Richemont, Polo Ralph Lauren join forces

GENEVA, Switzerland --Swiss luxury goods maker Richemont SA said Monday it is teaming up with apparel maker Polo Ralph Lauren Corp. to create the Polo Ralph Lauren Watch and Jewelry Co. SARL, which will design and create luxury watches and jewelry.

The partners will each own 50 percent of the new entity, Richemont said in a statement. Financial details were not disclosed.

"This business is an important part of our global luxury accessories strategy," said Ralph Lauren, chairman of Polo Ralph Lauren.

The first products are expected to be available in the fall of 2008.

Richemont's brands include Van Cleef & Arpels, Alfred Dunhill and Chloe. In addition to its luxury goods business, Richemont holds an 18.9 percent interest in British American Tobacco, one of the world's largest tobacco companies.