Richemont’s Head of Fashion Departs for Role Outside Company

(Bloomberg) -- Swiss luxury-goods maker Richemont said the head of its fashion and accessories business resigned after one year on the job to join another company.

Eric Vallat is leaving the owner of the Chloe and Montblanc brands after little more than a year. Richemont has spent more than a decade trying to build up and grow fashion and accessories labels like Dunhill while selling underperformers such as French pursemaker Lancel and Hong Kong dressmaker Shanghai Tang.

Richemont’s Head of Fashion Departs for Role Outside Company

“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 shares traded 1.2% lower Tuesday morning in Zurich.

The company’s fashion and accessories unit will report to Chief Executive Officer Jerome Lambert. The Geneva-based company also owns Cartier and other watch and jewelry brands.

Vallat, who will leave in October, formerly was a member of the executive committee at Cognac maker Remy Cointreau SA, which is seeking a new CEO. He also has worked at Louis Vuitton and Christian Dior. Richemont did not say where he’s going next.

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.

©2019 Bloomberg L.P.

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