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The times are a-changing at Richemont

Swiss watch and jewellery maker reshuffles top execs amid plunging sales, earnings

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Cartier jewellery and IWC timepiece maker Richemont says it will cut production of watches as its profit for the first half of this year plunges 51 per cent.

Zurich

RICHEMONT, the maker of Cartier jewellery and IWC Schaffhausen timepieces, unveiled a sweeping overhaul of top management and its board as it grapples with plunging sales of watches and other luxury goods. The stock rose as much as 7.3 per cent in Zurich on Friday.

Chief

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