The Compagnie Financière Richemont SA goes through a comprehensive internal realignment.
Under the direction of CEO Nicolas Bos, the Division Specialist Watchmakers (SWM) is dissolved, which is intended to lead to strategic changes within the group’s watch brands. In the course of this restructuring, Emmanuel Perrin, currently responsible for the distribution of the specialized watch brands, is to take over the management of Panerai and thus replace Jean-Marc Pontroué, who has announced his farewell after seven years.
The end of the specialist Watchmakers Division
The dissolution of the SWM division, which has so far coordinated all watch brands of the group-with the exception of Cartier-marks an important turning point for Richemont. Traditionally, this unit combined some of the most renowned watch brands, including Vacheron Constantin, Jaeger-Lecoultre, IWC, Panerai and Piaget. With the appointment of Nicolas Bos as CEO in 2024, this structure increasingly lost influence. According to internal sources, the new strategy pursues the goal of granting the individual watch brands more independence and at the same time making sales channels more efficient.
As the industry magazine WWD reports, citing internal sources, this realignment also means the end of the controversial strategy introduced under Emmanuel Perrin, which provided for a drastic reduction in independent sales outlets in favor of its own boutiques. This approach met with many retailers: inside to resist and changed the sales structure of the group’s watches considerably.
Perrin has been a central figure in the Richemont group for over two decades. In 2017 he became a member of the Senior Executive Committee of Richemont and took responsibility for the sales of the group’s specialized watch brands. His time at the head of the SWM division was characterized by a consistent reduction in independent dealers to strengthen control over sales within the group.
With the dissolution of the SWM division, Perrin is now a favorite for the successor of Jean-Marc Pontroué near Panerai-a brand with which he is very familiar. Pontroué has announced his resignation at the LinkedIn career network after seven years at the head of the brand. His appointment in 2018 followed the long -term tour of Angelo Bonati.
Under Pontroué, Panerai tried to modernize his image by increasing sustainable innovations. This included the use of recycled materials, environmentally friendly packaging and a closer interaction with the committed Paneristi community. He also launched collections that were inspired by the historical DNA of the brand. Despite these initiatives, Panerai was not able to build on the success of the 2000s, reports the SJX industry portal. However, the restructuring within the watch division should go beyond Panerai. With the dissolution of the SWM division, several clock brands should act more independently in the future, while the group at the same time increases its focus on exclusivity and luxury.