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Cartier-owner Richemont names new CEO amid luxury slowdown

President and CEO of Van Cleef & Arpels Nicolas Bos, model Carolyn Murphy and designer Jason Wu attend a gala in New York. Wednesday, Feb. 16, 2011.
President and CEO of Van Cleef & Arpels Nicolas Bos, model Carolyn Murphy and designer Jason Wu attend a gala in New York. Wednesday, Feb. 16, 2011. Copyright Evan Agostini/AGOEV/AP
Copyright Evan Agostini/AGOEV/AP
By Eleanor Butler
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The Swiss group will transfer Nicolas Bos from Van Cleef & Arpels as part of a restructuring process.

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Richemont is set to redefine its CEO position and move Nicolas Bos into the role, effective from 1 June.

Bos, who has been at the head of Richemont's jewellery brand Van Cleef & Arpels since 2013, will replace the wider firm's current CEO, Jérôme Lambert.

As part of a shake-up at the firm, Bos will take on duties not currently performed by Lambert - who will stay on as chief operations officer (COO).

"Building on Richemont’s expanded scale and stronger focus on retail and jewellery, Nicolas will steer the Group through the next phase of its evolution," said company chairman Johann Rupert. "The re-established CEO role will help streamline decision making and optimise operational management."

Bos started at Van Cleef in 2000 and worked his way up to become president and CEO. He has also overseen jeweller Buccellati since 2019.

In a separate briefing on Friday, Richemont announced its financial results for the year ending on 31 March.

Annual group sales rose 3% to an all-time high of €20.6 billion, although fourth-quarter sales fell 1% to €4.8 billion euros.

"We experienced a softening of sales in the fourth quarter in Asia Pacific against challenging comparatives, which was more than offset by higher growth in all the other regions," said Richemont.

The group is just one of several firms affected by a decline in demand for luxury products, especially in China, as a post-pandemic splurge comes to an end.

LVMH saw its reported revenue dip 2% in the first three months of 2024, while Kering's revenue was down 11%. Prada, Hermès, and Moncler all fared better - announcing first quarter growth.

As of 16h15 CET in daily trading on Friday, Richemont shares were up 5.49% on the Swiss exchange.

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