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Richemont has announced that Nicolas Bos, CEO of Van Cleef & Arpels, will be instated as CEO as of 1 June. | Source: AFR

Increasing jewellery sales: Richemont announces new CEO

Posted May 21, 2024 | By Samuel Ord

Jewellery sales at Richemont increased by six per cent for the past financial year, driven by strong demand in Asia.

The Swiss luxury goods company reported sales of €14.24 billion ($AUD21.13 billion) for the 12 months ending 31 March.

The improvement was driven by demand in Hong Kong and Macau, each experiencing significant increases in sales. The company’s core jewellery brands – Cartier, Van Cleef & Arpels, and Buccellati – enjoyed healthy sales.

Sales in the watch division decreased by 3 per cent. The company’s watch brands include Piaget, Vacheron Constantin, and IWC Schaffhausen.

“Sales at the group’s three jewellery maisons [brands] reached a new threshold,” the company said.

"Building on Richemont’s expanded scale and a stronger focus on retail and jewellery, Nicolas will steer the group through the next phase of its evolution."

Johann Rupert, Richemont

“Jewelry and watch sales benefited from the successful launches of high jewellery collections and continued outperformance of iconic collections.”

Group sales increased by 3 per cent, reaching €20.62 billion ($AUD33.48 billion), which the statement described as the company’s highest-ever revenue.

Richemont recently announced the purchase of Italian jewellery brand Vhernier.

Changing faces

Richemont has also announced that Nicolas Bos of Van Cleef & Arpels will be instated as CEO as of 1 June.

Chairman Johann Rupert said that Bos would oversee a significant period of change for the company.

“I am truly delighted that Nicolas has accepted to assume the reestablished role of CEO,” he said.

“His vision and ability to uphold Van Cleef & Arpels’s tradition of excellence and creativity have been critical to the maison’s remarkable growth.

“Building on Richemont’s expanded scale and a stronger focus on retail and jewellery, Nicolas will steer the group through the next phase of its evolution.”

Bos, who has served as Van Cleef & Arpels CEO since 2012, will also join the senior executive committee.

Richemont’s current CEO, Jérôme Lambert, will serve as chief operating officer and remain on the board. Johann Rupert remains chair and controlling shareholder.