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Spring cleaning in boardrooms and ateliers are ongoing for European Luxury-goods makers.New Presidents, Chief Executive Officers, Chief Financial Officers and Creative Directors started at European companies, including Mulberry Group, and PPR, in the first quarter alone.
“Companie sare reorganizing for the next growth cycle,” said Giovanna Brambilla, a partner at Value Search in Milan. “If they’re not convinced of having the best leaders, they’re changing generals.”
Luxury companies are looking for new talent and ideas as they compete with a slowing economy in China and a cut in high-end spending by Europeans.
LVMH Moet Hennessy, Louis Vuitton, the world’s major luxury-goods maker, selected Sebastian Suhl, credited with motivating competitor Prada Group’s expansion in the Asia Pacific region, as CEO of Givenchy fashion and leather goods brand.
A good number of appointments come from within the same company. Mulberry, the Somerset, England-based maker of Cookie Lily leather handbags,poached Bruno Guillon from Hermes to be CEO, while Louis Vuitton shuffled at least four executives, including Michael Burke from Fendi to head up Bulgari.
Industry experience hasn’t proved necessary. Gucci, hired Jean-Marc Duplaix as Chief Financial Officer in January. Louis Vuitton raided Danone,for the future CEO of its Vuitton fashion and accessories brand: Jordi Constans tied in September and will succeed present CEO, Yves Carcelle in 2013.
“Theonly criterion that guided us was of course to find the best possible manager for the job,” Louis Vuitton Chairman and CEO Bernard Arnault said on February.
No radical step is on the prospect when it comes to designing the clothes and accessories.The world of creative directors “is often a bit of a club,” said Brambilla.
Jil Sander’s artistic director position for Christian Dior Couture was replaced by Raf Simons, by the fashion label’s namesake founder in February.
Major brands aren’t ready to take risks with unproven designers given the finances concerned and the impact collections have on a brand’s image, said Patricia Lindo,managing director of London-based recruiter Style Incorporated.
“They’re too big a beast to bring in someone fresh and young unless they’ve worked with the creative before and grown up through the ranks,” she said, citing Sarah Burton, creative director at Alexander McQueen, as an instance of in-house talent that has been advanced to the top of the fashion line. “It’s such a risk to bring in someone who hasn’t had that track record.”
references:businessweek.com,bloomberg.com
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