The main shareholder and president of Richemont, Johann Rupert, is making changes to the management of his luxury goods group. The group announced that Louis Ferla, who has been leading the Vacheron Constantin brand for the past seven years, will take over as head of the most important revenue and profit generator, Cartier. This significant change in leadership comes after Nicolas Bos was appointed as the new CEO of the entire Richemont Group in mid-May.
Cartier is the most important brand within Richemont, generating over 10 billion euros in turnover. With Bernard Arnault, the head of LVMH, rumored to have ambitions to acquire Cartier, there is much speculation surrounding the brand. However, Rupert has made it clear that neither Cartier nor Richemont as a whole are for sale.
Under the leadership of Cyrille Vigneron, Cartier has seen significant success. The brand has focused on classic designs and marketing strategies that have appealed to a younger generation. Vigneron, who is stepping down after eight years as CEO, will take on the role of Chairman of Cartier Culture & Philanthropy in 2024. This transition coincides with the appointment of Nicolas Bos as the new CEO of Richemont.
Louis Ferla, the incoming head of Cartier, has a long history with Richemont, starting his career at Alfred Dunhill before moving to Cartier in 2006. More recently, Ferla has been leading Vacheron Constantin, where he has positioned the brand successfully within the world of haute horlogerie. Ferla’s focus on attracting a younger customer base and launching new collections has contributed to the brand’s growth and success.
With these recent changes in leadership at Richemont, there are vacancies that need to be filled within the organization. Catherine Rénier, the current head of Jaeger-Le Coultre, will take over at Van Cleef & Arpels following the departure of Nicolas Bos. Philippe Hermann, Chief Financial Officer at Jaeger-Le Coultre, will serve as interim CEO until a permanent replacement is found. Despite these changes, Richemont continues to see growth and success in the luxury goods sector.