LONDON — Georges Kern, who resigned last week as head of Compagnie Financière Richemont's watch operations, is heading to Breitling — and will not only be the Swiss watch brand's chief executive officer, but also a shareholder.Kern could not be reached for comment, but sources close to the longtime watch executive said he will receive a stake in Breitling in the low double-digits. In April, the family owned Breitling, one of Switzerland’s last remaining independent watchmakers, was acquired by the private equity firm CVC Capital Partners. CVC took an 80 percent stake via its Fund VI. CVC said Breitling owner Théodore Schneider reinvested a 20 percent shareholding as part of the deal.
A CVC spokesman in London declined to comment Friday on reports that Kern was joining the company. Breitling also declined to comment.
In April, Daniel Pindur, senior managing director at CVC, said his firm would make Breitling "even more renowned, and help shape the future of one of Switzerland’s last independent watch manufacturers." He said CVC saw significant growth potential for Breitling in "both existing and new geographies, by driving the digitization of the marketing and distribution channels in the company, helping to enrich the product and customer experience.”
Breitling was founded in 1884 and is based in Grenchen, Switzerland. The company employs 900 people and operates two domestic manufacturing facilities.
In tapping Kern, Breitling is getting a ceo who has overseen growth at some of the industry's best-known watch brands. Kern was promoted last year to the new position of head of watchmaking, marketing and digital at Richemont as part of a major management shakeup at the world's second-largest luxury group. Richemont said Friday it "regretted" his resignation, which takes place with immediate effect.
“Georges has been offered an interesting opportunity to become an entrepreneur,” said the company’s chairman Johann Rupert. “He has had a very successful career at IWC Schaffhausen and we wish him well.”Going forward, the watchmaking, marketing and digital activities will report to the senior executive committee.Kern was a Richemont veteran, having spent 15 years as IWC ceo before being promoted to the new position last November during a difficult period for the high-end watch business overall. Richemont was forced to buy back stock, make layoffs and restructure its operations to adjust to the new normal of a more measured demand for watches.Earlier this year, as part of a shakeup of the watch division, Kern also became ad interim ceo of Jaeger-LeCoultre after Daniel Riedo departed on Feb. 28.In a flash report following the announcement, Luca Solca, managing director at Exane BNP Paribas, said Kern's resignation "seems to suggest that getting watches back on track is a difficult endeavor. We continue to expect a gradual recovery in high-end watches, which warrants a prudent approach to the stock."Solca said Kern's departure also confirms his team's expectations of "possible hiccups" in the new, four-headed senior leadership organization at Richemont. Indeed, sources said Kern was frustrated at times by the setup, which perhaps contributed to his decision to exit Richemont.In November, Rupert eliminated the ceo position at the company and is relying on senior executives to run the newly reorganized Richemont. Rupert remains as chairman.As part of the watch division changes unveiled in January, Chabi Nouri, formerly managing director for marketing and sales at Piaget, took over from Philippe Léopold-Metzger when he retired on April 1.Louis Ferla, managing director for marketing and sales at Vacheron Constantin, took over from Juan-Carlos Torres when he retired on April 1. He will also become non-executive president. Geoffroy Lefebvre, managing director of operations for Vacheron Constantin, was named deputy ceo of Jaeger-LeCoultre.In January, at the SIHH watch show in Geneva, IWC gave Kern a big farewell during an event highlighting IWC’s new Da Vinci range of women’s watches.The celebrity guests included “Westworld” star James Marsden, Patrick Stewart of “Star Trek” fame, Vanessa Redgrave and Isabelle Huppert, Formula 1 motor racing champions Nico Rosberg and Lewis Hamilton, as well as Adriana Lima and Karolina Kurkova.
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews
@prada is introducing a new project at its men’s fall 2018 show this Sunday: “Prada Invites.” The fashion house invited four celebrated creative minds – @ronanaerwanbouroullec, Konstantin Grcic, @herzogdemeuron and @rem.koolhaas – to each create a unique item with its iconic nylon material. The designs will be unveiled on the runway show, which will take place at the company’s warehouse in Viale Ortles 25. #wwdfashion #mfwm (📷: @martinocarrera)
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion