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2009 November 13

Johann Rupert Steps Up at Richemont

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(NEW YORK) Compagnie Financiere Richemont, parent of brands including Chloé and Cartier, announced that current executive chairman and shareholder of reference Johann Rupert will be taking over as chief executive officer following the retirement of Norbert Platt in April. Profits have fallen 60% for the company in the six months to September 2009, to €344 million (about $513 million at current exchange). In October, the company’s brands’ sales fell 10% across all regions but Asia-Pacific, which rose 11%. Rupert has his work cut out for him; in a statement, he said that the company is preparing for a “long recovery process” ahead.
Richemont's fashion brands include Chloe, Alaia, Cartier, Alfred Dunhill, Montblanc, Van Cleef & Arpels, Shanghai Tang, IWC, Jaeger-LeCoultre, Langhe & Sohne, Lancel, Roger Dubuis, and several others. Expect more changes ahead at these subsidiaries.   



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