Investors will instead be rewarded with warrants that can be converted into new shares in three years.
Few businesses are going to look back on 2020 with any satisfaction, but Richemont has misused the covid crisis.
Richemont
Wendy Luhabe, a social entrepreneur and economic activist from South Africa, could challenge the group's male, pale and stale image.
Sales by the group's watchmakers were down by 56% from €833 million to €359 million at actual exchange rates. Jewelry sales were down by 41%.
Richemont-owned jewelry and watch brand Piaget has launched a digital showroom that you can walk around, browse and get advice.
Cyrille Vigneron expected to take charge with Jérôme Lambert moving to head up Online Distributors.
Sophie Guieysse is stepping down immediately from her senior executive committee role and will not stand for re-election to the board.
Coverage of the situation has focused on Sophie Guieysse's rocketing pay while overseeing painful cuts to staff and salaries across the group.
Global sales ended the year on €14.2 million, virtually flat on 2019's €14.0 million.
Davide Cerrato has brought a sense of direction and adventure to Montblanc's watchmaking division since joining in 2015. Then Covid-19 hit.
