Richemont has announced new chief executive officers for four of its luxury brands, as the Switzerland-based luxury goods holding company heads towards a major management shakeup. Among the new replacements include Burberry’s Andrew Maag who will join as Dunhill’s new CEO, according to a report by Bloomberg.
The overhaul began last November when Richemont abolished its companywide CEO position, in a year that watchmakers consider their worst for exports. Jaeger-LeCoultre CEO Daniel Riedo will also be exiting the luxury watch brand by February’s end. The report also suggests the imminent retirement of chief executives at Piaget and Vacheron Constantin.
According to Richemont Chairman Johann Rupert, the company is interested in having younger managers who empathize with the profile of today’s luxury consumer.
“I want to see less grey men, less grey Frenchmen, as a subcategory,” Rupert reportedly said in November. “We have too few women. We don’t have enough diversity.”