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Friday, November 6, 2015

Stanislas de Quercize Resigns As Cartier CEO, Richemont Sales Up 15%

Stanislas de Quercize, CEO of luxury jeweler Cartier, has requested that he be allowed to step down from his current position for personal reasons, effective immediately, Compagnie Financière Richemont announced Friday. The Swiss luxury goods holding company owns 19 luxury brands, including Cartier, which is its flagship brand. 

De Quercize has been CEO at Cartier since 2012 and has been with Richemont since 1990, serving in leadership positions with several brands, including CEO of Van Cleef & Arpels. He will also resign from Richemont’s Group Management Committee but will remain as a Group executive, taking over the role of chairman of Richemont France.

Cyrille Vigneron, currently the president of LVMH Japan, will succeed de Quercize on Jan. 1, 2016. Prior to joining the LVMH Group, Vigneron worked with Richemont from 1988 to 2013, principally with Cartier, rising to become managing director of Cartier Japan, president of Richemont Japan and managing director of Cartier Europe.

As CEO of Cartier, Vigneron will become a member of Richemont’s Group Management Committee. 

“Stanislas de Quercize has had a superb career to date, having worked with Cartier, Montblanc and Alfred Dunhill prior to taking up positions as chief executive of Van Cleef & Arpels and Cartier,” Johann Rupert, Richemont chairman said in a statement. “We deeply regret that Stanislas has decided to stand down but must accept his decision.”

Richemont made the announcement just prior to releasing its half-year results, ended September 30, showing that sales increased by 15 percent year-over-year to 5.82 billion euro ($6.32 billion). The increase was 3 percent at constant exchange rates. Net profit for the period increased 22 percent to 1.1 billion euro ($1.19 billion), while operating margin was 24 percent, down from 26 percent for the same period of the prior year. 

“Strong growth in our Maisons’ retail sales compensated for the decline in wholesale demand, which was principally driven by the Asia Pacific region. Jewelry sales grew strongly; this product area now accounts for one third of the Group’s sales,” Rupert said. “The impact of exchange rate volatility, in particular the strengthening of the Swiss franc, was largely absorbed through price adjustments and administrative cost controls. Operating profit in the period increased by 6 percent. This growth and the movements in currency gains and losses contributed to a net profit increase of 22 percent.”

In addition to Cartier and Van Cleef & Arpels, Richemont owns 17 other luxury brands, primarily in the watch and jewelry categories, including Montblanc, Vacheron Constantin and Piaget. 

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