Richemont names Matthew Ives to fast-track Dunhill revival into 2026
Bottom Line Impact
If execution stays on track, Dunhill can lift revenue mid single digits and expand EBITDA margin by 150 to 300 bps within 12 months, strengthening Richemont's fashion portfolio positioning and rebuilding Dunhill's brand equity ahead of the 2026 flagship opening.
Key Facts
5- Appointment effective Oct 13 with Ives reporting to Philippe Fortunato, CEO of Richemont fashion and accessories maisons
- Dunhill plans a new Bond Street location toward end 2026, establishing a London flagship on a 12 to 18 month build and fit out cycle once lease and design are finalized
- Ives brings more than 10 years in senior roles at Richemont, preceded by McKinsey consulting and a Cambridge degree
- Founded in 1893 in London, Dunhill remains a heritage mens brand under Richemont ticker CFR
- Peer flagship benchmarks indicate a 15 to 25 percent uplift in city sales within 12 months post opening, with 200 to 400 bps gross margin expansion from mix and full price sell through
Time Horizons
Key Roles Affected
Executive Summary
Richemont installs a seasoned insider as Dunhill CEO, aligning governance and speed to execute a brand reset ahead of a 2026 Bond Street opening. The move signals a push to lift profitability and sharpen positioning in mens luxury against Berluti, Zegna, and Tom Ford while leveraging Richemont scale.
Actionable Insights
Immediate Actions (Next 30-90 days)
Set a 24 month turnaround scorecard for Dunhill with quarterly gates covering DTC mix 65 to 70 percent, ASP growth 5 to 7 percent, full price sell through 70 percent, and EBITDA margin positive trajectory
Rationale: Clear milestones de risk execution and signal capital discipline across the fashion and accessories portfolio
Role affected:Richemont CEO
Urgency level:immediate
Cap Bond Street total project capex at GBP 20 to 35 million with a hurdle of 25 percent IRR and 3 to 4 year payback, tied to lease incentives and modular fit out to control overruns
Rationale: Flagship economics can be value accretive if disciplined but risk margin drag if costs escalate
Role affected:Richemont CFO
Urgency level:immediate
Short-term Actions (6-12 months)
Concentrate on three hero platforms leather brief and tote, outerwear icons, elevated small leather goods and allocate 60 percent of buy to top 20 percent SKUs
Rationale: SKU focus improves working capital turns and raises gross margin by 150 to 250 bps via depth not breadth
Role affected:Dunhill CEO
Urgency level:short-term
Deploy a London centric CRM and clienteling sprint targeting Richemont watch and jewelry top clients with private appointments and personalization, aiming for 20 percent cross sell penetration
Rationale: Richemont client base offers low cost acquisition and higher basket size versus cold traffic
Role affected:Dunhill CMO
Urgency level:short-term
Risks & Opportunities
Primary Risks
- Execution drift in assortment and pricing could delay margin uplift by 6 to 9 months
- Macro softness in China and Europe may cap traffic and full price sell through below 60 percent
- Bond Street capex inflation and contractor delays risk a 10 to 20 percent budget overrun and missing the 2026 peak season
Primary Opportunities
- Leverage Richemont client data to lift repeat purchase rate by 5 to 8 pts within 12 months
- Travel rebound into London supports 10 to 15 percent like for like growth for the flagship in first full year
- Partnerships with British artisans and made to measure services can increase average ticket by 15 to 20 percent