Richemont announces management changes

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Swiss luxury goods group Cie Financiere Richemont announced today it has reshuffled responsibilities among its management board after its purchase of the LMH watchmaking group last year.

The reorganisation aims to let product lines maintain their autonomy while extracting as much syngergy from the acquisition as possible. Richemont bought Les Manufactures Horlogeres (LMH) from Mannesmann for SFr2.8bn ($1.70bn) in December 2000.

Johan Rupert remains executive chairman of the board at Swiss-based Richemont SA and continues as chief executive at the holding company level. Alain Dominique Perrin becomes chief executive at Richemont.

Richard Lepeu, chief executive of Cartier, becomes chief operating officer at Richemont. He will be in charge of coordinating supply chain management, information technology, logistics and after-sales service. Guy Meymaire, now chief executive at Alfred Dunhill, switches to chief executive at Cartier.

LMH Chief Executive Guener Bluemlein becomes chief executive of Richemont's new specialist watch division, while Franco Cologni becomes executive chairman of both Cartier and the new watch division.

Richemont's stable of luxury brands includes Cartier, Montblanc, Alfred Dunhill, Lancel and Van Cleef & Arpels. Its watch manufacturers include Jaeger-LeCoultre, Piaget, Baume & Mercier, IWC, Vacheron Constantin, A Lange & Soehne and Officine Panerai.