Richemont fashion and accessories head steps down

ZURICH - Richemont said Marty Wikstrom is resigning as chief executive of its fashion and accessories businesses, the latest in a string of recent management changes at the world's second biggest luxury group.

The maker of Cartier watches said Wikstrom, who had held the position since 2009, was resigning from the position with immediate effect but would stay on as a board member until a shareholders meeting on Sept. 12.

Richemont said Wikstrom had positioned the fashion and accessories business for further growth, overseeing the strategic development of brands including Alfred Dunhill, Azzedine Alaia, Cloe and Lancel. It did not say whether she would be replaced in the role and gave no reason for her departure.

Richemont's chairman and founder Johann Rupert announced last week he will take a year off from September, leaving the luxury group in the hands of recently-named joint chief executives at a time of faltering growth in key market China.

Earlier this month, Richemont 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.