Africa's second-richest man appoints son to key role

Luxury goods group Richemont has taken a major step in its succession planning after its chairman, Johann Rupert, appointed his 39-year-old son, Anton Rupert, as non-executive co-deputy chairman.

Anton Rupert, who has served on Richemont’s board since 2017, will oversee the group’s creative and commercial strategy in his new role.

He will share the position with Bram Schot, 65, who will remain responsible for corporate governance.

Ghanaians get visa-free access to Maldives, Zambia and Antigua and Barbuda

According to a report by Africa Business Insider, the appointment gives investors a clearer indication of how leadership at the Swiss luxury group could evolve after Johann Rupert, 76, has controlled the company for decades.

Richemont owns some of the world’s leading luxury brands, including Cartier and Van Cleef & Arpels. The Rupert family controls the company through a family trust, holding about 10% of its equity but more than half of its voting rights.

Johann Rupert said Anton’s appointment was an important step in Richemont’s long-term succession plans, adding that the company’s strength had been supported by continued family involvement.

The leadership change comes at a challenging time for the global luxury industry, with weaker demand in China affecting luxury sales as the country’s economy slows.

However, Richemont has performed better than some of its competitors, supported by strong demand for its jewellery brands and changes to its portfolio.

The company recently sold Swiss watchmaker Baume & Mercier to Italy’s Damiani Group as part of efforts to focus on its stronger brands.

BOSTLA marks 10 years with renewed push for women’s leadership

Richemont has also expanded its leather goods production facility in Scandicci, Italy, following an investment of more than €10 million to increase manufacturing capacity.

Following the announcement, Richemont shares fell by as much as 1.7% in early trading in Zurich, although the stock remained about 24% higher than it was a year earlier.

DR/MA

Technology will be key to improving air traffic management – President Mahama