It might just be the most opulent gap year ever.
Johann Rupert, chairman and founder of the world’s second-largest luxury company Richemont, has paused the clock on a 25-year career running the group behind Cartier and Jaeger-LeCoultre watches.
South African-born Rupert, 63 next month, is taking a year off, saying he may travel to Antarctica, and has 50 books he would like to read. “There are things I want to see and want to do,” he added. “After 25 years, I think I have the right to just take a break”.
Rupert, pictured, who founded the Swiss-based company in 1988 and owns a majority stake, expanded to own jewellery, clothing and accessories brands including Montblanc, Alfred Dunhill, Chloé and website Net-a-Porter.
The sabbatical will start in September after the AGM. Richemont has made a series of management changes following Rupert’s decision to step down as chief executive last November. Joint chief executives Richard Lepeu and Bernard Fornas have shared the job since April, and deputy chairman Yves-André Istel will chair meetings in Rupert’s absence.
The group today announced forecast-beating results, with profit up 30% to €2.01 billion (£1.7 billion) and sales up 14% to €10.15 billion from €8.87 billion in the year to April from a year earlier.
There have been concerns that a sales slowdown in China will hit the luxury goods and watch sectors but Rupert said: “Despite the slowdown in the Asia Pacific region and continuing uncertainty in the world economy, sales in the month of April were 13% above the comparative period.”
