Richemont reports Q1 results and board members step down

Switzerland
Published:  22 July, 2021

The Swiss luxury group, which owns brands such as Cartier, IWC, Piaget and Jaeger-LeCoultre, has reported a strong start to the first quarter ending June 30, after a successful previous financial year, as previously reported by ILM.

The group sales were up by 129% at constant exchange rates and 121% at actual exchange rates compared with the same quarter in 2020, and compared with 2019, it was up by 22% at constant exchange rates and by 18% at actual exchange rates, exceeding pre-pandemic levels in most business areas, channels and regions.
Compared with 2020, sales in Q1 2021 are up by triple digits in almost all regions, channels and business areas, confirming the enduring appeal of the Group’s Maisons. Compared to 2019, there was a solid double-digit sales increase in the Americas, Asia Pacific and Middle East and Africa.

Q1 2021 compared with Q1 2020 saw outstanding performance of the Jewellery Maisons and the Specialist Watchmakers, with sales growth of 142% and 143%, respectively, at constant exchanges rates, and 132% and 136%, respectively, at actual exchange rates. Compared with 2019, the group reported robust double-digit sales growth in online and offline retail sales (73% of group sales).

Board changes
The Nominations Committee and Board of Compagnie Financière Richemont have also undertaken a review of the group’s governance model in light of the ongoing pandemic and the continued acceleration of ‘new retail’.
Cyrille Vigneron, President & Chief Executive of Cartier, and Nicolas Bos, President & Chief Executive of Van Cleef & Arpels, will step down from the Senior Executive Committee and will not seek re-election to the Board of Directors at the Group’s Annual General Meeting (AGM) on September 8, 2021. They will continue to report directly to Johann Rupert, Chairman.

Philippe Fortunato, CEO of Fashion and Accessories, Emmanuel Perrin, Head of Specialist Watchmakers Distribution, and Frank Vivier, Chief Transformation Officer will step down from the Senior Executive Committee. They will continue to report to Jérôme Lambert, Group Chief Executive Officer.
Johann Rupert, Jérôme Lambert and Burkhart Grund, Chief Finance Officer, will remain on the Senior Executive Committee and will stand for re-election to the Board of Directors at the AGM. These changes will take effect September 8, 2021.

In addition, Alan Quasha, Non-executive Director of the company and its predecessor companies since the group’s foundation in 1988, has indicated that he will not seek re-election to the Board of Directors in September.