The Swiss group is transferring Nicolas Bos from Van Cleef & Arpels as part of a restructuring process.
Richemont plans to redefine its CEO role and appoint Nicolas Bos, effective from June 1.
Bos, who has led Richemont’s jewelry brand Van Cleef & Arpels since 2013, will succeed the current CEO, Jérôme Lambert.
In this shake-up, Bos will assume responsibilities not currently handled by Lambert, who will remain as chief operations officer (COO).
“With Richemont’s expanded scale and stronger focus on retail and jewelry, Nicolas will guide the Group through its next phase,” said company chairman Johann Rupert. “The re-established CEO role will streamline decision-making and optimize operational management.”
Bos began at Van Cleef in 2000 and advanced to president and CEO. He has also overseen jeweler Buccellati since 2019. In a separate announcement on Friday, Richemont released its financial results for the year ending March 31.
Annual group sales increased by 3% to a record €20.6 billion, though fourth-quarter sales dropped 1% to €4.8 billion.
“We saw a sales decline in the fourth quarter in Asia Pacific due to challenging comparatives, but this was offset by higher growth in other regions,” said Richemont.
The group is among several firms experiencing reduced demand for luxury products and jewelry, particularly in China, as post-pandemic spending wanes.
LVMH reported a 2% revenue dip in the first quarter of 2024, while Kering’s revenue fell by 11%. Prada, Hermès, and Moncler performed better, announcing first-quarter growth.
As of 16:15 CET on Friday, Richemont shares rose 5.49% on the Swiss exchange.
