Tiffany Picks Jaeger-LeCoultre Executive to Lead China
(Bloomberg) -- Tiffany & Co. is naming a former Jaeger-LeCoultre executive to lead its business in China as the jeweler reshuffles top management following LVMH's takeover, according to people familiar with the change.
Maxence Kinget will replace Laurent Cathala in coming months. The shift was announced in a memo to employees, according to one person, who asked not to be identified because the matter is internal.
Kinget's most recent role was managing director in China for Jaeger-LeCoultre, a Swiss watch brand owned by Richemont. He's also worked in Singapore and Geneva for the watchmaker and previously worked at Cartier, another brand owned by Richemont, according to his LinkedIn profile.Â
LVMH has been naming new top management at Tiffany after the French conglomerate bought the U.S. brand last year. The maker of engagement rings is now led by Chief Executive Officer Anthony Ledru. Alexandre Arnault, the third child of billionaire LVMH Chairman Bernard Arnault, is in charge of product and communication.
Tiffany's sales in 2020 in Asia-Pacific excluding Japan probably represented 35% of total sales, according to Morgan Stanley estimates. The Americas were its biggest region, generating 39% of revenue.
Cathala spent more than 12 years at Tiffany in locations such as Hong Kong and Dubai, according to his LinkedIn profile. It's not clear whether he's taking on a new role with the company.
A representative for Tiffany didn't immediately reply when asked to comment.
©2022 Bloomberg L.P.
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