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INDUSTRY NEWS - Management Changes at Piaget

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Richemont has announced that Philippe Leopold-Metzger will retire from his position as CEO of Piaget on March 31st, 2017 after a career of 36 years in the Richemont Group. He will become non-executive President of Piaget. His successor is Ms. Chabi Nouri.

Under the leadership of Mr. Leopold-Meztger, Piaget has developed a very successful collections of watches and jewelry, built a strong network of 100 stores worldwide and invested significantly in its two fully integrated manufactures.

Mr. Johann Rupert, Richemont Executive Chairman commented: "On a day to day basis we will lose one of our most experimented and senior colleague this Spring. Philippe Leopold-Metzger has contributed so much to the development of his Maison and Richemont as a whole during his tenure as Chief Executive of Piaget. I want to thank him most sincerely for his significant involvement in transforming the Maison into the much broader-based business that we see today. We wish Philippe every success and a long, active and happy life. His knowledge of the business will be extremely hard to replace although we will continue to draw on his expertise in the future".

Ms. Nouri is currently Managing Director for Marketing & Sales at Piaget, having joined in 2014. She will become CEO of Piaget on April 1, 2017. Prior to joining Piaget, Ms Nouri spent 6 years at British American Tobacco as Worldwide Director for the brand Vogue and more recently as Marketing and Sales Director for Switzerland and Austria. She had previously worked for 10 years at Cartier, of which eight at headquarters as Jewelry and High Jewelry Group Manager, International Retail Manager and Merchandising Manager.

Ms. Chabi has already had a strong impact, in particular in redeveloping successfully our jewelry business and repositioning the brand. While capitalizing on its history and unique heritage; as well as leveraging its development strategy across the world and launch a new managerial dynamic.  She brings a unique perspective to the Maison Piaget thanks to her overall vision that is both strategic and operational. Chabi is characterized by her passion for the profession, her rare energy, the desire to share an exceptional adventure with her teams and Piaget Society consisting of the clients, ambassadors, friends of the Maison, artists and celebrities who enjoy congregating in a warm, elegant atmosphere to celebrate creative daring.

Thanks.

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