In a strategic move that signals a new chapter for the Swiss luxury powerhouse, Richemont has announced a series of high-profile leadership changes across its core jewellery and watch divisions. This reshuffle not only marks a significant shift in the company’s management structure but also hints at a broader succession plan for the group controlled by South African billionaire Johann Rupert.
At the heart of this transition is the appointment of Louis Ferla as the new CEO of Cartier, Richemont’s crown jewel. Ferla, who has been at the helm of Vacheron Constantin since 2017, brings a proven track record of success in the luxury watch sector. Under his leadership, Vacheron Constantin saw impressive growth, joining the exclusive billionaire’s club of Swiss watchmaking with estimated sales of CHF 1.097 billion in 2023, in a report by LuxeConsult for Morgan Stanley.
See also: Richemont CEO Nicolas Bos on bringing the art of jewellery into the craftsmanship of watchmaking
Louis Ferla is now the CEO of Cartier (Photo: courtesy of Vacheron Constantin)
Ferla’s appointment comes as Cyrille Vigneron steps down after nine years as Cartier’s CEO. During his tenure, Vigneron implemented a focused strategy that cemented Cartier’s position as the world’s top jewellery house and second-largest luxury watchmaker, behind only Rolex. Vigneron, meanwhile, will transition to a different pivotal role, as the chairman of Cartier Culture and Philanthropy, a division focusing on social and charitable projects. This new position enables Vigneron to dedicate his efforts to the causes he holds dear, including museum exhibitions and philanthropic activities.
In another key move, Catherine Rénier, formerly CEO of Jaeger-LeCoultre, will take the reins at Van Cleef & Arpels. Rénier’s experience in the Asia-Pacific region for Van Cleef & Arpels, particularly her roles in Hong Kong and Macau, is crucial. While Rénier brings continuity with her previous experience at Van Cleef & Arpels, her time at Jaeger-LeCoultre provides a fresh perspective. This combination could lead to innovative strategies for the jewellery brand.
Adding to the list of significant changes, Nicolas Luchsinger, formerly the Asia Pacific president of Van Cleef & Arpels, was appointed as the CEO of Buccellati in April 2024, marking a new chapter for Buccellati under Richemont’s ownership. Luchsinger’s nearly three decades of experience in the luxury industry, including his time at Christie’s, brings valuable expertise to this role.
These appointments follow the recent elevation of Nicolas Bos, former CEO of Van Cleef & Arpels, to the role of Richemont Group CEO. Bos’s promotion is noteworthy, given his success and clear-sighted leadership at Van Cleef & Arpels during his tenure.
The reshuffle reflects Richemont’s strategic focus on its core jewellery brands, which have been driving the group’s sales and profit. As reported by Business Insider, in the 2024 fiscal year alone, jewellery made up 69 per cent of its revenue and watches 18 per cent, underscoring the critical importance of these two segments to Richemont’s overall performance.
Richemont’s strategic focus on hard luxury (jewellery and watches) over soft luxury (fashion and leather goods) distinguishes it from competitors like LVMH and Kering. It’s a strategy that appears to be paying off, particularly in uncertain economic times.
These leadership changes at Richemont appear to be driven by several strategic considerations. Firstly, by promoting from within the company, Richemont is ensuring continuity in its corporate culture while also rewarding proven talent. This approach helps maintain stability during transitions, which is crucial in the luxury sector where brand heritage and consistency are paramount.
Secondly, the reshuffle seems to be part of a broader succession plan. With Johann Rupert, Richemont’s chairman, now in his 70s, these moves could be laying the groundwork for the next generation of leadership. By placing trusted executives in key positions, Rupert may be securing the group’s future direction and values.
In a surprising twist that adds intrigue to Richemont’s future, Bernard Arnault, the chairman and CEO of LVMH, has reportedly acquired a small personal stake in the Swiss luxury group. While the size of the stake is undisclosed, this move has sparked considerable interest in the industry. Arnault’s investment raises questions about potential future collaborations or even consolidation in the luxury sector. It’s worth noting that Arnault has previously expressed admiration for Rupert and his management of the group. This stake could be seen as a gesture of support or a strategic positioning for future opportunities.
Nicolas Luchsinger is now the CEO of Buccellati (Photo: courtesy of Olivia Tsang)
However, it’s crucial not to overstate the immediate implications of this development. As Neil Saunders, managing director at Globaldata, tells Vogue Business, “The investment will naturally raise speculation about a potential takeover, but as it is a small personal stake this is not likely to be the case”.
Nonetheless, Arnault’s move underscores the dynamic nature of the luxury industry and the complex relationships between its major players. As Richemont embarks on its new chapter with fresh leadership, the added element of Arnault’s stake serves as a reminder that in the world of luxury, strategic manoeuvres often extend beyond product lines and into the boardroom.
As the dust settles on these changes, all eyes will be on Richemont to see how its new leadership navigates the challenges and opportunities ahead, and whether Arnault’s stake will play any role in shaping the group’s future trajectory.
NOW READ
Birthstone guide for July: Why a ruby is said to balance its wearer’s qi and protect them from harm
Chanel unveils Haute Joaillerie Sport collection, which celebrates freedom of movement
Princess Diana’s favourite jewellery: A closer look at her collection of chokers