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Richemont appointed new CEO, Farfetch is preparing its IPO, Burberry becomes eco-responsible

Richemont appointed new CEO, Farfetch is preparing its IPO, Burberry becomes eco-responsible

After rising results, the Richemont group has conferred the position of CEO, vacant for 18 months, on the French Jerome Lambert. For its part, more than two and a half weeks after the announcement of its IPO, Farfetch reveals the first details of this introduction. In parallel, Burberry promised not to destroy its unsold stocks and decided to ban fur from its collections.

Septembre 11, 2018 | Revue de presse

Business

Richemont, which entered the digital world with the acquisition of Yoox Net-A-Porter in May and that of Watchfinder in June, saw its turnover exceed the expectations of the AWP consensus.

Jérôme Lambert

Indeed, between April and August, the sales of Richemont jumped 22% to 5.67 billions euros, according to indications provided Monday by the group. Turnover has therefore increased by 25% at constant exchange rates. For example, 708 millions are directly related to online activities, accounting for more than 12% of total revenue.

With these numbers on the rise, the group that had no CEO for over a year has just appointed the French Jerome Lambert at the head of Richemont group. After having directed Jaeger-LeCoultre and Montblanc, as well as supervised the activities of the group’s Specialized Watchmakers and the Fashion and Accessories sector, Jerôme Lambert took on the role of Group Operational Director last year.

Jérôme Lambert’s new role is to assume responsibility for the future growth of the Group at a time when consumption habits are changing significantly“, said Johann Rupert, President of Richemont. “The Group has been repositioned to meet these challenges, and Mr. Lambert will lead the development of strategic plans reflecting the long-term goals and priorities set by the Board of Directors“.

Finance

Photo: Farfetch

After announcing last month its IPO, Farfetch revealed Thursday the first details of the operation. The e-commerce platform is preparing to sell about 600 million dollars of shares. The company will be valued around 5 billions dollars.

Farfetch will apply to have its Class A Common Shares listed on the New York Stock Exchange under the name FTCH.

Thus, Farfetch will offer 37,503,501 Class A common shares, of which 30,056,495 will be sold directly by Farfetch and 7,447,006 will be sold to some of its shareholders.

Buyers will also have 30 days to purchase up to 5,625,525 Class A common shares from the company at their listing price. The estimated amount per share is 15 to 17 dollars.

CSR

Photo: Burberry

Burberry announced Thursday the end of its practice of destroying the compagny’s unsold products. From now on, the British brand decided to donate its unsold stocks to associations.

Indeed, in the luxury sector, the destruction of the remaining products allow both to avoid a depreciation of the products and to fight counterfeiting.

In his annual report published last summer, Burberry revealed having destroyed in 2017 for 30 millions euros of goods. This announcement had earned the brand many critics and raised the issue of waste in the luxury industry. Now, the brand says it wants to “continue its efforts to reuse, repair, give and recycle products that could not be sold“.

Burberry also confirmed in the same release, the discontinuation of the use of fur from its collections. The brand said it will phase out existing products containing fur.

Modern luxury means being socially responsible and environmentally friendly“, says Marco Gobbetti, CEO of Burberry.

In addition, Burberry will sell items from Riccardo Tisci‘s first collection for the British house. Pieces from the Italian designer’s collection will be available for 24 hours as a limited edition after the London Fashion Week parade.

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These pieces will go on sale on Instagram, www.burberry.com, WeChat, as well as at the flagship located at 121 Regent Street in London.

Career

Photo: Hôtel Mariott

Marriott International announced Thursday 40,000 jobs openings by 2020. That announcement coincided with the launch of  the group We Eat, We Give fundraising campaign, which aims to raise $ 400,000 for charitable organizations to help the youth in Europe.

Since 2015, the European branch of the Marriott International group has offered more than 22,000 training opportunities in the form of internships and apprenticeships for the purpose of its World of Opportunity project.

World of Opportunity is a program to find and integrate young European talents aged 15 to 24 by offering professional training. In partnership with The Prince’s Trust and SOS Children’s Villages, these courses particularly help young people from difficult backgrounds to take their first steps in professional and independent life.

The hospitality industry offers a wealth of opportunities for young people and World of Opportunity opens the door to education, trust and essential and invaluable skills in a supportive and dynamic environment“, said Amy McPherson, CEO of Marriott International Europe in a statement. “That is why we are delighted to be able to strengthen our commitment to youth employment by providing training opportunities for more young adults in Europe“.

 

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