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
Hennessy sees Kenya as growth frontier as cognac sales start
26/07/2017 - 10:34
Hennessy, the world’s largest maker of cognac, has started distributing its products in Kenya to tap Africa’s second-largest luxury-goods market.
Deodorant is always on the shopping list for South Africans
26/07/2017 - 09:07
South Africans are not counting cents when it comes to scents.
Mall anchor tenants may be cast adrift
25/07/2017 - 10:36
Retail mall owners may be scurrying around in the hunt for new anchor tenants as legacy businesses fall behind changing retail trends.
Stuttafords Saga: How Nenegate brought down the store
24/07/2017 - 15:09
It all came tumbling down for Stuttafords the day former finance minister Nhlahla Nene was fired. The rand's decline in the days that followed the shock axing signalled the end of a 150-year-old empire, says chief executive Robert Amoils.
Retail sales provide a positive surprise
21/07/2017 - 12:03
SA’s retail sector not only confounded economists who had expected a contraction in May, but growth accelerated from April, despite the economy being in recession.