Cometh the recession, cometh the man. Johann Rupert, chairman and majority shareholder of Richemont, has a habit of rolling up his sleeves and mucking in when the going gets tough. The last time he took over as chief executive was in 2003, when sales of luxury goods faded with the Sars outbreak in Asia. Now, he is back, as that region takes up the slack in the US and other sluggish markets. Investors had been primed that Norbert Platt, chief executive, would step down for health reasons in April. But Mr Rupert’s return was a surprise - though not an unwelcome one.

His move casts Richemont’s succession strategy in a poor light. Richard Lepeu, finance director, regarded as a CEO candidate, may find it hard to swallow. Yet investors should take comfort from Mr Rupert’s comeback.