Richemont Names Van Cleef’s Nicolas Bos New Group CEO

Richemont promoted Nicolas Bos, the chief govt of its fast-growing Van Cleef & Arpels unit, to the position of group CEO in a administration shakeup introduced Friday. Present CEO Jerome Lambert will return to a chief working position from June 1, the Swiss luxurious group stated.

The nomination comes as Richemont reported blended outcomes for early 2024, with revenues rising 2 % excluding foreign money shifts however down barely on a reported foundation. Gross sales slowed dramatically in Asia (excluding Japan), falling 12 % in comparison with analyst forecasts for a 1 % drop. However different areas outperformed expectations, together with a 12 % soar within the Americas, the place a slowdown amongst aspirational shoppers within the US has dogged luxurious companies since 2023. Rebounding tourism and a weaker yen pushed gross sales in Japan up 41 %.

Working revenue for the complete fiscal 12 months dipped 5 % to €4.8 billion ($5.2 billion).

Bos, who has been with Richemont since 1992, has seen his star rise inside the group as Van Cleef & Arpels grew right into a key pillar of the group’s enterprise, together with a interval of speedy enlargement in the course of the pandemic. The model has sought to diversify its provide — rising the textured Perlée line alongside its best-selling Alhambra clovers — in addition to rising consciousness of the model’s craftsmanship via excessive jewelry and watchmaking exhibitions, and sponsoring a coaching faculty for jewellers.

Key capabilities together with finance had continued to report back to chairman Johann Rupert throughout Lambert’s tenure as CEO because the group navigated a glut in watch inventories adopted by the coronavirus disaster. All the group’s manufacturers and capabilities will report into Bos (immediately or not directly) underneath the brand new construction, Richemont stated.Rupert credited Bos with turning Van Cleef right into a “powerhouse” however denied that he was relinquishing oversight of the corporate underneath its new construction. “I’m not stepping again, it’s simply that a few of my reporting strains have been redirected to Nicolas,” Rupert stated.

A course of underway to promote e-commerce unit YNAP (Yoox Web-a-Porter) continues to progress within the wake of a cancelled take care of Farfetch, Richemont stated, with the group pledging to announce a extra definitive consequence by year-end. Losses of €1.5 billion within the firm’s “discontinued operations” division embody a €1.3 billion write-down on the asset’s worth following a €3.4 billion write-down final 12 months.