Nicolas Bos Announced New CEO Of Richemont Group Effective 1st June
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There will be a new Chief Executive Officer at The Board of Compagnie Financière Richemont SA (Richemont) from 1st June 2024. Nicolas Bos, currently Chief Executive of Van Cleef & Arpels, was selected to join the Senior Executive Committee and Bram Schot was appointed as Non-executive Deputy Chairman of the Board effective 11 September 2024. Mr Bos will be proposed for election to the Board at the Annual General Meeting to be held on 11 September 2024. In his new role, he will directly and indirectly oversee all the Maisons, functions and regions, notably the Jewellery Maisons, Finance and Human Resources.
Jérôme Lambert, previously CEO of Richemont Group, will now act as COO and will report to Bos. Josua (Dillie) Malherbe will be succeeded by Mr Schot as Non-executive Deputy Chairman of the Board, having decided to step down after 11 years of service in the role. He will remain on the Board as Non-executive Director and as a member of the Audit and Strategic and Security Committees.
Posting their quarterly results for the year ended 31st March 2024, Richemont announced all time high sales to the tune of €20.6 billion while Q4 sales were down 1% at actual exchange rates, they were up 2% at constant exchange rates. The Operating profit stood at €4.8 billion, notwhitstanding significant adverse foreign currency movements and non-recurring charges of €58 million net. The Specialist Watchmakers arm of the group posted a 15.2% operating margin, with sales down 3% at actual exchange rates (+2% at constant exchange rates).
At actual exchange rates, sales grew across all regions and almost all channels excluding the online retail channel. Growth was led by Asia Pacific in absolute terms and by Japan in percentage terms.the Americas came in slightly ahead of Europe I absolute terms with the US becoming the Group’s largest individual market. Among the Specialist Watchmakers, A. Lange & Söhne and Vacheron Constantin registered robust performances. Overall, sales in the retail channel also performed strongly and combined with online retail sales accounted for 60% of the Specialist Watchmakers sales.
For more details and complete report, please visit www.richemont.com.
