International News
Richemont Revamps Senior Executive Team with Key Appointments in Jewelry Division
Van Cleef & Arpels, Cartier, and Former Van Cleef Executive Join Senior Leadership, while Jérôme Lambert Transitions to Jaeger-LeCoultre
Richemont has made significant changes to its top-tier leadership, appointing a new CEO for one of its prestigious luxury watch brands and reshuffling its jewelry sector with three key executives joining the senior executive committee.
Catherine Rénier, the CEO of Van Cleef & Arpels, has been promoted to Richemont’s senior executive committee effective immediately. Louis Ferla, CEO of Cartier, and Marie-Aude Stocker, former director of people, development, and prospective at Van Cleef & Arpels, have also been appointed to the committee. Stocker, who was previously responsible for talent management, has taken on the role of chief people officer.
Richemont’s CEO, Nicolas Bos, expressed confidence in the new leadership team, highlighting the invaluable industry and operational expertise Rénier and Ferla bring, especially given their roles overseeing two of Richemont’s largest and most renowned maisons. Bos also lauded Stocker’s new position, emphasizing her integral role in shaping Richemont’s talent and organizational strategy.
In a notable shift, Jérôme Lambert, currently on Richemont’s senior executive committee and board of directors, will be stepping down from both roles. Lambert is set to take the reins as CEO at Jaeger-LeCoultre, a renowned watchmaking brand within the Richemont portfolio.
These appointments signal Richemont’s ongoing commitment to strengthening its leadership across both its watch and jewelry brands, aligning with the company’s strategic goals for the future.
- Around $3728 (~Rs 110,300) for gold futures and $43.23 (~Rs 129,7000) for silver, both markets were trading close to a record high ahead of the US FED’s two-day policy meeting that begins today.
- The Fed is expected to cut interest rates by 25 basis points on Wednesday, the first since December, and markets are almost certain that the easing cycle will continue into the following year. Recap: Despite the president’s dismissal, the federal appeals court permits Lisa Cook to remain as a Fed gov and take part in the FOMC meeting beginning tomorrow.
- For clues about the direction of future policy, all eyes will be on the Fed’s quarterly Summary of Economic Projections, which includes the much-awaited dot plot, and Chair Jerome Powell’s press conference. Regarding the data, reports on industrial production and retail sales that are anticipated later today will be closely examined to gain more understanding of how strong the economy is.
Technical Triggers
- Gold Dec Futures has given a breakout above $3700 (~Rs 110,000), the next target would be $3800 (~Rs 113,500). If prices top out and fall below $3650 (~Rs 108,500), then only we could see further profit booking.
- Silver Nov Future prices have given a breakout above its consolidation range of $41 (~Rs 123,000) and $42 (~Rs 126,000) for the past few days and achieved the target of $43. This rally has more room for upside towards $45 (~Rs 140,000)
Support and Resistance
| Commodity | Market | Support Level | Resistance Level |
|---|---|---|---|
| Gold | International | $3650/oz | $3800/oz |
| Indian | ₹108,500/10 gm | ₹113,500/10 gm | |
| Silver | International | $42.5/oz | $45/oz |
| Indian | ₹127,000/kg | ₹140,000/kg |
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