Swiss luxury goods firm Richemont has appointed a chief executive after leaving the position unfilled for almost two years.
The owner of brands like Cartier and Montblanc said its chief operating officer Jérôme Lambert would step in as boss. It marks a u-turn by chairman and controlling shareholder Johann Rupert, who got rid of the chief executive role in November 2016.
"Jérôme’s new role sees him taking responsibility for the group’s future growth at a time when consumer habits are changing significantly," Rupert said. "As we position the group to meet these challenges, he will lead the development of strategic plans reflecting the long-term objectives and priorities established by the board."
Richemont also reported encouraging results for the first five months of the year, as sales rose 10 per cent on high demand in Asia Pacific and the Americas.
In Europe, sales were boosted 28 per cent at constant exchange rates to €1.7bn (£1.5bn), while Asia Pacific sales were lifted 23 per cent, and 42 per cent in the Americas.
In total, sales soared 25 per cent to reach a total of €5.7bn. Company sales have also been helped by its recent acquisitions of retailers Yoox Net-a-Porter, and Watchfinder.