Richemont announces change at the top as sales rise again
12/11/2012
The Swiss group, which includes leathergoods maker Lancel Sogedi and retailers Net-a-Porter and Alfred Dunhill, reported net income of €1.09 billion, beating expectations.
From next April, the group will be jointly run by Cartier’s CEO Bernard Fornas and group deputy chief executive Richard Lepeu.
Current CEO Richard Lepeu will remain in his role as executive chairman but said: “This company is far too complex and too big for one individual to run.”
The company said it expects sales in China to “normalise” over the next few months but that the change in leadership should take away some of the uncertainty.
“Richemont is seeing good growth in Europe, supported by Asian tourism which is compensating for slower domestic Asia Pacific sales," it said in a statement.
Share this story:
