Move Sees Cartier And Van Cleef & Arpels Chiefs Join Main Management Committee
Richemont has promoted the heads of its two largest and most influential brands to its senior executive committee, underscoring a continued shift in leadership at the Swiss luxury conglomerate. Van Cleef & Arpels leader Catherine Renier and Cartier Chief Executive Officer Louis Ferla will immediately join Richemont’s primary management team, the company said in a statement on Friday.
These appointments follow an earlier reorganization last year that included replacing Jerome Lambert with Nicolas Bos as CEO. Bos had impressed the 73-year-old chairman and controlling shareholder Johann Rupert by expanding the Van Cleef brand. Now, Lambert will step down from both the committee and the board of directors to focus on heading up Jaeger-LeCoultre.
Richemont’s shares rose as much as 2 percent in early trading, and they have increased by about 38 percent over the last 12 months. The management revamp comes shortly after Richemont posted better-than-expected quarterly results, fueled by strong performance at its jewellery houses. Sales soared 10 percent at constant exchange rates in the three months through December, surpassing analyst estimates of less than 1 percent growth.
The jewelry segment, often referred to as hard luxury, has shown resilience amid shifting consumer demand for items like apparel and bags. Even Richemont’s specialist watchmaking division outdid forecasts, recording a smaller-than-expected dip in Chinese sales. Additional changes announced Friday include Chief People Officer Marie-Aude Stocker joining the executive committee. At the same time, Boet Brinkgreve, who heads the Laboratoire de Haute Parfumerie et Beaute, will leave at the end of April.
Richemont and Hermès International SCA currently lead the major luxury groups, outpacing competitors like Kering SA and LVMH. Hermès shares surged as much as 5 percent in early Paris trading, sending the company’s market valuation above €300 billion ($314 billion), after fourth-quarter revenue rose nearly 18 percent at constant exchange rates. Analysts had anticipated an 11 percent climb.