This is a German version. This case study illustrates the development of Richemont, a global and diversified company operating in the cyclical luxury goods business. This case study focuses specifically on the strategic concept / rationale (corporate business model), according to which the company was developed, as well as on how synergies are realised between the subsidiaries, given each brand's strong need for autonomy. Consequently, the case study takes a corporate perspective by examining the logic used to develop Richemont over the last decades and the direction of its future development. In addition, the case study is presented from the perspective of IWC - a Richemont subsidiary since its acquisition in 2000 - and examines the changes, challenges, and opportunities associated with its autonomy.