Parmigiani Fleurier has confirmed a wholesale restructuring of its management that has seen the UK general manager leave the business.
Former chief executive officer Jean-Marc Jacot left the business late last year while chief operating officer Marc Gaudreault and vice-president of sales, Marco Cito, departed shortly after SIHH in January this year.
Then last month Parmigiani Fleurier’s movement arm, Vaucher Manufacture, announced that it would shed around one third of its work force or 50 people due to a lack of orders for its movements.
As well as producing movements for Parmigiani, Vaucher has positioned itself as supplier of movements to luxury brands including Hermes and Alexandre Meerson, but a lack of orders as the luxury watch industry suffers globally has seen the company forced into making cuts.
Now Parmigiani Fleurier, which is marking its 20th anniversary this year, has confirmed that its UK general manager, Matthew Cundy, has also left the company, despite the brand reporting at SIHH in January that it had smashed its UK targets in record time, citing sales of high complications at its London boutique.
The company is currently being run by an executive committee, reporting to founder and president of the board Michel Parmigiani, and under the close supervision of Parmigiani owners, the Sandoz Family office.