Yahoo Finance Hublot and TAG Heuer Are Both Getting New CEOs
LVMH has decided it’s time for a horological shakeup.
The French luxury conglomerate, owned by billionaire Bernard Arnault, has made three new appointments within its Watches division, according to a statement shared Wednesday. Frédéric Arnault, CEO of LVMH Watches division and Bernard’s second-eldest son, has made executive changes at maisons Hublot and TAG Heuer as part of “an elevating and upgrading strategy” that is designed to spur growth across the board.
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Ricardo Guadalupe has been named honorary president of Hublot. The 59-year-old Swiss started as a product manager at Bulgari Horlogerie in 1988, before moving to Blancpain in 1994 to work alongside industry legend Jean-Claude Biver. In 2004, Biver became head of Hublot and brought Guadalupe on board. A year later, the iconic Big Bang model was launched, leading to spectacular growth for the Swiss watchmaker. LVMH acquired Hublot in 2008, after which Guadalupe was appointed CEO in 2012. He has orchestrated the brand’s remarkable growth over two decades but now wishes to step back from operational management.
“I would like to sincerely thank Ricardo and his teams for their fantastic work building the brand over these past 20 years,” Arnault said. “Indeed, for eight years as managing director followed by 12 years as CEO, Ricardo truly embodied Hublot and its development particularly through his product vision, deep industry knowledge, and relationships with all business and industrial partners.”
Julien Tornare will take over as CEO of Hublot. The 50-year-old Swiss, currently the CEO of TAG Heuer, has notched 26 years in the biz, with stints at Raymond Weil and Vacheron Constantin. He also served as CEO of Zenith between 2017 and 2023, revamping the entire catalog and cleverly repositioning the brand in just six years. He has taken similar action at TAG Heuer in his brief six-month tenure, unveiling more elevated and expensive timepieces with daring designs and complex inner workings while reimagining classics like the Carrera, Formula 1 Series 1, and the Monaco. Hublot seems ripe for a Tornare-style revamp, too: Sales dropped 10 percent in 2023, with revenue coming in at roughly $757,800 (670 million Swiss francs), according to a Morgan Stanley report.
“I am delighted about Julien’s arrival at the head of Hublot, which marks the beginning of a new chapter dedicated to the future of our maison and the strengthening of its unique position among leading watch brands,” Arnault added.
Antoine Pin, the general manager of Bulgari watches, will replace Tornare as CEO of TAG Heuer. He actually started his career as junior sales manager at TAG Heuer in 1994, before moving to Zenith, Berluti, and eventually Bulgari. Jean-Christophe Babin remains CEO of the Italian jeweler and watchmaker. LVMH did not say who would replace Pin.
“I am also delighted to welcome Antoine into our Watches division at TAG Heuer,” Arnault said. “His extensive international experience, expertise, and well-recognized passion for watches will be major assets in continuing TAG Heuer’s growth and elevation.”
Arnault isn’t the only one reshuffling C-Suites amid a so-called struggling market. (The watch business isn’t booming as it was in 2022, but it’s far from dire.) LVMH rival Richemont has also made CEO changes at brands Cartier, Vacheron Constantin, and Jaeger-LeCoultre, for example. The shakeups should make for an interesting few months, at least.
The appointments within the LVMH Watches division will be effective from September 1.
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