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Richemont Appoints Van Cleef & Arpels’ Nicolas Bos as New Group CEO May 22, 2024 (0 comments)
Bellevue, Switzerland--Richemont announced in a news release that it has appointed Nicolas Bos, the current CEO of Van Cleef & Arpels, as its new Group CEO, effective June 1. This reinstates the CEO role after an eight-year hiatus.
Chairman Johann Rupert announced the appointment, stating he would delegate some direct reporting to Bos. As per a report in Vogue Business, Rupert highlighted that reinstating a full group CEO role has been considered for years, but the COVID-19 pandemic required a different organizational structure.
Jérôme Lambert, currently Richemont's CEO with a more limited scope, will become Chief Operating Officer and report to Bos. According to the report, Rupert mentioned that Bos had identified his successor at Van Cleef & Arpels.
Bos takes on his new role amid a challenging period for the luxury industry, marked by a global slowdown and difficulties in key markets such as China. Richemont's fiscal-year earnings showed an 8% year-on-year sales increase at constant exchange rates to €20.6 billion, up 3% at actual rates. The report also noted that fourth-quarter sales were up 2% at constant rates but down 1% at actual rates.
In comparison, LVMH reported a 3% sales increase in the last quarter, Kering experienced a 10% decline, Hermès saw a 17% rise, Moncler brand sales grew by 20%, and Prada group increased by 16%, the report stated.
Richemont's jewelry maisons, including Cartier, Van Cleef & Arpels, and Buccellati, grew 3% in the fourth quarter. Sales in the specialist watchmakers segment, including brands like Vacheron Constantin and Piaget, fell by 1%. Sales in the 'Other' category, which includes fashion and accessories brands Chloé and Alaïa, remained flat. Richemont recently acquired the Italian jewelry brand Vhernier.
Regionally, Japan, the Middle East, and the Americas led Richemont's growth in the fourth quarter, with increases of 41%, 15%, and 12%, respectively. Europe saw a 7% rise, while Asia Pacific experienced a 12% decline.
Learn more in this news release and this report in Vogue Business.