November 9, 2012 5:48 pm

Richemont – au revoir, Johann

Chief executive of the luxury goods group has stepped down before

So, goodbye Johann Rupert. The chief executive of luxury goods group Richemont is stepping down. It will take two people to replace him – one to oversee the operating businesses (the famed “maisons” such as Cartier and Montblanc), the other to handle group functions.

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Mr Rupert has been here before. He stepped back in 2002 only to return a year or so later, and then stepped back again in 2004, returning in 2010 when his successor left because of ill health. Investors have cause to be grateful – Richemont’s shares have risen 50 per cent since 2010.

Is there time for one more comeback? Mr Rupert is only 62, he is still chairman and controlling shareholder, and the joint chief executive model does not have an unblemished record. More au revoir, then, than goodbye.

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