Billionaire Johann Rupert New CEO Of Richemont Group
Frequent among the Forbes Magazine list of world's richest people, South African native Johann Rupert has been appointed the new CEO of the Richemont Group, who is owns a bevy of world-class watch and jewelry labels. Among these are Cartier, Panerai, Jaeger-LeCoultre, and A. Lange & Sohne. It is unclear to me why Richemont Group's previous CEO left (sources say he retired), but with Rupert's history in the luxury realm, as well as charismatic personality, he seems like a good fit. Plus, he is wealthy enough to afford his company's own products.
One thing that Rupert made clear, is important for the company's future. Unlike the recent increase of detailed oversight of the brands under the Richemont umbrella, Rupert has indicated that he desires autonomy for the group brands. This is one of the major reasons we saw a rash of CEO resignations from Richemont brands (such as A. Lange & Sohne and Baume & Mercier). Hopefully Rupert is aware of the fact that micromanaging didn't do anyone any good, ever.
Rupert is not exactly a self-made man, but has done well with the incredible wealth that he inherited. His business record is quite impressive. It is well known in the watch industry that times are tough for luxury items. Richemont Group and main competitor Swatch Group have been hit hard, so it will be interesting to see their plans for recovery over the next few years.
Ariel Adams publishes the luxury watch review site aBlogtoRead.com.