In 2015, Apple introduced the Apple Watch and millennials started pouring in to buy one. The watchmakers just didn’t realize up until this point that huge market share in the form of millennials was unexplored. However, the brands, which had elderly men at the helm didn’t understand how to connect with the highly informed and highly unpredictable customers called the millennials. It was certainly understood after the launch of the Apple Watch that those photo adverts in the magazines will no longer be enough to entice the young generation. They needed more young people leading the company and in 2016, Johann Rupert, chairman of Richemont luxury group announced that he wanted to “see less gray men” in top management.
The series of changes that followed the announcement were all reflective of it. And now, Richemont’s many brands such as Jaeger-LeCoultre, Montblanc, and Baume & Mercier have all top management executives in their 40s. The young leaders understand their rich heritage and might just have the right formula to connect with and entice the young millennials.