BoF compiles the most important professional moves of the week.
Richemont’s Rupert to Take Over as CEO; Profit Slumps (Bloomberg) “Richemont SA, the world’s largest jewelry maker, said Chairman Johann Rupert will replace Norbert Platt as chief executive officer in April, taking more control amid the deepest recession since the 1930s… Richemont’s first-half profit fell 60 percent.” In downturn, luxury brand Bally eyes Asia and beyond (Reuters) “Fresh from a makeover,
Hermès shows resistance in luxury downturn (The Globe and Mail) “We have seen a slowdown in sales growth since October but we are still growing,” says Hermès finance director Mireille Maury. Bally to Launch E-Commerce (WWD) Bally, the Swiss luxury brand joins in on the e-commerce game. (Subscription required) Polo Ralph Lauren’s Net Falls 6.6% (WSJ) Ralph Lauren Q3 earnings fell 6.6%, and plans to cut back on their