Monday, 16 November 2009

Johann Rupert To Be Richemont’s New C.E.O – 16/11/2009

Shares in Richemont surged 5 percent last week, after news that Executive Chairman Johann Rupert will be taking over the C.E.O. job at the luxury group.

According to Reuters, Rupert, a South African billionaire known for his hands-on approach, will take over from Norbert Platt as C.E.O from April 1. Platt is resigning due to health reasons.

This article also suggests that consumers' appetites for watches and jewellery, which represent about 78 percent of Richemont's total revenues, is beginning to increase, with Platt commenting that “this year's Christmas sales were likely to be better than last year's.”

For background information on the Richemont watch slump, go to our October 26 report (Swiss Watchmakers Are Alarmed Over Another Sales Slump.)

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