(Adds analyst comment, shares, background)
* De Quercize to replace the retiring Fornas
* Has already worked at four Richemont 'houses'
ZURICH, March 26 Swiss luxury goods group
Richemont on Monday named group veteran Stanislas de
Quercize as chief executive of top-of-the-range jewellery and
watch maker Cartier, which makes a big chunk of group profit.
De Quercize, at present CEO of Richemont subsidiary Van
Cleef & Arpels, will replace long-time Cartier chief Bernard
Fornas at the end of the year when Fornas is due to retire,
"Losing someone of Fornas's stature is going to be difficult
- he did much to build Cartier's momentum over the last decade,
improving profitability and growth," said Kepler analyst Jon
Cox, who estimates Cartier represents half of group sales and
two-thirds of operating profit.
Shares in Richemont traded 0.7 percent higher at 1307 GMT,
slightly behind a 1.1 percent firmer European personal goods
Cox also said De Quercize had turned Van Cleef & Arpels
around since his appointment, making the brand profitable and
growing its credibility with buyers of high-end jewellery.
"He has been with the group a long time, knows Cartier from
his time there - so the brand looks in good hands," Cox said.
De Quercize began working with Richemont in 1989, and has
previously held senior positions at Cartier, Montblanc and
Alfred Dunhill, as well as at Van Cleef & Arpels where he was
appointed to the CEO position in 2005.
ZKB analysts said de Quercize was a potential candidate to
become Richemont CEO given his long tenure and broad management
experience at the company.
Cartier, which is expanding rapidly in emerging markets such
as Brazil and China, is the largest of Richemont's luxury
brands, which also include Vacheron Constantin and IWC.
Last year under De Quercize's leadership, Van Cleef & Arpels
bolstered its own push into emerging markets, opening an outlet
in Hong Kong and expanding retail space in
(Reporting by Martin de Sa'Pinto; Editing by David Holmes and