Wednesday, June 5, 2024
Advertisements

Richemont Names Nicolas Bos as New CEO Amid Record Sales

Geneva— Richemont has announced its highest-ever group sales for the fiscal year, driven by its jewelry brands and retail performance. Alongside this milestone, the luxury conglomerate has introduced significant changes to its leadership team.

Advertisements
Advertisements

Nicolas Bos, the current CEO of Van Cleef & Arpels, will step into the newly re-established CEO role on June 1. Jérôme Lambert will continue as Chief Operating Officer, reporting to Bos and remaining on the board.

Advertisements

“With his impressive track record, Nicolas brings a unique blend of creativity, deep industry knowledge, and entrepreneurial spirit to his new role,” Richemont stated.

For the fourth quarter ending March 31, Richemont reported sales of €4.8 billion ($5.2 billion), reflecting a 2 percent year-over-year increase at actual exchange rates (a 1 percent decrease at constant currency rates). Annual sales grew 3 percent at actual exchange rates (8 percent at constant currency rates) to €20.62 billion ($22.33 billion).

Sales increased across all regions and business sectors at constant currency rates. The Asia Pacific region led with a 4 percent rise (10 percent at constant currency rates), while Japan saw the highest percentage growth, up 8 percent (20 percent at constant currency rates). The U.S. achieved 1 percent growth (5 percent at constant currency rates), becoming Richemont’s largest individual market, just ahead of Europe.

Retail was the strongest performing channel, with annual sales up 5 percent (11 percent at constant currency rates), showing growth in all business areas and regions. However, retail sales declined 2 percent in the fourth quarter (up 2 percent at constant currency rates). Online sales were down 2 percent at constant currency rates for the year and remained flat in Q4. Wholesale sales and royalty income increased by 4 percent at constant currency rates for the year, with a 2 percent rise in Q4, driven by jewelry sales.

Richemont’s jewelry brands—Buccellati, Cartier, and Van Cleef & Arpels—saw a 6 percent year-over-year sales increase (12 percent at constant currency rates). In Q4, jewelry sales decreased 1 percent (up 3 percent at constant currency rates).

Chairman Johann Rupert highlighted the robust growth across price points and regions, including a significant double-digit increase at Buccellati. “To support the dynamic development of our three maisons, we have increased investments in manufacturing, distribution, and communication,” he stated.

Richemont recently acquired the Italian jewelry brand Vhernier and took a controlling stake in footwear brand Gianvito Rossi. “We look forward to realizing the full potential of Gianvito Rossi and Vhernier, leveraging the group’s infrastructure and support as well as the thriving luxury footwear and branded jewelry markets,” Rupert added. He also noted the remarkable sales growth at Buccellati since its acquisition in 2019.

Richemont’s watch brands include A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis, and Vacheron Constantin. Full-year sales in this category decreased 3 percent (up 2 percent at constant currency rates), with a 4 percent decline in Q4 (1 percent at constant currency rates). However, A. Lange & Söhne and Vacheron Constantin reported strong sales, particularly in retail, which, along with online retail, accounted for 60 percent of category sales.

While Richemont did not provide guidance for the upcoming year, Rupert emphasized the company’s financial discipline in an inflationary environment as a foundation for future profitable growth. He thanked the Richemont team and urged vigilance amid ongoing global uncertainty.

“I have every confidence that our strategy, unique assets, and strong balance sheet will enable us to achieve our long-term ambitions,” Rupert concluded.

Advertisements
Advertisements
Alice
Alice
Alice is a seasoned jewelry designer renowned for her exquisite creations that seamlessly blend artistry with elegance. With a passion for craftsmanship and an unwavering commitment to quality, Alice has established herself as a distinguished figure in the world of fine jewelry. Drawing inspiration from diverse cultures and artistic movements, Alice brings a unique perspective to her designs, creating pieces that transcend mere accessories to become timeless works of art. Her meticulous attention to detail and insistence on using only the finest materials ensure that each creation reflects not only her artistic vision but also a commitment to unparalleled craftsmanship. Having honed her skills through years of dedicated practice and a keen understanding of evolving trends, Alice is adept at translating her clients' desires into bespoke, one-of-a-kind pieces. Her portfolio encompasses a range of styles, from classic and timeless to avant-garde and contemporary, showcasing her versatility and ability to cater to a diverse clientele.

Related Articles

Latest Articles