Richemont executive Emmanuel Perrin is taking over as Chief Executive Officer of Panerai and will exit the role as head of the Swiss luxury conglomerate's Specialist Watchmakers division. Perrin, an industry veteran who has led the Specialist Watchmakers unit since 2017, will return to an operational position at the Panerai brand following the departure of Jean-Marc Pontroué after seven years in the job. The Specialist Watchmakers division will continue to operate as a separate entity reporting the financial performance of Richemont watch brands, including Panerai, Jaeger-LeCoultre, and IWC, according to people familiar with the matter. However, Perrin's role as head of the specialist watchmaker division is not expected to be filled.
Emmanuel Perrin as featured in a 2018 story about changes in the watch industry. Image courtesy of WWD.
The executive changes represent the latest management shakeup at Switzerland-based Richemont under Chief Executive Officer Nicolas Bos, who was appointed to lead the company in 2024 after a successful turn as the head of Van Cleef & Arpels that saw the jewelry brand's sales more than triple under his leadership.
Jérôme Lambert, who also previously held the role of Richemont CEO, recently returned to lead the Jaeger-LeCoultre brand. Other changes have included former Vacheron Constantin CEO Louis Ferla taking over as the head of Cartier and Catherine Rénier, who previously led Jaeger-LeCoultre, moving to the top job at Van Cleef.
Richemont's Specialist Watchmakers division has underperformed the company's jewelry division in recent financial quarters amid an industry wide downturn. Jewelry brand sales posted a 14% rise in the company's most recent results as the watchmaking division suffered an 8% decline due to a weak performance in China.
Originally founded in Italy and known for supplying watches to the Italian military, the Panerai brand was revived in the early 1990s. It rose to prominence on the wrists of Hollywood action stars Sylvester Stallone and Arnold Schwarzenegger. In 1997, Panerai was acquired by Richemont, then known as Vendôme Group.
Panerai produced about 55,000 watches and posted revenue of about 493 million Swiss francs in 2024, down from 520 million Swiss francs the year before, according to estimates by Morgan Stanley and LuxeConsult.
For more information visit Panerai online.
