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LVMH watches and jewelry head Trapani to step down [January 20, 2014] PARIS (Reuters) — LVMH <LVMH.PA> said watches and jewelry head Francesco Trapani would step down on March 1, becoming an advisor to group Chairman Bernard Arnault and keeping his seat on the board of directors of the world's biggest luxury group. |
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LVMH's jewelry divisions, including Bulgari,
Chaumet, Fred and De Beers, will report instead to group
Managing Director Antonio Belloni, LVMH said on Monday. Watch brands TAG Heuer and Zenith will come under the
responsibility of Hublot President Jean-Claude Biver, LVMH
added. As its then chief executive, Trapani agreed to sell Bulgari,
long seen as a takeover target, to LVMH nearly three years ago
for some $5 billion. That gave it access to the French group's
global retail network and improved margins through cost-sharing. Louis Vuitton owner LVMH was keen to close the gap with bigger
watch and jewelry companies such as Richemont <CFR.VX> and
Swatch <UHR.VX>, as well as to gain more exposure to emerging
markets. Trapani's change in role follows the successful integration of
the Italian brand Bulgari, established in 1884, into the LVMH
group, Arnault said in the statement. Another former jewelry and watches head at LVMH, Philippe
Pascal, also stepped down to become an advisor to Arnault before
subsequently leaving the group completely in 2012. (Reporting by James Regan; editing by Matthias Williams) [© 2014 Thomson Reuters. All rights reserved.] Copyright 2014 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
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