Richemont renews its top chief officers: Jerôme Lambert promoted to ceo. Meanwhile, the balance sheet flies with the help of sales and acquisitions

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An ex-Montblanc as a ceo, and a good performance in the first 5 months. Richemont has promoted from the current position as coo effective immediate, Jerôme Lambert, in the position of ceo of the Swiss luxury multinational. The nominee is a jump in the past: Johann Rupert, president of the group, had decided about a year ago, that the company, (after Richard Lepeu had left), could continue forward without somebody in the ceo seat. He went back and opted for an internal nominee. Jerôme Lambert, in fact, has had a very long career inside the group. He led both Jaeger-LeCoultre and Montblanc, both brands owned by the holding. He supervised the Watches Division of Montblanc and all the other brands and accessories that make up the group’s portfolio. He had been nominated coo of the group about a year ago. Moreover, this morning at 10:00am in Geneva, the group’s Annual General Meeting started, where Richemont announced the results of the first 5 months that closed on August 31st,2018. Sales are up 25% (with constant exchange rates) and by 22% with effective rates. Beside from YNAP and Watchfinder, both consolidated in the group’s accounts respectively starting May 1st and June 1st 2018, recorded sales increase of 10% with constant rates and 7% with actual rates. Growing the most, with regards to region, were the Americas (+42%). The segments performing the best were jewelry (+14%) and retail (+15%). In the “other” category, where the leather goods end up, the increase was of 4% with constant rates and of 1% with real rates. In a note from the company the group specifies how the improvement was “in part caused by the sales of Lancel and Tang”.

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