Business News: Richemont Chairman Lauds Rival Watchmakers Reducing Production To Align With Weak Demand From China

Richemont executives confirmed that its Specialist Watchmakers unit would no longer have a permanent head as part of a restructuring that saw former division leader Emmanuel Perrin, in March, move to Panerai to become CEO. Executives have said that each watchmaker’s CEO would now be responsible for the performance, sales, and balance sheet of their own brand. 

Perrin’s move to Panerai was the latest management shakeup at Switzerland-based Richemont under Chief Executive Officer Nicolas Bos, who was appointed to lead the company in 2024 after a successful turn as the head of Van Cleef & Arpels that saw the jewelry brand’s sales more than triple under his leadership.

Jérôme Lambert, who also previously held the role of Richemont CEO, recently returned to lead the Jaeger-LeCoultre brand. Other changes have included former Vacheron Constantin CEO Louis Ferla taking over as the head of Cartier, and Catherine Rénier, who previously led Jaeger-LeCoultre, moving to the top job at Van Cleef, and Laurent Perves taking over as Vacheron CEO.