Disclaimer: This article is based on market rumours and industry gossip, not official announcements. Please do not treat this information as fact.
2023: Start of the Talent War
June 2023:
LVMH made headlines after successfully recruiting Markus Bühler, the Technical Director of IWC (part of the Richemont group), to join TAG Heuer. LVMH reportedly offered him a doubled salary and an equity package. Richemont CEO Johann Rupert described it as 'industrial-level poaching' in an internal communication.
September 2023:
Richemont responded to the resignation of Vacheron Constantin CEO Louis Ferla, who joined LVMH as CEO of Hublot. Ferla's move was linked to his long-standing relationship with Stéphane Bianchi, President of the LVMH Watch Division. This incident sparked industry speculation about alumni networks influencing executive appointments.
2024: Leadership reshuffles and legal disputes
February 2024:
LVMH reassigned Antoine Pin from Bulgari Watches to Louis Vuitton Watches. Meanwhile, Jean Arnault (Bernard Arnault's youngest son) was moved away from watches amid reported disagreements with his father over smartwatch strategies.
May 2024:
Richemont faced a setback when three senior R&D executives from Cartier Watches left for Zenith (LVMH), reportedly taking confidential movement designs with them. Richemont filed legal action, to which Zenith responded with a defamation counterclaim. Both companies appeared in a Geneva court, and the case was still pending in May 2025.
In November 2024,
Jean-Marc Pontroué resigned as CEO of Panerai (Richemont) and joined LVMH as CEO of TAG Heuer. It is reported that Pontroué was frustrated with Richemont’s conservative approach, and that LVMH offered him the opportunity to lead a new “disruptive smart mechanical watch” project.
2025: Escalation and Strategic Moves
January 2025:
LVMH promoted Frédéric Arnault to co-CEO of the Watch Division, while bringing in former Montblanc (Richemont) CEO, Nicolas Baretzki, to lead Zenith. Industry insiders noted that Baretzki had previously clashed with Pontroué at Richemont, viewing this move as both personal and strategic.
25 March 2025:
Richemont has appointed Cyrille Vigneron, the CEO of Cartier Watches, as Group Head of Watch Strategy, reporting directly to Johann Rupert. Vigneron is known for his strict approach to cost control, which analysts view as a response to LVMH’s aggressive spending.
Latest update: May 2025
The legal dispute between Richemont and LVMH over alleged IP theft remains unresolved in the Geneva courts.
According to Bloomberg sources, Richemont’s board is exploring the consolidation of its watch brands and has held preliminary discussions with Kering regarding a potential collaboration against LVMH.
Meanwhile, the succession contest within the Arnault family between Jean and Frédéric Arnault continues. Frédéric, who is now co-CEO of LVMH’s Watch Division, is considered to be the driving force behind recent high-profile talent acquisitions.
From 2023 to May 2025, the rivalry between LVMH and Richemont became the most closely watched story in Swiss watchmaking, marked by ongoing executive poaching, legal battles and strategic realignments. Both groups are actively seeking talent and partnerships to protect their market positions as the industry faces new challenges in the form of smartwatches and global competition.
