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.
The YNAP buy lit a rocket under Richemont sales last year, but it dented profitability. Yet the group remains strong with jewellery and watches buoyant while Chloé and Dunhill have seen good reactions to new products.
Luxury goods group Richemont struck a cautious note after reporting sales numbers hurt by moves to combat the grey market and efforts by the Chinese government to discourage consumers from spending overseas.
First Heritage Brands, the owner of Sonia Rykiel, has entrusted the position of managing director to Perry Oosting, replacing Eric Langon who has been in the role since 2012, FashionNetwork.com has learned.
Acne is reportedly up for sale and Carven on the look out for new investors. Add to this the recent announcement of Piquadro's potential acquisition of Lancel, and the fashion and luxury sector looks set for a shake-up.