The Summit Group Will Restructure Its Senior Management Strategy To Fight For Tomorrow.

According to the latest news from London, the parent company of Cartire, the luxury jewelry brand, announced its first half financial results today. According to the financial data, sales fell by 51% to 540 million euros or 605 million dollars in the first half of the year as a result of the drop in sales of all product categories and sales in all regions, and the group announced that it would restructure its executives' hierarchy.

It is revealed that changes in the way the Group operates will take effect in the coming year.

He disclosed that, as expected, some senior executive colleagues need to retire, but this is also an opportunity for the group to help the group think about the organizational structure of the senior executives. After reorganization, it will help to strengthen the group's ability to respond to market dynamics, especially in the fields of digital marketing and e-commerce.

In September this year, as the global luxury sales growth slowed down, especially luxury watches failed, the group announced that profits in the first half of this year were expected to fall by 45%.

In the first six months of September 30th, sales in the abnormal stock repurchases and sales in all product categories and all regions declined, and group sales fell by 12.6% to 5 billion 90 million euros, or 5 billion 700 million US dollars.

Johann Rupert, group chairman, said

In the context of the continued downturn in the environment, the group adopted special repurchase measures in the first half of the year, resulting in a far cry from the data in the first half of this year.

To our surprise, Johann Rupert changed its usual practice. This time, we did not disclose the group's expectations for the second half of the year.

The group said that inventory repurchase is aimed at preventing third party retailers from selling discounts in order to reduce inventory pressure, resulting in damage to the brand reputation of the group.

At the beginning of this year, the group bought the precious stones and expensive metals on the slow-moving watches at a price of 249 million euros or 279 million dollars.

Johann Rupert said that the first half of the group's retail business was due to wholesale business.

Positive sales have made up for the downturn in watch sales, although sales in most major markets have slowed down, but sales in mainland China, the UK and South Korea have risen.

The sale of the British region has been good because of the devaluation of the British pound, and the sales growth in the mainland and South Korea has also offset the decline in sales in Hongkong and Japan due to the decline in the number of tourists due to the appreciation of the currency.

In addition, the group CEO Richard Lepeu will step down in March next year, and chief financial officer Gary Saage will retire to the United States in July next year. The group also announced a restructuring plan for executives.

Johann Rupert will remain chairman of the group. He will be responsible for the reorganization plan of the executives.

At present, Burkhart Grund, the deputy chief financial officer, will replace Gary Saage as the group's chief financial officer. Currently, Georges Kern, as IWC CEO, will be the director of the tabulation, marketing and digital department.

MontBlanc CEO J r r me Lambert will act as a business executive in charge of all the other product sectors except jewelry and watches.

In addition, the top three officials will join the board.