South African billionaire Johann Rupert’s Richemont brings Panerai’s first boutique to Stuttgart

Swiss luxury group Richemont, controlled by South African billionaire Johann Rupert, has expanded its European footprint with the opening of Panerai’s first boutique in Stuttgart, Germany.

The move comes as its Specialist Watchmakers unit finds resilience in Europe, prompting greater investment in markets with prospects for steady demand.

The new store, launched in partnership with long-standing retail partner, Gerhard D. Wempe GmbH & Co. KG, strengthens the presence of its Italian-born watch brand Panerai in one of Europe’s most important luxury hubs.

Panerai opens Stuttgart boutique blending Italian-Swiss design

Located in the city’s Dorotheenquartier near Karlsplatz, the boutique reflects the Maison’s blend of Italian design and Swiss technical expertise, with interiors that merge clean architectural lines, natural wood, and marble finishes.

Spanning 49 square meters, the boutique includes a dedicated Watch Bar, Panerai’s contemporary approach to Italian hospitality, offering clients a relaxed and immersive introduction to its universe.

The launch underscores Richemont’s continued investment in strategic locations across Europe, bringing Panerai’s heritage and innovation closer to discerning German clients. Earlier this year, other Richemont brands announced new openings across Europe and Asia, signaling the group’s sustained investment in boutique-led growth.

Heritage brands remain Rupert’s priority

Rupert, South Africa’s richest man, holds 10.18 percent of Richemont’s shares. He has long advocated for Richemont to focus on heritage brands celebrated for their craftsmanship and timeless appeal, emphasizing the group’s role as a home for prestigious maisons across jewelry, watches, fashion, and accessories.

Under his leadership, Richemont posted a 6 percent rise in sales at constant exchange rates in the opening quarter of its fiscal year, with actual sales up 2.73 percent, from €5.27 billion ($6.12 billion) to €5.41 billion ($6.29 billion).

Panerai expansion underscores Richemont’s watchmaker strategy

Richemont’s Specialist Watchmakers division, which includes Panerai, IWC, Jaeger-LeCoultre, and Vacheron Constantin, opens its fiscal year 2026 reporting a 7 percent sales decline to €824 million ($959 million). The drop was largely due to weaker demand in Greater China and Japan, where a stronger yen and slowing tourist inflows weighed on sales.

Europe, however, provided resilience, with modest gains underpinned by local demand and increased tourist spending. The relative stability of the region has encouraged Richemont to step up investments in its watchmaking maisons, aligning with plans to strengthen heritage brands through selective retail expansion and elevated client experiences.

Panerai’s recent opening of its first boutique in Stuttgart, Germany, illustrates this approach. By deepening its presence in a market with deep horological roots, Richemont is reinforcing the long-term positioning of Specialist Watchmakers despite short-term volatility in Asia.