ZURICH (Reuters) – Richemont has named Louis Ferla as the new chief executive of French watch and jewelry maker Cartier, the Swiss luxury group said on Tuesday.
Louis Ferla, CEO of Swiss watchmaker Vacheron Constantin, also owned by Richemont, will replace Cyrille Vigneron as head of Cartier from September 1.
The Frenchman already spent ten years at Cartier, at the start of his career, a decade during which he notably managed the group’s activities in China.
“I have always admired Louis’ strategic vision and inspiring management style, which have enabled him to build Vacheron Constantin into one of the world’s leading luxury watchmakers,” Richemont CEO Nicolas Bos said in a statement.
Succeeding Cyrille Vigneron “will not be an easy task” notes Jon Cox, analyst at Kepler Cheuvreux, who nevertheless points out that Louis Ferla already knows Cartier’s activities, and that changes in governance in the luxury sector have less impact on prestige groups.
“Richemont’s brands (…) are not as dependent on senior executives and creative directors who rely more often on heritage and collections that don’t age and are reinterpreted for growth,” he added.
According to Luca Solca, an analyst at Bernstein, the appointment is consistent with the results previously obtained by Louis Ferla.
“Vacheron Constantin has been one of Richemont’s most successful specialist watch houses in recent years, and Louis Ferla is largely responsible for that,” he said.
(Reporting by John Revill; by Augustin Turpin; editing by Kate Entringer)
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