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South African billionaire Johann Rupert has appointed his son Anton as non-executive co-deputy chairman of Richemont, the clearest signal yet of how the family intends to hand on control of the Swiss group behind Cartier and Van Cleef & Arpels.
Anton Rupert, 39, takes the role with immediate effect following a board meeting on Sept. 8. He will serve alongside Bram Schot, 65, the former Audi chief executive appointed deputy chairman in 2024, who becomes co-deputy chairman. Richemont issued the announcement on the day of its annual general meeting.
The two have separate remits. Anton Rupert oversees the Maisons' Strategic Product and Communications Committee, covering the group's creative and commercial direction. Schot takes board and committee governance, including coordination of committees and the corporate governance framework.
Johann Rupert, 76, called it an important step in long-term succession planning, saying Richemont's strength has always rested on continuity from close family involvement, rigorous governance and a commitment to creativity and craftsmanship. He said his son would safeguard the creative and product priorities defining the group's brands while Schot ensured governance standards.
Control without ownership
The Rupert family holds about 10 percent of Richemont's equity but more than half its voting rights, through a structure that has kept Johann Rupert in command since he took the chair in 2002. He built Richemont in 1988 out of the Rembrandt Group, the tobacco and industrial empire founded by his father, the industrialist and conservationist Anton Rupert, after whom the new co-deputy chairman is named.
Investors have pressed for succession clarity since Richemont reshuffled senior management in 2024.
A better year than most in luxury
Richemont has outperformed rivals through a weak period for the industry, as Chinese demand slowed and Beijing continued its campaign against conspicuous consumption. The group reported first-quarter sales up 20 percent at constant rates for the three months to June 30, helped by strength in fine jewellery.
It has also been trimming. In July it completed the sale of Baume & Mercier, the 196-year-old Swiss watchmaker, to Italy's Damiani Group.
Shares fell as much as 1.7 percent in early Zurich trading on Wednesday and remain up about 24 percent over 12 months. Richemont's primary listing is on the SIX Swiss Exchange, with a secondary listing in Johannesburg.
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