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File picture shows complications watchmaker Chrystian Lefrancois checking the movement of a Platinum Skeleton Repeater model of Vacheron Constantin watch manufacturer, in Plan-les-Ouates near Geneva May 23, 2007. Swiss luxury group Richemont, which owns several of the world's leading companies in the field of luxury goods such as Cartier, Van Cleef & Arpels, Piaget, Vacheron Constantin, Jaeger-LeCoultre, IWC, Panerai and Montblanc will present its 2012 full year results May 16, 2013.
File picture shows complications watchmaker Chrystian Lefrancois checking the movement of a Platinum Skeleton Repeater model of Vacheron Constantin watch manufacturer, in Plan-les-Ouates near Geneva May 23, 2007. Swiss luxury group Richemont, which owns several of the world's leading companies in the field of luxury goods such as Cartier, Van Cleef & Arpels, Piaget, Vacheron Constantin, Jaeger-LeCoultre, IWC, Panerai and Montblanc will present its 2012 full year results May 16, 2013.
(Denis Balibouse/Reuters)

FINANCIAL TIMES

Richemont chairman takes five as firm coasts on success

Lex is a premium daily commentary service from the Financial Times. It helps readers make better investment decisions by highlighting key emerging risks and opportunities.

One wonders whether Johann Rupert will go backpacking around Southeast Asia, attend a full moon party and get a tattoo on the gap year he is planning to take away from the Swiss luxury goods group that he chairs. At 62 years old, it is unlikely. But he has surely earned his break for helping to grow Richemont’s shares by 1,800 per cent since the company he founded listed in Switzerland in 1990 (five times more than the Swiss market index). Shares in the luxury group rose another 8 per cent on Thursday when it announced it had met its 30 per cent profit growth target for its full year which ended in March.