Richemont says adieu to brand heads

Richemont is replacing the heads of four of its brands, Bloomberg reported on Monday, as the luxury goods company continues a management overhaul aimed at countering weak demand for expensive watches and jewellery.

The latest shake-up follows Richemont's scrapping of its group CEO role two months ago after controlling shareholder Johann Rupert expressed his anger at the company's "unacceptable" performance.

Andrew Maag, head of Europe, Middle East, India and Africa at Burberry Group, will take charge at Alfred Dunhill, replacing Fabrizio Cardinali, a Dunhill spokesman confirmed to Reuters.

The chief executive of watch brand Jaeger-LeCoultre, Daniel Riedo, will leave at the end of February, Bloomberg reported, citing people familiar with the matter, while longstanding executives Juan-Carlos Torres, the head of Vacheron Constantin, and Piaget CEO Philippe Leopold-Metzger are both retiring.

A Richemont representative was not immediately available for comment.