The masthead on the newspaper read "SAKE" - which most of us reading this will know means that Rupert was reading the business section of an Afrikaans newspaper.

I chuckled as I imagined foreigners pouring over this photograph, seeing only the English word "sake", and trying to work out what on earth one of the most powerful luxury goods purveyors in the world was reading.

It was a reminder that, regardless of the fact that Rupert has his offices in Geneva and probably spends more time in the air than on the ground, he remains one of us.

And if he's like many South Africans I know, Rupert was probably taught as a child that there was nothing wrong with hard work, and if you want something done properly, do it yourself.

That's why, a few weeks ago, when former Richemont chief executive officer Norbert Platt retired for health reasons, Rupert chose not to take any chances with the precious company of which he'd previously been executive chairman.

Because, with about 15 luxury labels to its name - you've heard of Cartier, Dunhill and Montblanc; there are several more, equally luxurious - Richemont is one of the major players in the world luxury market.

It came as no surprise that with the current economic downturn and the drop in sales of luxury goods worldwide, Rupert took up the vacated job to ensure "consistency in management approach".

That's just another way of saying he was going to keep a close eye on matters. Rupert has been cautious since the early days of the recession and has warned of a long recovery process for the luxury industry.

The big question is what the industry will look like when the world recovers.

Because, as economies everywhere have been battered by bad retail figures, much has been said, written and debated about the world of pricy designer fashion and watch and jewellery labels.

The radical school of thought says the days of luxury are dead and that consumers will never again pay the same high prices for just a name backed by a massive marketing budget.

It might happen to some brands. Where there is not much difference between the quality of a designer brand and that of a no-name version, thinking shoppers will vote with their wallets.

A number of brands have raced to join the club of luxury labels that produce a cut-price line for international retail chains, such as H&M and Top Shop, but it's possible that they have done their brand a disservice.

It was only a matter of time before the consumer said: "Why should I pay full price on Bond Street for alleged exclusivity when millions of others are paying a fraction on Oxford Street for almost exactly the same product?"

It is this hyper-sensitive nature of luxury designer brands that is likely to have spurred Rupert into playing a closer role in the resuscitation of the valuable Richemont names.

Brands are toyed with at your peril, and now is the time to ensure that the big ones emerge from the recession with that intangible something that makes them so very desirable unscathed.

There is no way that luxury labels will ever disappear, especially with an increasing appetite for designer goods in China.

And, as Rupert knows, there will always be a market for luxury labels that stand for lasting quality. His job is to make sure they deliver on that promise.