Johann Rupert, the billionaire who controls Cartier owner Richemont, envisions a future in which humans are displaced by robots in the workplace and have all the time in the world to travel. He's betting the company's money on it. The Swiss luxury-goods maker, whose brands also include Montblanc, disclosed on Friday that it now had a 5% stake in Dufry, the world's largest duty-free retailer. Dufry's share price rose as much as 7.5% in early trade. The purchase comes a week after Rupert predicted that artificial intelligence and robots would cause economic and social upheaval in the next two decades, drawing on the second machine-age theories of MIT professors Erik Brynjolfsson and Andrew McAfee. While a swathe of the population may become unemployable, the uptake of work by machines and computers will fuel demand for leisure among those who can afford it, says the luxury-goods magnate. "Man will have more free time," Rupert said on a call with reporters last week when Richemont repo...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.