Richemont appoints new heads to Montblanc and Jaeger brands

ZURICH - Luxury goods group Richemont has appointed new chief executives to two of its brands, naming Jerome Lambert as head of its Montblanc pens business and Daniel Riedo at the Jaeger-Le Coultre watch manufacturer.

Richemont said in a statement current Montblanc chief executive Lutz Bethge would be appointed non-executive chairman of the brand but would step down from operational business on June 30 after 23 years in various roles at the firm.

He will be replaced by Lambert, currently Jaeger-LeCoultre boss, effective July 1. Riedo, currently industrial director of Jaeger-Lecoultre, will succeed Lambert as head of the high-end watch maker.

Richemont appointed two veteran managers as joint chief executives in November, to help founder and controlling shareholder Johann Rupert steer the group through a period of slowing sales growth in its important Asian markets.

Richemont said last month full-year profit would beat expectations, easing fears about the slowdown in demand for in Asia. It publishes full earnings on May 16.