Richemont Group has announced new leaders for two of its prestigious watch brands. Laurent Perves has been appointed CEO of Vacheron Constantin, succeeding Louis Ferla, who was named CEO of Cartier in a series of executive changes in July. Jerome Lambert has been reappointed CEO of Jaeger-LeCoultre, taking over from Catherine Renier, who has been appointed CEO of Van Cleef & Arpels. Both executives will begin their roles on January 1, 2025. These appointments come during a challenging period for the luxury goods industry, particularly the watch sector, with Richemont’s sales for the first half of the year dropping 1% to 10.1 billion euros ($10.7 billion), and its specialist watchmaking division seeing a 17% decline in sales.