Richemont posts record sales, appoints new CEO

Switzerland-based luxury goods company Richemont has announced several changes to its board and management team after reporting record sales for the year ended March 31.

Group sales increased by 3 per cent (up 8 per cent at constant exchange rates) to €20.6 billion ($33.5 billion). Operating profit was €4.8 billion, up 13 per cent at constant exchange rates.

By region, sales growth was led by Asia Pacific in value terms (up 10 per cent at constant exchange rates) and by Japan in percentage terms (up 20 per cent at constant exchange rates). The Americas came in slightly ahead of Europe in absolute terms, with the US becoming the group’s largest individual market.

The jewellery maisons segment, which includes Buccellati, Cartier and Van Cleef & Arpels, reported combined sales of €14 billion, representing a 12 per cent increase at constant exchange rates.

Sales of the specialist watchmakers segment edged up 2 per cent to €3.8 billion, while the ‘other’ business area saw a 1 per cent sales improvement and a €43 million operating loss overall.

In January, the company completed the acquisition of 70 per cent of Gianvito Rossi. It also announced the acquisition of Vhernier earlier this month.

Richemont has appointed Nicolas Bos, CEO of Van Cleef & Arpels, to the re-established role of CEO of Richemont, effective June 1, who will oversee all the maisons, functions, and regions in his new roles.

Bos joined Richemont in 1992 and became CEO of Van Cleef & Arpels in 2013. He has also been overseeing Buccellati since September 2019.

In addition, Bram Schot was named executive deputy chairman of the board, effective September 11. Jérôme Lambert will continue as COO starting June 1.

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