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Timezone is reporting that Georges Kern is leaving Richemont to head up Breitling.

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Justin
Please contact me via PM for the contact details for Govberg Jewelers
Govberg is an AD for over 50 fine Swiss and German watch brands.
Visit them on the web at http://www.govbergwatches.com or call 800-528-8463

Smart hire, doesn't change the concerns over VC ownership, but that's a good decision.

One article I read said he'll have an ownership stake in Breitling

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Justin
Please contact me via PM for the contact details for Govberg Jewelers
Govberg is an AD for over 50 fine Swiss and German watch brands.
Visit them on the web at http://www.govbergwatches.com or call 800-528-8463

seems to be true, including the ownership stake, no reports on size of that stake.

a rather controversial figure to put it mildly and some people I spoke to who know him well and have worked with him dislike him immensely, but clearly someone who will shake things up- can actually only be good for the brand after these last years of floating around without any recognizable strategy.

Private Equity houses almost always want the most senior management to have an equity stake, it aligns with their own view that it is all about the bottom line, The CVC folk involved with the deal probably have some form of equity ownership also. It varies from deal to deal as to whether people actually pay £ for their stake or whether there is some other form of workout. It's not a bad thing per se as it incentivises management to run a successful house, it can mean though that the amount of risk taking (in new product for example) can be restricted. We will have to wait and see!


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Transocean Unitime Worldtimer; B50 Night Mission Boutique Edition-Cobra Dial; SuperOcean Heritage Chronograph 44; Colt Chrono; Navitimer World; Super Avenger II; B-1; Chronomat No 94 (ltd); Emergency Super Quartz: 2009 Top Time; B13055 Windrider