Richemont announces new CEO as sales increase +25%

Switzerland
Published:  11 September, 2018

The Switzerland based luxury holding has appointed a new Chief Executive Officer as it announced a +25% sales increase at constant rates (+22% adjusted) for the five months to August 31.

Richemont has appointed Jérôme Lambert, currently Group Chief Operating Officer, as the Group’s new Chief Executive Officer with immediate effect. Lambert has led the Group’s Jaeger-LeCoultre and Montblanc brands and overseen the Group’s Specialist Watchmakers, Montblanc, as well as the Group’s Fashion and Accessories businesses prior to taking on the role of Group Chief Operating Officer last year.

The Group’s sales for the five months ending August 31, increased +25% at constant exchange rates and +22% at actual exchange rates. Excluding Yoox Net-a-Porter (YNAP) and Watchfinder.co.uk (Watchfinder), which have been consolidated in the Group’s accounts since May 1, 2018 and June 1, 2018 respectively, sales for the period increased +10% at constant exchange rates and +7% at actual exchange rates. All regions, with the exception of the Middle East, are reported to have posted growth, led by “solid momentum” in Asia Pacific and the Americas.