Audemars Piguet this morning shut down a media report suggesting chief executive Ilaria Resta was leaving the company. Last night, the independent news site Miss Tweed reported that Resta would “part ways” with the former Procter & Gamble executive who joined the Swiss watchmaker two years ago.
“We are aware of recent rumours regarding the departure of our chief executive officer and want to state that these claims are unfounded,” said a statement released by Audemars Piguet.
“Audemars Piguet is proud to have Ilaria as its CEO,” the statement continued. “Since assuming this role, Ilaria has made a profoundly positive impact on the organization and the business –bringing renewed energy, strategic vision, and a steadfast commitment to innovation and excellence. She remains fully dedicated to leading Audemars Piguet into its next phase of growth, strengthening our culture, expanding our global presence and driving the continued success of the brand.”
Resta formally succeeded François-Henry Bennahmias as Audemars Piguet’s chief executive in January last year. Bennahmias had been at the family-owned company since the 1990s and had run it since 2012.
During his tenure, the watchmaker’s revenues are thought to have tripled as it allied watch models such as the Royal Oak to high-profile figures such as Lebron James and Travis Scott, and to golf, tennis and the Marvel franchise.
According to estimates by Morgan Stanley, in 2023 — Bennahmias’s final year — revenues hit 2.35 billion Swiss francs, placing it fourth on the list of Swiss watchmakers by sales, behind Rolex, Cartier and Omega, and ahead of Patek Philippe. Last year, Resta’s first in charge, Swiss watch exports fell by 2.8 percent according to the Federation of the Swiss Watch Industry (FHS); Audemars Piguet’s revenues held at 2.38 billion Swiss francs, according to Morgan Stanley.
Resta has said her company’s revenues are still climbing, despite the industry’s woes. Factors such as rising gold prices, the strong Swiss franc and the 39 percent tariff imposed by the Trump administration on Swiss exports to the US have hit the country’s watchmakers hard. According to the most recent FHS data, the US is the only top 10 export market in growth this year, although figures are reckoned to have been warped by larger brands’ decision to front-load US inventories ahead of the tariff announcement.
Prada announced this summer that it had appointed Resta, a Swiss-Italian national, as an independent non-executive director, effective July 30. Before joining Audemars Piguet she was president of the family-owned company Firmenich’s global perfumery and ingredients division.