Dennis Millard, the chairman of Watches of Switzerland, a prominent luxury group in the UK, has announced his decision not to seek reelection to the board at the upcoming annual general meeting. Having served as chairman since October 2018, Millard will officially step down on October 14. The role of interim chair is expected to be taken over by Tea Colaianni, the senior independent director of the group.
Watches of Switzerland, formerly known as Aurumn Holdings, is the parent company of well-known high-end timepiece and jewelry retailers such as Mappin & Webb and Goldsmiths in the UK, as well as Mayors in the US. Despite the challenges brought about by the global pandemic, the group reported positive results for the 13-week period ending on August 26. In light of Millard’s departure, the search for a new chairman will be led by external consultants at Spencer Stuart.
Looking back on his tenure with the company, Millard stated, “In the two years I have chaired the company, it has seamlessly transitioned from private to public ownership, established effective governance structures, and garnered a strong and supportive shareholder base following a successful IPO in June last year.” CEO Brian Duffy expressed appreciation for Millard’s guidance during this pivotal transition period.
Despite the impact of the ongoing COVID-19 crisis, Watches of Switzerland has managed to maintain strong trading performance in recent months. The luxury retailer, which heavily relies on in-store sales, faced a significant decline in travel retail sales due to travel restrictions. However, domestic demand in the US and UK has remained robust as lockdown measures eased, leading to an uptick in sales when stores were allowed to reopen in June and July.
As the luxury retail sector grapples with new challenges and uncertainties in the global economic landscape, the search for a new chairman becomes crucial for Watches of Switzerland’s continued growth and success. The appointment of a new leader will play a key role in navigating the company through these unprecedented times.
For more information on Watches of Switzerland, visit their official website here.
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