Advertise with fastmoving.co.za
 
 

Richemont’s head of watchmaking, marketing and digital resigned with immediate effect, Johann Rupert’s luxury goods group announced on Friday.
Richemont’s head of watchmaking, marketing and digital resigned with immediate effect, Johann Rupert’s luxury goods group announced on Friday.

Rupert’s luxury watch chief at Richemont resigns

RETAILER NEWS

Fin24 - Jul 14th 2017, 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 

Read more about: richemont | retail | johann rupert

Related News

Nordstrom rated top fashion retailer
22/02/2018 - 09:05
Nordstrom was the favorite premium fashion retailer among 10,000 shoppers, according to an annual fashion retail study conducted by Market Force.

Truworths falling short of the mark
22/02/2018 - 08:28
With the group trailing its clothing peers, some wonder why its long-standing boss has not resigned yet.

Direct to consumer selling will save brands
21/02/2018 - 14:20
Across industries, diversification is what drives the bottom line. To put it plain and simple: Who would want all their eggs in one basket when competitors are waiting for the opportunity to take advantage of a momentary slip-up?

Nike becomes first brand to sell on Snapchat
21/02/2018 - 09:32
Snapchat has teamed up with Shopify and Nike to launch the first product for sale through the social media site. Along with Darkstore, the team pre-released the sale of the Air Jordan III "Tinker" sneakers on Snapchat on the last night of the NBA All-Star game.

Walmart profit drops, online sales slow in key holiday quarter
20/02/2018 - 15:58
Retail behemoth Walmart Inc reported a lower-than-expected quarterly profit and posted a sharp drop in online sales growth during the critical holiday period, sending its shares slumping more than 6 percent in premarket trade.