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Announcement from Vendôme Luxury Group

After more than 25 years at the head of Vendôme Luxury Group and its predecessors, notably the Cartier Group of companies, Joseph Kanoui has decided that it is time to step down as Chairman and CEO of Vendôme Luxury Group SA in order to devote more time to other tasks within the Richemont Group. Johann Rupert has acceded to Mr Kanoui's request to be relieved of his responsibilities in respect of Vendôme Luxury Group with effect from 31 January 2000.

Mr Rupert has agreed to replace Mr Kanoui as Chairman and CEO of Vendôme Luxury Group with effect from 1 February 2000.

Mr Kanoui will continue to have an active role within the Richemont Group as a Director of Compagnie Financière Richemont AG and has been nominated as Chairman of its Investment Committee.

Johann Rupert acknowledges the Richemont Group's enormous debt of gratitude towards Mr Kanoui for the part which he has played in delivering an unbroken record of growth in the Group's luxury goods interests, and is confident that Joseph Kanoui will continue his valuable contribution to the growth of the Richemont Group in his new strategic role.

In recognition of Mr Kanoui's long association and close links with the Rupert family, he has been invited to become a director of the family holding company.