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The game of musical chairs at Richemont continues as the owner of luxury brands Delvaux and Cartier is working on a new generation. It is as of yet unclear whether this is related to the (unconfirmed) acquisition attempt by luxury rival Bernard Arnault (LVMH).
Successor
Last month, Richemont’s controlling shareholder Johann Rupert appointed a group CEO for the first time in a decade. French national Nicolas Bos was promoted from his position as CEO at subsidiary Van Cleef & Arpels.
Catherine Renier, who has been on board with Richemont for 25 years, is leaving watchmaker Jaeger-LeCoultre to become Van Cleef’s new CEO. Bos is a tough act to follow though, as he doubled sales during his administration. Meanwhile, Cartier CEO Cyrille Vigneron is replaced by Vacheron Constantin CEO Louis Ferla after eight years.
For Rupert, who has 10 % of Richemont shares but more than half of the voting rights, the musical chairs seem to be a way of preparing his succession. The South African billionaire is 74 years old and is now bringing a younger generation on board. That succession planning is all the more important today, as LVMH owner Bernard Arnault is personally buying into smaller Richemont. Arnault has long been a fan of Cartier and takeover rumours have been buzzing for months.
