Category: Richemont

Recap – The 5 Highlights of the Watchmaking Industry in 2017

As 2017 is coming to an end, and before the new horological season starts with the SIHH (as of January 15th, 2018), we thought it was important for you to understand what happened this year in the watchmaking industry. The idea here isn’t to focus on watches, we’ll have another recap article for that. In all fairness, 2017 has been an eventful year. From the game of musical chairs at Richemont to the comeback of growth, let’s make a throwback to the highlights of the watchmaking industry in 2017.

8 years ago

Business News – Richemont Appoints Jérôme Lambert As COO of All the Maisons (Ex. Cartier/Van Cleef) and Announces Strong 2017 Half-Year Results

Since a year, the Richemont Group is operating a deep internal restructuration. First of all, the group announced the appointment of both Lambert as Head of Operations and Kern as Head of Watchmaking, Marketing and Digital, followed by the “Big Reshuffle” at the head of several Maisons. Yet, this plan completely shattered on July 14th, 2017 when Georges Kern announced its departure from the group, as joining Breitling as new CEO. With the need to take action, Richemont is today appointing a new chief, in the name of Jérôme Lambert, to the newly created role of Chief Operating Officer. Lambert will be responsible for all the Maisons other than Cartier and Van Cleef & Arpels. In addition to that, Richemont also published its mid-year results, and they are quite reassuring.

8 years ago

Business News – Richemont Announces Solid Double-Digit Sales Growth at Annual General Meeting

While times have been difficult for the industry in the last 2 to 3 years (see the 2016/2017 results of Richemont Group), signs of recovery are now more and more blatant. Indeed, Swatch Group’s Half-Year Report 2017 showed growth (with increase of sales and better profitability). It’s now time for the other luxury powerhouse, Swiss-based group Richemont, to announce a massive increase in sales for the five months ended 31 August 2017, as we’re talking double-digit numbers and no negative data to be seen in any region or segment.

8 years ago

BREAKING NEWS – Richemont Announces Resignation of Georges Kern (Head of Watchmaking, Marketing and Digital)

In the past months, there have been some massive shakeups at Richemont (Compagnie Financière Richemont SA), which abolished CEO Role, and appointed IWC’s Georges Kern as Head of Watchmaking and Montblanc’s Jérôme Lambert as Head of Operations. A few weeks later was the “Big Reshuffle“, with 4 CEOs (Jaeger-LeCoultre, Vacheron Constantin, Piaget and Dunhill) leaving – voluntarily or not. Earlier today, 14 July 2017, Richemont announced the resignation of one of its key elements, Georges Kern, the recently appointed Head of Watchmaking, Marketing and Digital and ex-CEO of IWC.

8 years ago

Four Richemont Brand CEOs Depart at JLC, Vacheron Constantin, Piaget and Dunhill

Having eased out top management earlier in the year in the wake of a 51% drop in first half profits, Richemont is now turning to its subsidiary brands. Bloomberg reported earlier today that the chief executives of Dunhill, Jaeger-LeCoultre, Vacheron Constantin and Piaget will be leaving, confirming speculation that had been brewing since last year. Swiss newspaper […]

9 years ago

Richemont Posts Meagre Improvement in Quarterly Results Ahead of SIHH

Just days before SIHH 2017 is due to open – the event is dominated by Richemont’s subsidiary brands like Cartier and IWC – the Swiss group got a slight respite in its third quarter results, after a dismal first half that saw profits fall by 51%, leading to drastic management changes. Sales for the third quarter that […]

9 years ago

Richemont Chairman Johann Rupert Sets Up Foundation to Preserve Craftsmanship

In October this year the Michelangelo Foundation was set up in Geneva, founded by Johann Rupert and Franco Cologni, according to The New York Times. Ironic given the founders’ roles in spawning the global luxury goods business, the nascent organisation aims to preserve old fashioned craftsmanship while nurturing a new generation of artisans. Focused on artisans in Europe to start […]

9 years ago

Industry News: Watchmakers at Piaget & Vacheron Constantin Protest Job Cuts

Shortly after announcing a sweeping management overhaul and slumping profits last month, Swiss luxury conglomerate Richemont declared it would cut 211 jobs at two subsidiary brands, Piaget and Vacheron Constantin. The axe would fall three locations – Geneva, Côte-aux-Fées and Vallée de Joux. That brought out some 300 protestors in Geneva, and another 400 outside the town hall of Le Sentier, […]

9 years ago