PARIS, Mar 4, 2002/ --- After only 18 months in the job, Rosa Monckton will quit her position as CEO of Asprey & Garrard, sparking speculation that the dynamic businesswoman was at loggerheads with the famed jeweler's North American owners.

Effective February 28, Monckton will become a non-executive chairman of Asprey London and Garrard & Co. in the UK. "Rosa has decided to spend more time on other private interests, such as the charity 'KIDS', of which she is chairman, and the Diana Princess of Wales Fountain Committee which she also chairs," according to a statement from the tony jeweler.

Gianluca Brozzetti, CEO of the Asprey & Garrard Group, will assume Monckton's old role at Asprey & Garrard, with Philip Davis managing Asprey Marketing, Brad Harvey managing Garrard Marketing and Bruce Dundas managing the Bond Street showroom.

"We are very grateful to Rosa for the time and energy she has devoted to create the new image and style for the Asprey & Garrard brand," said Lawrence Stroll. Stroll and Silas Chou, the private investors behind Tommy Hilfiger, acquired the joint houses in July 2000 for about $150 million.

In the same statement, Monckton said, "I am delighted that I have been offered the role as non-executive chairman of both Asprey and Garrard in the UK, which allows me to balance all my interests in a more satisfactory manner."

However, Monckton's abrupt departure fueled London media reports of a boardroom clash between her and Stroll and Chou. Moreover, Monckton's generous compensation package, which included the use of a helicopter to fly her daily to London from her Sussex home, was called into question at a moment of depressed spending on luxury goods.

Brozzetti dismissed suggestions of disagreement in upper management. "There was no boardroom clash. We are very happy with Rosa Monckton. Otherwise why would we keep working with her?" Brozzetti told FWD.

The use of the helicopter, he added, "was not a secret." Now that Monckton's role at the company will be part-time, this privilege will end.

Nonetheless, Monckton's abrupt step back also ignited speculation that her choice of Jade Jagger, daughter of rocker Mick, as Garrard's creative director had not been well received by the jeweler's older clientele.

Garrard has been the official jeweler to the British royal family since the reign of Queen Victoria.

However, in view of the fact that Jade is currently dating Ben Elliott, any suggestion that Jagger's appointment might have disappointed Buckingham Palace seems feeble. Elliott is the nephew of Camilla Parker Bowles, the partner of heir to the throne Prince Charles.

Brozzetti stressed that Asprey & Garrard are on track with plans to continue with their demerge and will create two separate brands by April 2002. Asprey will be moving into a temporary location at 169 New Bond Street while its existing building is transformed into a state of the art store by architect Norman Foster and renowned decorator David Mlinaric, who will double its size to 20,000 square feet. Garrard will re-open in its historical headquarters at 24 Albemarle Street.

Brozzetti conceded that the jewelers had suffered from weaker business after September 11, but insisted that, "business improved dramatically in December and January."

The long-term goals for both brands remain unchanged. Garrard's new identity will be that of the "British classic and avant-garde jeweler," while Asprey will be re-centered as "the English luxury lifestyle" label.