Richemont oversees several prominent luxury watch brands, including Vacheron Constantin, IWC Schaffhausen, Jaeger-LeCoultre, and Cartier.
In an address to shareholders documented by Bloomberg, Rupert said global demand has ‘gone past the boom’ and praised rival companies for reducing output.
“One should be cautious in just trying to pursue volume,” he said.
“We have a close relationship with the private competitors, and we know what they are doing, and they are acting very responsibly by constraining production.”
Rupert founded Richemont in 1988. In May, the company appointed Nicolas Bos as CEO.
Coming to the position after leading Van Cleef & Arpels, Rupert said that Bos would oversee a period of significant change at the company.
Richemont recently named Gianluca Brozzetti as executive vice president of the new jewellery brand acquisition Vhernier.
Serving in an interim CEO role, Brozzetti will take on the new position while continuing as executive vice president of Buccellati. Richemont purchased the brand in May.
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