At Richemont -
Now, it is safe to say that this is not exactly "stop the press" news at this point as it dropped over a week ago. But I found it curious with the flurry of comings and goings of all of the changes happening with both independents and the shuffling at Richemont. Two of the independent changes are not huge news because, at the risk of sounding uncharitable, who is running Scwharz Etienne or Favre Leuba is not really going to be as seismic industry wide as who the shot callers are at Cartier and Jaeger-LeCoultre. And despite the crowing of a certain subscription based newsletter author, the word around the campfire in Watch Town was that the eminent departure (whether by separation or reassignment) of the CEO of Jaeger-LeCoultre has been in the offing for quite some time.
In fairness to Richemont, they tend to shuffle the deck pretty regularly, and unlike a certain French based luxury group that rhymes with LVMH, leadership decisions are not based on the participation trophy awarded in the familial Olympics that ensure the Arnault offspring will be occupying the C-Suite regardless of experience or ability.
So, we will wish all of the participants bon chance in this latest game of Richemont Musical Chairs! Who will fill in the rest of the slots? We will wait, and we will see. Just listen carefully to the pace of the tune, you don't want to be caught out when it suddenly stops.
Credit must go where credit is due. If the reports from the South China Morning Post are correct, and now that the researchers here at Tempus Fugit HQ have checked with our "man in Bienne" it would seem that Richemont, on behalf of Jaeger-LeCoultre have done two things that many of us didn't think would ever happen. They would finally make a decision about a CEO, and more importantly, they made a refreshing decision to appoint a woman to that role. Word has bubbled out that Catherine Alix-Renier has been tapped to take the wheel at JLC.
Now, in the interest of fair and honest reporting, I have had a very, very hard time liking Jaeger-LeCoultre as a brand for some time. There, it's out in the open, I've said it. I have had such an abiding distaste and dislike for their way of doing things that I declined my first-ever invitation to the SIHH, and the "warm & fuzzy ambassadors" at Richemont took note, and no further invitations have been forthcoming...
Well, fair enough ; )
But as that other great commentator on watches, Barry Hearn, has noted: "Life moves forward, doesn't it?"
So it was with no small amount of amazement, wonder and enthusiasm that I read the news that the brain trust at Richemont HQ had taken the very unusual step to break one of their cardinal rules and not appoint one of their pre-ordained "golden boys" to a senior position that they had been painstakingly groomed for, but rather looked inside the organization for someone who has not only the educational bona fides (insert a quick shout out to Boston College Eagles everywhere) having completed her MBA in my fair city, but the experience. Someone who rather than loitering around the Richemont HQ, went out and worked in the field. One of the biggest complaints that I hear from Brand Managers, Brand VPs, distributors and retailers is that the folks at the top have no idea what it's like at their level or in their region. Well, good news boys and girls, things are about to change.
Ms. Alix-Renier had logged time in North America, Hong Kong and until now been responsible for the Asia Pacific region of Van Cleef & Arpels. Think about that for a hot minute - the two most important market places that each represent the most daunting and frustrating challenges to brands. So I suspect at meetings and planning sessions you will no longer hear:
"Well in Europe..." as a reason to not consider that different global markets require different approaches.
So I would like to commend the shot callers at Richemont for joining the 21st century, and on behalf of the Executive Publisher and myself wish Catherine Alix-Renier God's speed and all the best of success.
I am now off to a breakfast meeting with the Executive Publisher to discuss a possible pay increase so I can buy a Reverso. I find that I actually want one again ; )
