Richemont appoints new CEO
In this article (5)
On Monday, after holding the post vacant for almost two years, Richemont Group has appointed Group Chief Operating Officer, Jérôme Lambert, as Group Chief Executive Officer with immediate effect.
Swiss watch and jewellery companies went through hard times back in 2016 as sluggish economical growth and terrorism in Europe hit sales adding to the challenge of meeting ever-changing consumer behaviors.
However, Chinese consumers stepped in and spurred sales back up. Indeed, Richemont said they have increased by 25%, at constant exchange rate, to €5.7bn in the five months ending August 31.
“Jérôme’s new role sees him taking responsibility for the Group’s future growth at a time when consumer habits are changing significantly,” said Johann Rupert, Richemont chairman. “As we position the group to meet these challenges, he will lead the development of strategic plans reflecting the long-term objectives and priorities established by the board.”
Revamping the organization, Mr.Rupert has changed the leadership management of the company appointing his son, Anton, along with Nikesh Arora, former Google executive, to the board.
Earlier this year, Richemont Group also took full control of online retail Yoox Net-a-Porter and bought second-hand online and shop-based watch retailer, Watchfinder.
Richemont’s Specialist Watchmakers, Online Distributors and Other businesses, as well as central and regional functions, will report to Jérôme who will continue to be supported by the group’s team.
Questions & Answers
Q.What challenges did Swiss watch and jewellery companies, including Richemont, face in 2016?
What challenges did Swiss watch and jewellery companies, including Richemont, face in 2016?
In 2016, these companies faced challenges due to sluggish economic growth and terrorism in Europe, which negatively impacted sales. They also had to contend with rapidly changing consumer behaviours during this period.
Q.How have Richemont's sales performed recently, and what factor contributed to this growth?
How have Richemont's sales performed recently, and what factor contributed to this growth?
Richemont's sales increased by 25% to €5.7bn in the five months ending August 31, at a constant exchange rate. This positive sales performance was primarily spurred by Chinese consumers.
Q.What strategic actions has Richemont taken to adapt to changing market conditions?
What strategic actions has Richemont taken to adapt to changing market conditions?
Richemont recently took full control of Yoox Net-a-Porter and acquired Watchfinder, a second-hand watch retailer. The company also revamped its leadership management and appointed a new CEO, Jérôme Lambert.
Q.Who has been appointed to the Richemont board alongside Anton Rupert?
Who has been appointed to the Richemont board alongside Anton Rupert?
Alongside Anton Rupert, Nikesh Arora has also been appointed to the Richemont board. Mr. Arora is a former Google executive, brought in as part of the leadership management changes.
Reader pulse
Richemont's latest CEO appointment: What's your take?
21,217 votes so far