OMB APPROVAL

OMB Number: 3235-0287

Expires: January 31, 2005

Estimated average burden
hours per response...0.5

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 4

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935
or Section 30(h) of the Investment Company Act of 1940

o Check this box if no longer
subject to Section 16.
Form 4 or Form 5
obligations may continue.
See Instruction 1(b).

1.	Name and Address of Reporting Person*	2.	Issuer Name and Ticker or Trading Symbol				3.	I.R.S. Identification Number of Reporting Person, if an entity (Voluntary)
	Richemont Finance S.A.(Last) (First) (Middle)		Hanover Direct, Inc. (HNV)
	35 Boulevard Prince Henri (Street)	4.	Statement for Month/Day/Year				5.	If Amendment, Date of Original (Month/Day/Year)
			December 2002
		6.	Relationship of Reporting Person(s) to Issuer (Check All Applicable)				7.	Individual or Joint/Group Filing (Check Applicable Line)
	L 1724 Luxembourg (City)        (State)        (Zip) Luxembourg		o	Director	x	10% Owner		o	Form Filed by One Reporting Person
			o	Officer (give title below)				x	Form Filed by More than One Reporting Person
			o	Other (specify below)

Reminder:	Report on a separate line for each class of securities beneficially owned directly or indirectly.
*	If the form is filed by more than one reporting person, see instruction 4(b)(v).

Table I — Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.

Title of Security (Instr. 3)

2.

Transaction Date (Month/Day/Year)

2A.

Deemed Execution Date, if any (Month/Day/Year)

3.

Transaction Code (Instr. 8)

4.

Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)

5.

Amount of Sec- urities Beneficially Owned Following Reported Trans- action(s) (Instr. 3 and 4)

6.

Ownership Form: Direct (D) or Indirect (I) (Instr. 4)

7.

Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

Amount

(A) or (D)

Price

Common Stock

12/26/02

J (a)

V

755,000

A

(a)

29,446,888(b)

D

Series B Participating Preferred Stock

1,622,111

D

Page 2

Table II — Derivative Securities Acquired, Disposed of, or Beneficially Owned   (e.g., puts, calls, warrants, options, convertible securities)

1.

Title of Derivative Security (Instr. 3)

2.

Conversion or Exercise Price of Derivative Security

3.

Transaction Date (Month/Day/Year)

3A.

Deemed Execution Date, if any (Month/Day/Year)

4.

Transaction Code (Instr. 8)

5.

Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)

Code

V

(A)

(D)

Page 3

Table II — Derivative Securities Acquired, Disposed of, or Beneficially Owned — Continued (e.g., puts, calls, warrants, options, convertible securities)

6.

Date Exercisable and Expiration Date (Month/Day/Year)

7.

Title and Amount of Underlying Securities (Instr. 3 and 4)

8.

Price of Derivative Security (Instr. 5)

9.

Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10.

Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11.

Nature of Indirect Beneficial Ownership (Instr. 4)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Explanation of Responses:

(a) Pro rata distribution from NAR Group Limited ("NAR"), of which the Reporting Person is a shareholder.

(b) In prior reports, the Reporting Person reported indirect ownership of 1,510,000 shares of the Issuer's Common Stock which were held of record and beneficially by NAR, prior to the pro rata distribution described in note (a) above.

/s/ Robert P. Wessely	March 20, 2003
**Signature of Reporting Person	Date

**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note:	File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

Page 4

SCHEDULE A

Form 4 Joint Filer Information

1.
Name: Richemont S.A.

Address: 35 Boulevard Prince Henri
                 L 1724 Luxembourg

Designated Filer: Richemont Finance S.A.

Issuer & Ticker Symbol: Hanover Direct, Inc. (HNV)

Date of Event Requiring Statement: December 26, 2002

Ownership Form: Indirect (affiliate)

Signature:	/s/ Robert P. Wessely
	By: Robert P. Wessely Its: Attorney-in-Fact

2.
Name: Richemont Holdings S.A.

Address: 35 Boulevard Prince Henri
                 L 1724 Luxembourg

Designated Filer: Richemont Finance S.A.

Issuer & Ticker Symbol: Hanover Direct, Inc. (HNV)

Date of Event Requiring Statement: December 26, 2002

Ownership Form: Indirect (affiliate)

Signature:	/s/ Robert P. Wessely
	By: Robert P. Wessely Its: Attorney-in-Fact

3.
Name: Compagnie Financiere Richemont AG

Address: Rigistrasse 2
                 6300 Zug Switzerland

Designated Filer: Richemont Finance S.A.

Issuer & Ticker Symbol: Hanover Direct, Inc. (HNV)

Date of Event Requiring Statement: December 26, 2002

Ownership Form: Indirect (affiliate)

Signature:	/s/ Robert P. Wessely
	By: Robert P. Wessely Its: Attorney-in-Fact

4.
Name: Compagnie Financiere Rupert

Address: Rigistrasse 2
                 6300 Zug Switzerland

Designated Filer: Richemont Finance S.A.

Issuer & Ticker Symbol: Hanover Direct, Inc. (HNV)

Date of Event Requiring Statement: December 26, 2002

Ownership Form: Indirect (affiliate)

Signature:	/s/ Robert P. Wessely
	By: Robert P. Wessely Its: Attorney-in-Fact

Page 3