Richemont Enjoys Sparkling Jewelry Results

RAPAPORT... Jewelry sales at Richemont - the owner of Cartier and VanCleef & Arpels - increased 11% in the five months ending August 31, theluxury retailer reported Monday. Proceeds from the group's largest category rose to $3.33billion (EUR 2.88 billion) during the period, while sales in the watch divisiongrew 2% to $1.5 billion (EUR 1.3 billion). Jewelry sales climbed 14% atconstant exchange rates. Jewelry sales in the Americas jumped 35% to $1.16 billion(EUR 1 billion), while those in Europe increased 27% to $2 billion (EUR 1.72billion). Group revenue climbed 22% to $6.57 billion (EUR 5.67 billion). Richemont's results for the fiscal first half ending September 30 will come out in November. Richemont also announced the appointment of J?(C)r??me Lambertas group CEO, a position that has been vacant since March 2017, after group chairmanJohann Rupert announced he was abolishing the post. Lambert, formerly groupchief operating officer, will begin the new role immediately. Additionally, Helen King will replace Alain Bernard as CEO ofVan Cleef & Arpels for the Americas, according to Forbes. She hasbeen with the brand since 2003. Bernard is moving into a new group-levelposition. Image: Van Cleef & Arpels store, Fifth Avenue, New York