Richemont’s Johann Rupert Shrugs Off Hard Times, Picks a New CEO and Plans for Growth

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.

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