Richemont isn't immune to luxury's slowdown, but it's still growing and chairman Johann Rupert is looking to the future, naming Nicolas Bos CEO.
focusing on the long-term management of the business and looking forward to an eventual rebound in consumer confidence, especially in China.
“He joined as a baby,” said Rupert, who clearly has great admiration for the French executive, who is in his early 50s.. Bos’ role includes oversight of all the Richemont maisons, functions and regions, with a particular focus on jewelry, finance and human resources. Lambert will become chief operating officer, and report to Bos.
Rupert recounted that when he first approached Bos a while back about becoming CEO, the Frenchman declined the offer “because he was having so much fun growing Van Cleef. And I found that very nice because that’s the kind of person you want as CEO — somebody who doesn’t want to have all that power,” said Rupert.
The group posted a 1 percent decline in sales at actual rates in the fourth quarter. At constant exchange, fourth-quarter sales rose by 2 percent. Full-year sales rose by 3 percent at actual rates to 20.62 billion euros. At constant exchange they were up 8 percent. Stronger performance in the first half helped to counterbalance “a softening of sales” in Asia Pacific in the fourth quarter due chiefly to strong comparatives with the previous year.
In tune with market trends, the watch division did not fare as well as jewelry due to the strong Swiss franc and a slowdown in demand. Sales were down 3 percent, while operating profit fell 22 percent.“I’m not at all gloomy about the Swiss watch industry, and we think there will be demand for Swiss watches. But I think the market is becoming more granular. Clients know a lot more and they can identify innovation and quality, so I do think there will be movement inside the market,” Rupert said.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
CEO Talks: L.L. Bean CEO Talks Importance of Summer, U.S. Market and Tote BagsL.L. Bean's fiscal 2023 sales were $1.7 million, a slight decline compared to $1.8 million for the previous fiscal year.
Lire la suite »
Flos CEO Roberta Silva Steps DownFlos CEO Roberta Silva is replaced by Design Holding CEO Daniel Lalonde in the interim.
Lire la suite »
Rupert Sanderson Has a New London Store, and High Hopes for the FutureRupert Sanderson has a new London store and high hopes for the future despite an economic backdrop that's particularly tough for independent brands.
Lire la suite »
Prince Harry Tests How Much It Will Cost to Keep Rupert Murdoch Off the StandHugh Grant took an “enormous” settlement he couldn’t refuse, leaving Prince Harry as the final obstacle for Rupert to take his hacking scandal secrets to the grave.
Lire la suite »
Out Late: Ron Perlman & Rupert Everett to Lead Romantic Dramedy MovieRon Perlman and Rupert Everett have been tapped for leading roles in the upcoming romantic comedy-drama titled Out Late.
Lire la suite »
How Rupert Murdoch quietly helped Mike Johnson survive Marjorie Taylor Greene’s ouster attemptRupert Murdoch might not be flexing for the cameras, but he did just quietly demonstrate the power he still wields inside the Republican Party.
Lire la suite »