Fri, 13 Dec 2019

Swiss luxury-goods maker Richemont [JSE:CFR] said the head of its fashion and accessories business resigned after one year on the job to join another company.

Eric Vallat is leaving for personal reasons, the Geneva-based firm said in a statement Tuesday. The change is effective October 26.

Richemont has spent more than a decade trying to build up and grow its fashion and accessories brands, the biggest of which is Montblanc.

The company has focused on trying to turn around Dunhill and Chloe, while it has sold underperformers such as French purse maker Lancel and Hong Kong dressmaker Shanghai Tang.

Read: Richemont appoints new CEO

"Eric has been offered a wonderful opportunity outside the group and I fully understand his decision to pursue it," Chairman Johann Rupert said in the statement.

Richemont's fashion and accessories unit, which includes brands like Chloe, Montblanc and Dunhill, will now report to Chief Executive Officer Jerome Lambert.

Vallat formerly ran Remy Martin and was a member of the executive committee at spirits maker Remy Cointreau SA, which is seeking a new CEO. He also has worked at Louis Vuitton and Christian Dior.

Richemont has undergone an extensive management revamp over the last two years, with Rupert replacing an older generation of managers. Women's Wear Daily reported Friday that Richemont picked Myriam Serrano, from Chloe, to become head of its Alaia brand.

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