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Richemont, the Swiss luxury group controlled by South African billionaire Johann Rupert and best known for Cartier, is facing renewed speculation about whether it could part with one of its storied watch brands, Jaeger LeCoultre.
The latest round of chatter follows Richemont’s decision to sell Baume and Mercier to Italy’s Damiani Group, a move that signaled a willingness to reshape the company’s specialist watch portfolio as the market softens in pockets and buyers become more selective.
Watch industry observers and niche publications have pointed to Jaeger LeCoultre as a possible next domino, though Richemont has not announced any plan to sell it. Inside collector circles, the brand’s status as a true manufacture, with deep movement making capability and a long history anchored by the Reverso, makes the rumor both plausible and controversial.
At the center of the talk is Jérôme Lambert, Jaeger LeCoultre’s chief executive and a long time Richemont veteran. Reports in the luxury trade press have described Lambert as exploring a management led buyout with partners, with a suggested valuation above 1 billion Swiss francs. Richemont has not confirmed any discussions.
Rupert’s influence looms over any strategic decision. As the group’s controlling figure, he has been closely associated with Richemont’s steady emphasis on brand equity, pricing discipline and long term stewardship, particularly at jewelry houses such as Cartier and Van Cleef and Arpels. That approach has helped the group ride out swings in demand, and it has also shaped how investors interpret any potential divestment: not as a retreat from watches, but as a possible attempt to sharpen focus.
In January, Richemont said it had agreed to sell Baume and Mercier to Damiani, arguing the brand would be better positioned with an owner focused on its segment and distribution model. The deal is expected to close in the summer of 2026, subject to customary conditions.
The timing matters. Richemont’s jewelry maisons have been the group’s most consistent growth engine in recent quarters, helping offset a more uneven performance in watches across parts of Asia and among aspirational buyers facing higher prices and weaker currency conditions. That split has fueled a debate about how much capital and management attention should remain concentrated in watches, a category that can be cyclical even at the high end.
Jaeger LeCoultre occupies a complicated position inside Richemont’s watch lineup. It carries genuine prestige and technical credibility, but it also competes for mindshare alongside sister brands that chase similar customers, while facing intense external rivals in the same price corridors. Some analysts argue that a standalone Jaeger LeCoultre could move faster, spend more selectively, and tell its story with fewer internal trade offs.
Lambert is often seen as the executive most capable of leading such a reset. He previously ran Jaeger LeCoultre for more than a decade, later served as chief executive of Richemont, and then returned to the Vallée de Joux watchmaker. In interviews over the years, he has framed the watch industry as more global, more competitive and more demanding of authenticity than at any time in recent memory.
