Luxury Group Richemont Makes Van Cleef Jewellery Boss New CEO

The logo of the luxury goods company Richemont is pictured at its headquarters in Bellevue near Geneva, Switzerland, June 2, 2022. REUTERS/Denis Balibouse Purchase Licensing Rights
The logo of the luxury goods company Richemont is pictured at its headquarters in Bellevue near Geneva, Switzerland, June 2, 2022. REUTERS/Denis Balibouse Purchase Licensing Rights
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Luxury Group Richemont Makes Van Cleef Jewellery Boss New CEO

The logo of the luxury goods company Richemont is pictured at its headquarters in Bellevue near Geneva, Switzerland, June 2, 2022. REUTERS/Denis Balibouse Purchase Licensing Rights
The logo of the luxury goods company Richemont is pictured at its headquarters in Bellevue near Geneva, Switzerland, June 2, 2022. REUTERS/Denis Balibouse Purchase Licensing Rights

Luxury group Cartier-owner Richemont announced a rejig of its top management on Friday, promoting the head of its Van Cleef & Arpels jewellery brand to group chief executive, saying it was returning to a more traditional management set-up.

Nicolas Bos, who has led a sales surge at Van Cleef, will take over from Jerome Lambert, who will stay on at Richemont as Chief Operating Officer.

The Swiss-listed company made the announcement as it reported a smaller than expected fall in fourth quarter sales. It shares rose 6% on the Zurich exchange.

Chairman Johann Rupert said that the company was reinstating the traditional CEO role, folding the jewellery brands into the rest of the role's responsibilities, which also covers high-end Swiss watches, fashion and accessories, Reuters reported.

He noted it was important to be led by an executive from the "client-facing side”.

"If you’re going to run Richemont you’d better understand the consumer" Rupert told analysts, who were enthusiastic about the promotion.

"Nicolas has developed Van Cleef & Arpels into a power house, and, in our view, is entirely credible as the future leader of the Group," said Bernstein analyst Luca Solca.

The announcement came as Richemont, whose Swiss watch brands include Piaget and Jaeger-LeCoultre, said sales fell 1% to 4.80 billion euros ($5.21 billion) in the three months to the end of March.

In constant currencies, sales rose 2%,which was a slowdown from the 8% rate in the previous quarter but was slightly ahead of a consensus forecast for 4.78 billion euros cited by RBC.

The performance confirmed a downward trend in the luxury sector which has been buffeted by tepid Chinese demand and comparisons with last year, when the lifting of COVID-19 curbs in China supercharged sales.

Globally, customers have also become more selective about expensive purchases as the costs of living rises.

"Overall a decent set of numbers and final quarter constant currency growth is reassuring given the souring sentiment among luxury goods buyers and a difficult comparable," said Jon Cox at Kepler Cheuvreux.

However, weakness in the Asia Pacific in the final quarter, down 12%, is worrying, he added noting that unless the China consumer comes back, demand for luxury goods is going to be more muted for the industry than otherwise expected.



Vivienne Westwood's Clothes, Jewels Headed for Auction

Gallery staff pose with a dress from the 'DRESSED TO SCALE' collection by late British fashion designer Vivienne Westwood (1941-2022) during a press view at Christie's auction house in London, Britain, 13 June 2024. EPA/TOLGA AKMEN
Gallery staff pose with a dress from the 'DRESSED TO SCALE' collection by late British fashion designer Vivienne Westwood (1941-2022) during a press view at Christie's auction house in London, Britain, 13 June 2024. EPA/TOLGA AKMEN
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Vivienne Westwood's Clothes, Jewels Headed for Auction

Gallery staff pose with a dress from the 'DRESSED TO SCALE' collection by late British fashion designer Vivienne Westwood (1941-2022) during a press view at Christie's auction house in London, Britain, 13 June 2024. EPA/TOLGA AKMEN
Gallery staff pose with a dress from the 'DRESSED TO SCALE' collection by late British fashion designer Vivienne Westwood (1941-2022) during a press view at Christie's auction house in London, Britain, 13 June 2024. EPA/TOLGA AKMEN

Dresses, suits, shoes and jewelry from the personal collection of late British designer Vivienne Westwood will go under the hammer this month is an auction aimed at raising funds for charity.
More than 200 lots are being offered by Christie's in London for the two-part "Vivienne Westwood: The Personal Collection" auction, made up of a live sale on June 25 and an online auction running June 14-28.
Westwood, one of British fashion's biggest names, died in December 2022, aged 81. Her collaborator and widower Andreas Kronthaler has selected looks spanning some 40 years for the auction, with the earliest from Westwood's Autumn-Winter 1983-1984 collection.
"These are the things that she chose to wear herself throughout the last 40 years of her life," Adrian Hume-Sayer, head of sale for the auction, told Reuters at a press preview on Thursday. “It's very personal... These are the things you can see her on her bike, riding around London, press interviews, end of the catwalk... just conducting her day-to-day life. But she also lived... as she spoke. And so unlike many people... in her position she wore things repeatedly. She had favorites."
Westwood, whose name was synonymous with 1970s punk rebellion, was also known for her activism. Her T-shirts bore slogans against fossil fuel-driven climate change and pollution, as well as her support for WikiLeaks founder Julian Assange.
In addition to clothes and accessories, a set of enlarged prints of a pack of playing cards Westwood designed in 2017 - focusing on issues such as climate change and inequality - are also being offered for sale with an estimate of 30,000 pounds - 50,000 pounds ($38,292 - $63,820).
Proceeds from the auction will go towards causes and charities Westwood supported - her own Vivienne Foundation, Greenpeace, Amnesty International and Médecins Sans Frontières, Christie's said.
An exhibition of the lots will be open to the public at Christie's London from Friday until June 24.