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FinancialsSep 11, 2018
Richemont Names Jérôme Lambert Group CEO
The news came amid its five-month fiscal results, in which sales were up 25 percent led by its jewelry division.
Former Richemont Group COO has been named CEO effective immediately.
Geneva—Richemont has announced the promotion of Group COO Jérôme Lambert to Group CEO, effective immediately.
Lambert has served in a number of top roles at Richemont, including heading up both Jaeger-LeCoultre and Montblanc. More recently, he oversaw the company’s specialist watchmakers division before taking on the role of COO last year.
Richemont’s specialist watchmakers, online distributors and other businesses, as well as central and regional functions, will now report directly to him.
Lambert will continue to be supported by Sophie Guieysse, group human resources director; Federico Marchetti, CEO of YOOX Net-a-Porter Group; Emmanuel Perrin, head of the Specialist Watchmaker Maisons; and Eric Vallat, head of Fashion and Accessories Maisons.
He will work with Cartier CEO Cyrille Vigneron, Van Cleef & Arpels CEO Nicolas Bos and Burkhart Grund, chief finance officer on the Richemont board.
The position has been empty since March 2017, when then-CEO Richard Lepeu retired and Richemont decided to restructure the responsibilities of senior management, doing away with the position and instead giving the heads of each brand and division more autonomy.
In the press release announcing Lambert’s appointment, the company said it came at a time when “consumer habits are changing significantly.” It also said that as they aim to meet those challenges, he will lead the development of “strategic plans reflecting the long-term objectives and priorities established by the board.”
The news of his appointment came at the same time as Richemont’s reporting of its five-month results ended Aug. 31.
The company said sales for the period were up 25 percent at constant exchange rates and 22 percent at actual exchange rates.
Excluding Yoox-Net-a-Porter Group and the recently acquired Watchfinder—as the two have only been consolidated into its accounts since May 1 and June 1, respectively—sales for the five-month period increased by 10 percent at constant exchange rates and 7 percent at actual exchange rates.
The company said its double-digit sales growth was driven primarily by a strong performance from its jewelry houses—Cartier, Piaget and Van Cleef & Arpels—where sales were up 14 percent.
It also attributed the growth to the first-time consolidation of its online distributors division; in this new business area, which regrouped Yoox-Net-a-Porter Group and Watchfinder, sales grew at a double digit rate.
RELATED CONTNET: Van Cleef Picks a New President for the AmericasBy market, Richemont said all regions except the Middle East posted growth, led by “solid momentum” in Asia Pacific and the Americas.
Meanwhile, retail sales during the five months rose 14 percent, with growth in all regions but, again, most notably in Asia Pacific and the Americas. They were driven by strong performances by the jewelry brands and the specialist watchmakers.
Wholesale sales were up 2 percent as the company continued to focus on aligning inventories with client demand.
As for the rest of Richemont’s product categories, its other businesses reported a 4 percent sales growth, with most of its houses performing positively.
Wholesale sales were up 2 percent as the company continued to focus on aligning inventories with client demand.
As for the rest of Richemont’s product categories, its other businesses reported a 4 percent sales growth, with most of its houses performing positively.
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