Richemont Group acquired 60 percent of Swiss watch and jewelry brand Roger Dubuis in early August, leading to the departure of its chief executive.
Primary shareholder Carlos Dias—considered the driving force behind the brand—left the company less than two weeks after the deal. He was replaced by Matthias Schuler, previously chief operating officer of IWC, one of several Swiss watch brands owned by Richemont.
No reason was given for the departure of Portuguese-born Dias, a watch collector with a doctorate in political science who has been a furniture designer and book publisher. Under Dias, the brand was known for innovative mechanical watches in limited editions of 28 and 288. In recent years it added jewelry and opened boutiques.
Under the deal, Roger Dubuis will operate as an autonomous brand within Richemont. Financial details were not released.
Richemont’s other watch brands include A. Lange & Söhne, Baume & Mercier, Constantin, IWC, Jaeger-LeCoultre, Officine, Panerai, Piaget, and Vacheron.