Swiss luxury goods giant Richemont says a top executive has resigned, amid expectations the group that owns Cartier, Piaget and Montblanc will sell off underperforming brands.

Marty Wikstrom, who had headed the fashion and accessories division since 2009, will step down “with immediate effect”, the world’s second-biggest luxury goods group says, though she will maintain her position on the Richemont board until the next general assembly on September 12.

The group did not, however, explain Wikstrom’s departure or say who would replace her.

Richemont rakes in more than three quarters of its sales from its jewellery and watch divisions, but is also present in the fashion and leather-goods sectors with brands such as Alfred Dunhill, Azzedine Alaia and Lancel and Chloe.

The group does not provide detailed results for this segment, but said when it presented its earnings for its 2012 to 2013 financial year that its fashion and accessories’ operating profit for the period had not grown as much as a year earlier.

“The Fashion and Accessories Maisons grew in the mid-single digits, reflecting challenging conditions in their major markets,” company chairman Johann Rupert acknowledged in the earnings report.

AFP