Asprey executive quits

Asprey jewellers has seen its chief executive, Gianluca Brozzetti, leave the company after six years. Brozzetti has held the post since 2001 and came from LVMH, the world's largest luxury group. On Tuesday Asprey confirmed Brozzetti helped rescue the company from bankruptcy last year, had stepped down.

WWD reported the split with shareholders Sciens Capital Management LLC, a New York-based private equity firm, and Plainfield Asset Management LLC, a Greenwich hedge fund, had been "perfectly amicable," whilst other industry sources said Brozzetti and the chief shareholders "agreed to disagree, and decided to go their separate ways."

As recently as this month, Brozzetti talked about his plans for the luxury goods brand. He called Asprey a "hidden jewel," and said he planned to open stores in Moscow and New Delhi, expand further into Asia, and build up the product lines with creative director Hakan Rosenius. For the last fiscal year ended March 31, Asprey's sales were $42 million, and while Brozzetti said they were good results, he admitted, "There is still a long way to go."