Cie. Financiere Richemont SA Chairman Johann Rupert, who said yesterday he will take a 12-month sabbatical after leading the company for 25 years, has overtaken Nicky Oppenheimer as the richest South African.
Cie. Financiere Richemont SA Chairman and controlling shareholder Johann Rupert will take a year off, leaving management of the world’s second-biggest luxury-goods company to a team of executives including Cartier’s former CEO.
Patek Philippe Chairman Thierry Stern had advice for Swiss watchmakers several years ago that most rivals didn’t heed: don’t overinvest in China. Amid the recent slowdown in China, the executive’s call has proved prescient.
Cie. Financiere Richemont SA, the maker of Cartier jewelry and IWC watches, said full-year net income rose about 30 percent, more than analysts expected, as the dollar’s strength against the euro boosted sales growth.