Retail in Asia

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Richemont appoints new CEO

On Monday, after holding the post vacant for almost two years, Richemont Group has appointed Group Chief Operating Officer, Jérôme Lambert, as Group Chief Executive Officer with immediate effect.

SEE ALSO: La Perla appoints Pascal Perrier as its new CEO

Swiss watch and jewellery companies went through hard times back in 2016 as sluggish economical growth and terrorism in Europe hit sales adding to the challenge of meeting ever-changing consumer behaviors.

However, Chinese consumers stepped in and spurred sales back up. Indeed, Richemont said they have increased by 25%, at constant exchange rate, to €5.7bn in the five months ending August 31.

“Jérôme’s new role sees him taking responsibility for the Group’s future growth at a time when consumer habits are changing significantly,” said Johann Rupert, Richemont chairman. “As we position the group to meet these challenges, he will lead the development of strategic plans reflecting the long-term objectives and priorities established by the board.”

Revamping the organization, Mr.Rupert has changed the leadership management of the company appointing his son, Anton, along with Nikesh Arora, former Google executive, to the board.

Earlier this year, Richemont Group also took full control of online retail Yoox Net-a-Porter and bought second-hand online and shop-based watch retailer, Watchfinder.

SEE ALSO: Richemont makes move to acquire Yoox Net-a-Porter Group

Richemont’s Specialist Watchmakers, Online Distributors and Other businesses, as well as central and regional functions, will report to Jérôme who will continue to be supported by the group’s team.