Business News CEO Changes For Cartier, Vacheron Constantin, Jaeger-LeCoultre, And Van Cleef & Arpels

Major changes were announced at Richemont this morning as the Switzerland-based luxury goods holding company put out a press release stating that Louis Ferla, currently CEO of Vacheron Constantin, will succeed Cyrille Vigneron as CEO of Cartier starting September 1, 2024. On the same date, Catherine Rénier, currently CEO of Jaeger-LeCoultre, will succeed Van Cleef & Arpel's current CEO (now Richemont CEO), Nicolas Bos.

The move at Cartier was not unexpected, as rumors had been floating for some time that Vigneron was planning his retirement. That turned out to be true. After eight years at the helm of the Maison, Vigneron will retire and assume the position of Chairman of Cartier Culture & Philanthropy for Cartier. Meanwhile, Ferla will be moving from a brand that ranked an estimated eighth in total sales on Morgan Stanley and LuxeConsult's recent report (Richemont's second largest) up to what is the second largest watch brand by total sales at an estimated CHF 3.1 billion in sales last year. Unlike at Vacheron, which focused solely on horology, Ferla will now oversee a jewelry and design empire. It's a return to the brand he worked for from 2006 to 2017, eventually rising to CEO of Cartier in China.

Meanwhile, the announcement at Van Cleef was also expected and necessary. Nicolas Bos became CEO of Richemont effective June 1, leaving an empty chair at the head of Van Cleef. Catherine Rénier's move follows a similar path as Ferla, from a brand known for its watchmaking history to a design and jewelry-forward powerhouse. While JLC is Richemont's fourth-largest watch brand, Van Cleef & Arpels has recently become known as a creative technical horology darling among some collectors, with elaborate displays blending art and timekeeping. Rénier is also returning to a brand that she spent 15 years at, rising through the ranks from 2003 to 2018 until she was appointed CEO of JLC.

Jewelry is a major driver of total Richemont revenue. When the brand's financial year ended on March 31, 2024, the company reported sales up 3% at actual exchange rates and 8% at constant exchange rates, with jewelry and other retail together representing 69% of the group's sales. The revenues of the group were reported at EUR 20.6 billion. With the moves announced today, Philippe Hermann, the brand's Chief Financial Officer, will assume the role of interim CEO for Jaeger-LeCoultre until a new CEO is announced. Meanwhile, there was no report from Richemont as to who will step in as interim CEO at Vacheron.