The two titans Richemont and Remgro are often mentioned in the same breath. Both are headed by the Rupert family and both are fairly dependent on the fortunes of British American Tobacco.

Richemont hit the headlines in the UK earlier this year - read Controversy over smuggling inquiry

A Department of Trade and Industry investigation had been ordered more than a year ago following strongly denied accusations that British American Tobacco (BAT) may have "profited from bootlegging" and had "deliberately stimulated" the smuggling market.

Anti-smoking groups and MPs had expressed concern about the length of time the investigation was taking and questions were being asked whether Tony Blair directly intervened in the inquiry because of his links with Alain Dominique Perrin, then CEO of Richemont, a major shareholder in BAT.

Richemont, whose brands include Cartier, Piaget, Montblanc, Dunhill, Jaeger-LeCoultre and Baume & Mercier, has lost over half its market value, to around R57.4-billion, over the last year.

Richemont results for the year to 31 March 2003 - extract

Sales  euro 3 651 m  (-5% on 2002)
Operating profit  euro 259 m  (- 46% on 2002)
Net profit (parent and subsidiaries, including dunhill)  euro 156 m  (- 53% on 2002)
Net profit (share of 'associated' company i.e. BAT)  euro 486 m  (- 2% on 2002)
Net profit (the Group)  euro 642 m  (- 22% on 2002)

In other words, 75% of 2003 net profit derived from 'associated' tobacco interests.

Richemont had, until quite recently, been taking steps to 'reduce' their tobacco holdings, but now Richemont chairman says won't sell BAT 'profit driving' stake.

Read more about the tobacco connection in Richemont News

Alfred Dunhill claim not to have any connection with tobacco, but consider the following :-

Alfred Dunhill has failed to make a profit for several years, and it has been forced to trim operations - Richemont - luxurious downturn. The company is rather dependent on 'tobacco rich' parent Richemont at the moment.

And consider these 'associations with tobacco, past and present :-

The Mixture 965 tobacco tin nomenclature was changed, circa 1994, to:

'Made in the UK in association with Dunhill Tobacco of London'

Dunhill Tobacco of London (a close neighbour of Alfred Dunhill Ltd) is now the holder of most of the, very many, original Alfred Dunhill tobacco trademarks - including some which were temporarily in the hands of Rothmans, the makers of Dunhill branded cigarettes.

According to records held at Companies House, Dunhill Tobacco of London consider their ultimate parent company to be British American Tobacco (BAT) - the new owners of Rothmans.

Alfred Dunhill Ltd today plays down its association with tobacco. "We're a bit embarassed about it" stated chairman Richard Dunhill, grandson of Alfred - read the article here.