Cartier Owner Richemont Names New CEO As Sales Hit Record

Cartier owner Richemont named a new chief executive on Friday as its 73-year-old founder and chairman Johann Rupert hands off some of his responsibilities

Zurich, (UrduPoint / Pakistan Point News - 17th May, 2024) Cartier owner Richemont named a new chief executive on Friday as its 73-year-old founder and chairman Johann Rupert hands off some of his responsibilities.

Nicolas Bos, the 51-year-old French head of Richemont's jewellery brand Van Cleef & Arpels, will start the job on June 1, the Swiss company said.

The announcement came as Richemont posted record annual sales for fiscal year 2023-2024 even as the luxury sector faces weakening demand in major market China.

Bos will assume the revived role of CEO after Richemont experimented with various leadership structures in recent years.

Bos will succeed Jerome Lambert, who worked in a leadership system Rupert described as a "troika".

"I am not stepping back, but I am asking Nicolas to assume some of the direct line reporting that I used to execute that I thought was cumbersome," Rupert said in a conference call.

Richemont said in a statement that Bos will "will continue to report to Johann Rupert" and "directly and indirectly oversee" all of the group's brands and regions.

"Building on Richemont's expanded scale and stronger focus on retail and jewellery, Nicolas will steer the Group through the next phase of its evolution," Rupert said in the statement.

"The re-established CEO role will help streamline decision making and optimise operational management," the South African billionaire said.