Since a year, the Richemont Group is working a profound inward restructuration. Most importantly, the group declared the arrangement of both Lambert as Head of Operations and Kern as Head of Watchmaking, Marketing and Digital , followed by the “Big Reshuffle” at the top of a few Maisons . However, this arrangement completely broke on July fourteenth, 2017 when Georges Kern declared its takeoff from the group , as joining Breitling as new CEO. With the need to make a move, Richemont is today appointing another boss, in the name of Jérôme Lambert, to the recently made part of Chief Operating Officer. Lambert will be answerable for all the Maisons other than Cartier and Van Cleef & Arpels. Notwithstanding that, Richemont likewise distributed its mid-year results, and they are very reassuring.
Jérôme Lambert Appointed COO of Richemont Group
it’s no huge amazements to see Jérôme Lambert taking over the greater part of the brands of the Richemont Group (with the exemption of Cartier and Van Cleef & Arpels). Lambert is an offspring of the Group, who began as monetary consultant at Jaeger-LeCoultre in 1996, to then become monetary chief in 1999, and in 2002, he will take the CEO position. Notwithstanding that, from 2009 to 2012, he will take care of Lange. In 2013, he will be named CEO of Montblanc, one of the foundations of the group. At the point when Richemont declared its first purges and the selection of Kern and Lambert on top of the group, the last was given the situation of Head of Operations – everything not identified with watchmaking – regardless of whether Montblanc was as yet heavily influenced by him. This new design prompted what we named “the big Reshuffle”, as 4 CEOs (JLC, Vacheron, Piaget, Dunhill) were sympathetically approached to offer back their seats . However, things changed when Georges Kern chose to change position and move to Breitling, which he took over with CVC Partners in mid-July 2017.
As a response to this, Lambert will currently investigate all the watchmaking brands (and some others brands, with various fields of activity, like Lancel, Chloé or Dunhill) of the group – Lange, Baume & Mercier, IWC, Jaeger, Montblanc, Panerai, Piaget, Roger Dubuis and Vacheron. As the new COO of the group, he will investigate practically all the brands, except for Cartier and Van Cleef & Arpels. In this position, he will be helped by Mr Emmanuel Perrin, as of now International Sales Director of Cartier, who will be delegated Head of Specialist Watchmakers Distribution. In this recently made position, he will be liable for the coordination of all Specialist Watchmakers’ dissemination procedures. Emmanuel Perrin, an individual from the family of Alain-Dominique Perrin, CEO of Cartier for more than 20 years, has a long history inside the Richemont Group, with a few situations at Cartier and Van Cleef & Arpels.
In expansion to this significant selection, the Richemont Group likewise reports today the mid-2017 results. So, they are very reassuring:
- Sales expanded by 10% at genuine trade rates to €5,605 million versus €5,086 million for a similar period in 2016
- Growth altogether portions, districts and conveyance channels
- Double-digit development in jewellery
- Asia is emphatically driving the development, with twofold digit increments in terrain China, Korea, Hong Kong. The equivalent can be found in the United Kingdom.
- Operating benefit expanded by 46% to €1,166 million, with benefit for the time frame up 80% to €974 million
Notes: Asia Pacific is showing a serious recuperation, with a development of deals of 25% compared to a similar period in 2016. At that point follow the Americas, with a development of 10%. Center East and Europe stay calmer, still with a positive development of the numbers – +3% deals in both regions. Europe actually addresses 29% of in general deals, while Asia makes 39% of the Group deals, with territory China being the biggest market in the region.
In terms of activities, the Jewelry Maisons are even more dynamic than the Watchmaking Maisons. Deals of Jewellery expanded by 15% while deals of watches expanded by 6%. However, the watchmaking branch shows an amazing +57% expansion in Operating results. This is driven by a re-visitation of development, the non-repeat of stock purchase backs and fixed expenses discipline.