Rupert’s luxury watch chief at Richemont resigns
Fin24 - Jul 14th, 11:20
Richemont’s head of watchmaking, marketing and digital resigned with immediate effect, Johann Rupert’s luxury goods group announced on Friday.
“Richemont regrets to announce the resignation with immediate effect of Mr Georges Kern,” the group, which sells watches like Cartier and Montblanc, said in a statement.
“He has stepped down from the senior executive committee and the group management committee and will no longer be standing for election to the board of directors of Compagnie Financière Richemont SA at the forthcoming annual general meeting of shareholders.”
Rupert said: “Georges has been offered an interesting opportunity to become an entrepreneur. He has had a very successful career at IWC Schaffhausen and we wish him well.”
Richemont's watchmaking, marketing and digital activities will report to the senior executive committee, it said.
The sudden resignation comes after Richemont began its biggest management overhaul in years in November, when it named Kern to his position and eliminated the company-wide chief executive officer position.
Kern previously ran the company’s IWC Schaffhausen brand for more than a decade.
For its financial year ended 31 March 2017, Richemont reported sales of €10.647bn. Operating profit for the year amounted to €1.764bn and net profit for the year amounted to €1.210bn.Fin24.com
Marks & Spencer launches online food delivery service
25/09/2017 - 09:58
Marks & Spencer has launched an online grocery service that will enable shoppers to have their dinner delivered to their front door within an hour.
Luxury goods group Richemont sharpens online focus with two new appointments
22/09/2017 - 09:18
Luxury goods retailer Richemont has signalled a shift in focus with the creation of a new role — chief technology officer.
Steinhoff Africa soars on JSE debut
21/09/2017 - 09:23
In Africa's biggest IPO this year, Star rockets on its first day of trading, as investors ignore allegations of accounting fraud at its European parent
How Holdsport group grew sales 8.1%
20/09/2017 - 10:10
Sports retailer Holdsport expects interim core headline earnings per share excluding the effect of foreign exchange adjustments — to be between 3% lower and 1% higher than in the previous period.
Hermès adds to concern strong euro may erode luxury sales
19/09/2017 - 09:49
Hermès warned that profitability probably has reached a peak and that the strong euro is set to erode 2018 sales of the company’s Birkin handbags and other luxury goods, spurring concern that the industry’s rebound may become rockier.