Richemont's new Watch Division

The Richemont Group has appointed GÜnter BlÜmlein as Chief Executive Officer of its new, still-to-be-found Watch Division, reports Zurich's Cash magazine, stating also that the information leaked as the Richemont Group planned to make the announcement mid-February.
Former President of Les Manufactures Horlogères (LMH), Mr. BlÜmlein shall lead luxury brands such as Vacheron Constantin, Piaget, Baume & Mercier and Officine Panerai. Cartier and Van Cleef & Arpels however will be part of another department, headed by Richard Lepeu.
Richemont's strategy seems to be the pursuit of a Return on Investment: last year it acquired Les Manufactures Horlogères for the outstanding amount of 3,08 billion Swiss francs and the acquisition should be paying off.