Richemont has announced it has entered into a venture with former Lanvin designer Alber Elbaz. The luxury conglomerate has a portfolio that includes Cartier, IWC, Piaget, Vacheron Constantine and Panerai, thus more known for its strength in the jewelry and watch business.

It does however, own fashion label Chloe, as well as Azzedine Alaia.

The venture with Elbaz, called AZfashion, will focus on "developing solutions for women of our times," the designer said in a statement.