Young Chinese woman elected to Cartier owner Richemont’s board, but no new head of watchmaking named
Economics professor and Chinese economy expert Keyu Jin is one of eight new board members in shake-up at luxury giant, but search continues for new head of struggling watch division
Richemont replaced almost half the members of its board of directors this week, as the world’s second-biggest luxury group looks for an executive to revive its struggling watch business.
The board overhaul was the company’s latest response to a slump in profits triggered by a collapse in Chinese demand for luxury watches over the past few years.
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The downturn exposed massive overcapacity at Richemont’s watch factories, notably at Cartier, Vacheron Constantin and Piaget. This led to inventory buy-backs, job cuts and the replacement of almost all its brand chiefs.
Richemont, whose brands also include Alfred Dunhill and Montblanc, reported that demand was picking up, with constant currency sales for the group rising 12 per cent in the five months to the end of August.
Controlling shareholder and executive chairman Johann Rupert held court at the company’s annual meeting in the suitably elegant lounges of the Four Seasons Hotel in Geneva.