Richemont, France's second largest luxury group, announced on Tuesday the departure of Eric Vallat, the head of its fashion and accessories division. Vallat will pursue professional opportunities outside of the group.

His departure will be effective from 26 October, the Geneva-based group said in a short press release, without naming a replacement.

"Eric has received an offer for a wonderful opportunity outside of the group and I completely understand his decision," said Richemont Chairman Johann Rupert.

Fashion and accessories are part of the smallest division at Richemont. Half of the group's revenue is generated by the jewellery segment, mainly by the Cartier and Van Cleef & Arpels brands, and a fifth of its sales are in the watch division.

Richemont's fashion and accessories are attached to the division that incorporates all the other brands, contrributing at least 15% of sales. The division includes brands such as Chloé and Alaïa, with the latter having just appointed new general manager Myriam Serrano.

The Swiss group has undergone raft of changes in its executive committe: Vallat, who previously directed the cognac business at French spirits brand Rémy Cointreau, joined Richemont in June 2018, just a few days before it finalised the sale of French leather goods brand Lancel.