Richemont, a fundamental reorganisation at the top of the watchmaking industry

Business|Background

RIchemont headquarters. Credits: Richemont.

Richemont Group, officially known as Compagnie Financière Richemont SA, is embarking on a major transformation of its internal organisation. Under the leadership of CEO Nicolas Bos, the Specialist Watchmakers (SWM) division is being dissolved, leading to strategic reassignments within the group's watchmaking companies. Among these changes, Emmanuel Perrin, currently head of distribution for specialist watchmaking companies, is expected to take over as head of Panerai, replacing Jean-Marc Pontroué, who announced his departure after seven years at the helm of the brand.

The end of the Specialist Watchmakers division

The disappearance of the Specialist Watchmakers division, which oversaw the group's watchmaking houses outside of Cartier, marks a turning point for Richemont. Historically, this entity brought together prestigious brands such as Vacheron Constantin, Jaeger-LeCoultre, IWC, Panerai, and Piaget.

With Nicolas Bos taking over at the helm of Richemont in 2024, this structure has lost some of its influence. According to internal sources for WWD, the new strategy consists of giving more autonomy to watchmakers while streamlining distribution channels.

As corroborated by industry sources for the media platform, this change also puts an end to the controversial approach adopted under Emmanuel Perrin, who imposed a drastic reduction in independent points of sale in favour of a model of directly owned boutiques. This decision, poorly received by retailers, has profoundly changed the distribution of Richemont watches on the market.

Emmanuel Perrin, a journey of influence

Born in 1969, Emmanuel Perrin has been a key figure in the Richemont Group for over two decades. A graduate of ESSEC Business School and the Dortmund University of Applied Sciences and Arts, he began his career in the luxury sector before joining Cartier, where he held several senior positions, including as CEO of Cartier North America and international commercial director.

In 2017, he joined Richemont's Senior Executive Committee and became responsible for the distribution of the group's specialist watchmaking brands. His management of the SWM division was marked by an aggressive policy of reducing independent distributors, favoring greater control of sales by the group itself.

With the closure of SWM, Perrin is now expected to take over the management of Panerai, a company he knows well.

The departure of Jean-Marc Pontroué, or the end of an era at Panerai

After seven years at the helm of Panerai, Jean-Marc Pontroué announced his departure via a message posted on his LinkedIn account. His arrival in 2018 followed a long reign under Angelo Bonati, the iconic figure who had elevated the brand to the status of a leading name in luxury sports watchmaking. Under Pontroué's leadership, Panerai attempted to modernise its image, emphasising sustainability initiatives, including the use of recycled materials and eco-designed packaging. He also sought to strengthen ties with the Paneristi community, the brand's enthusiasts, by reintroducing models inspired by Panerai's history.

However, despite these efforts, Panerai has not regained the momentum that made it successful in the 2000s, SJX explains. His replacement by Emmanuel Perrin is part of Nicolas Bos's desire to restructure the organisation and breathe new life into the brand.

A broader reorganisation at Richemont

The overhaul of Richemont's watchmaking division doesn't stop at Panerai. With the demise of SWM, several brands are now expected to operate more independently, while also pursuing a strategy to strengthen their luxury and exclusive positioning.

In this context, Nicolas Bos is continuing the group's transformation with an approach aimed at consolidating historic brands while optimising the profitability of the watchmaking divisions.

The arrival of Emmanuel Perrin at Panerai thus marks a new phase for the company and for Richemont as a whole, with changes expected to continue in the coming months.

About Richemont

Founded in 1988 by Johann Rupert, the Richemont Group is a world-leading luxury company specialising in watches, jewelry, and fashion. Headquartered in Bellevue, Switzerland, Richemont is listed on the SIX Swiss Exchange under the symbol CFR. The group owns a prestigious portfolio of iconic brands such as Cartier, Van Cleef & Arpels, Montblanc, IWC, and Chloé.

In 2022, Richemont recorded revenue of 19.18 billion euros and net income of 2.07 billion euros, with a market capitalisation of 65.9 billion euros. Its artisanal expertise and commitment to excellence have made it a key player in the luxury industry. As of March 2025, the market capitalisation for Compagnie Financière Richemont stands at 99.79 billion euros.

This article was translated to English using an AI tool.

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