Chanel named two executives to replace Vincent Shaw, its Asia Pacific president, when he steps down later this year, as turnover picks up among members of the fashion house’s old guard.
Shaw will retire at the end of June after 30 years at Chanel. His role will be split between Renaud Bailly, currently managing director for China, and Stephanie Couette, who holds the same title for Hong Kong and Macau, a spokesperson for the company told Bloomberg.
Shaw’s retirement will mark the latest departure from Chanel, the maker of No. 5 perfume, as a generational shift spreads across senior ranks at the storied label. The luxury house has seen several top executives leave, some after decades of service, since Chanel named Leena Nair chief executive officer two years ago, Bloomberg reported last month. Bailly and Couette will report to Nair as part of Chanel’s leadership team.
“The whole generation who made Chanel into what it is over the past 20 years will go into retirement in the next few years,” chief financial officer Philippe Blondiaux said during a panel on the luxury industry in Lausanne, Switzerland, on Thursday. “We’re lucky to have a generation of leaders which I’m developing for the finance role.”
Blondiaux turned 59 last month. He joined Chanel in 2011 from Nestle SA. Another senior executive, Bruno Pavlovsky, 61, looks after Chanel’s fashion division and serves as chairman of the Federation de la Haute Couture et de la Mode, the organizer of Paris Fashion Week.
Chanel is privately held by the billionaire brothers Alain and Gerard Wertheimer, whose fortunes are estimated at about $46.5 billion each, according to the Bloomberg Billionaires Index. Founded in Paris but headquartered in London since 2018, Chanel Ltd. reports its financial performance once a year, generally around late May. Revenue rose 17 percent to $17.2 billion in 2022.
The younger generation at Chanel includes Alain’s son Nathaniel Wertheimer, who works in the US.
By Bastian Benrath and Angelina Rascouet
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