethgeFinance DirectorRoland Hoekzemawww.montblanc.comMontblanc has been known for a century as a maker <strong>of</strong>soph<strong>is</strong>ticated, high-quality writing instruments. From its rootsin European master craftsmanship, <strong>the</strong> Ma<strong>is</strong>on has successfullyapplied its know-how to watches, lea<strong>the</strong>r goods and jewellery.2008 was an important year for Montblanc, in which <strong>the</strong> Ma<strong>is</strong>on intensified itsstrategic efforts to align <strong>the</strong> quality <strong>of</strong> its d<strong>is</strong>tribution with its growing reputation asa diversified <strong>luxury</strong> goods Ma<strong>is</strong>on. As a consequence <strong>of</strong> <strong>the</strong>se efforts, <strong>the</strong> number<strong>of</strong> points <strong>of</strong> sale has been reduced by more than <strong>one</strong>-third over <strong>the</strong> last 24 months.Th<strong>is</strong> strategy <strong>is</strong> seen as key to <strong>the</strong> Ma<strong>is</strong>on’s future prosperity and, alongside <strong>the</strong>investments to enhance <strong>the</strong> d<strong>is</strong>tribution network, has been pursued despite achallenging economic environment.Major boutique openings during <strong>the</strong> year took place in Beijing, São Paulo,Dubai, Moscow, Geneva and Pennsylvania’s King Of Prussia Mall. These openingscontributed to <strong>the</strong> overall growth <strong>of</strong> <strong>the</strong> boutique network to 358. The importance<strong>of</strong> China, now Montblanc’s most important market, <strong>is</strong> reflected in <strong>the</strong> 91 boutiquesacross that country.During 2008, major product launches were successfully implemented, particularly inwriting instruments and watches. The new Etoile de Montblanc range <strong>is</strong> <strong>the</strong> fourthmajor writing instruments line and <strong>is</strong> aimed at streng<strong>the</strong>ning <strong>the</strong> assortment forwomen including <strong>the</strong> Montblanc Diamond. Innovations in <strong>the</strong> iconic Me<strong>is</strong>terstückwriting instrument range included <strong>the</strong> Solitaire Me<strong>is</strong>terstück Black Ceramic, whilelimited editions for collectors and conno<strong>is</strong>seurs included <strong>the</strong> Beijing Opera Masks.In watchmaking, <strong>the</strong> launch <strong>of</strong> <strong>the</strong> Star Nicolas Rieussec watch, featuring an exclusivemovement developed by Montblanc paying tribute to <strong>the</strong> inventor <strong>of</strong> <strong>the</strong> chronograph,has confirmed <strong>the</strong> technical ability and creativity <strong>of</strong> Montblanc as a watchmakingMa<strong>is</strong>on. Investments made in <strong>the</strong> Ma<strong>is</strong>on’s Institute Minerva de Recherche en HauteHorlogerie in Villeret enabled Montblanc to enter <strong>the</strong> prestigious segment <strong>of</strong> HauteHorlogerie Watches. The reopening <strong>of</strong> <strong>the</strong> manufacture in Villeret, <strong>the</strong> launch <strong>of</strong> <strong>the</strong>Grand Tourbillon Heures Mystérieuses and <strong>the</strong> Grand Chronographe Régulateur areexamples <strong>of</strong> <strong>the</strong> Ma<strong>is</strong>on’s commitment to traditional Sw<strong>is</strong>s watchmaking.Sponsorship and public relations events such as ‘Writing Time’ for <strong>the</strong> launch <strong>of</strong> <strong>the</strong>Rieussec watch range in April 2008 reinforced Montblanc’s reputation as a diversified,<strong>luxury</strong> goods Ma<strong>is</strong>on. Programmes in support <strong>of</strong> art and culture included <strong>the</strong>patronage award from <strong>the</strong> long-establ<strong>is</strong>hed Montblanc de la Culture foundation.Me<strong>is</strong>terstück Solitaire CeramicsBlack Pr<strong>is</strong>ma. Th<strong>is</strong> platinumplatedfountain pen features a capwith a ceramic inlay in a tactilesquare patternThe year ahead will see a continued focus on <strong>the</strong> iconic Me<strong>is</strong>terstück writinginstrument range, in particular <strong>the</strong> launch <strong>of</strong> <strong>the</strong> Signature for Good Edition, alliedto <strong>the</strong> UNICEF campaign to support literacy – a co-operation in place since 2004.In watchmaking, special focus will be given to <strong>the</strong> Montblanc Rieussec ChronographAutomatic, which epitom<strong>is</strong>es Montblanc’s roots in writing and its competence as amaker <strong>of</strong> fine watches.LUTZ BETHGECHIEF EXECUTIVE<strong>Richemont</strong> Annual Report and Accounts 2009 21Business review
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