New Richemont CEO taking over some of Rupert’s duties

Richemont named Nicolas Bos as its new chief executive officer in a management shuffle that will see chairman and controlling shareholder Johann Rupert give up some of his management duties.

Bos, who currently heads jewellery maker Van Cleef & Arpels, will take on the role on 1 June and join the senior executive committee, Richemont said Friday.

Current CEO Jérôme Lambert will stay as chief operating officer reporting to Bos and remain on the board, the company said.

“Nicolas has proven himself in operating Van Cleef and building Van Cleef into a proper powerhouse,” Rupert said on a call with reporters. Play Video

Bos, who has been with Richemont for more than three decades, will take over some management responsibilities and reporting lines previously handled by the company’s chairman, who is 73.

“I’m not stepping back, but I am asking Nicolas to assume some of the direct line reporting that I used to handle,” Rupert said.

Richemont shares rose as much as 6.2% in early Swiss trading. The shares are up 25% this year.

Bos has driven a growth surge at Van Cleef & Arpels, doubling annual sales since 2018 to about $2.5 billion, according to analyst estimates.

Rupert said he is working with Cartier CEO Cyrille Vigneron to identify a successor at the head of the French jewellery brand as Vigneron nears retirement age. Cartier accounts for the bulk of Richemont’s sales and profit. 

The changes come as the Swiss luxury conglomerate reported annual profit and sales that met analysts’ expectations, but said business in China had softened in its fiscal fourth quarter as buyers remained cautious.

“There’s nothing wrong with the market, but I think the people were psychologically affected by the very strict lockdowns,” Rupert said of China. He expects China luxury consumers to return but doesn’t know when, he said.

The owner of the Vacheron Constantin watch brand reported a 5% decline in annual operating income to about €4.8 billion and sales of €20.6 billion.