Richemont fashion chief leaves as leathergoods falter
22/05/2013
The Swiss company has announced the departure of Marty Wikstrom, its head of the fashion and accessories. She said she was leaving on “great terms”.
Revenue at Lancel was “broadly flat”, hurt by the brand’s focus on France. Richemont paid about $352 million in 1997 for the French leathergoods company, which started selling accessories and luggage in the early 1900s.
“Richemont made it clear last week that they will not be quite so patient with underperforming businesses,” Jon Cox, an analyst at Kepler Cheuvreux, told Bloomberg. He said Lancel and Alfred Dunhill could fetch EUR 800 million. “Wikstrom may have left because Richemont wasn’t about to put resources into expanding its soft-luxury business in a meaningful way,” he said.
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