There are big changes happening behind the scenes at the biggest luxury brands of the world. Soon after Sue Whiteley took over as head of Givenchy and even as rumours persist about who will replace the fired John Galliano at Dior, Tiffany & Co. has appointed a new head to oversee the luxury jewellery brand’s businesses in Asia, Europe, Japan and emerging markets. The person in question is none other than Frederic Cumenal, the former executive at LVMH Moet Hennessy Louis Vuitton.
Cumenal had been working as the president and chief executive of Moet & Chandon SA, which comes under the umbrella of LVMH. Cumenal has left LVMH and will be beginning his duties at Tiffany from 10 March onwards. 51-year-old Cumenal will be taking the place of James E. Quinn, who will be retiring in early 2012. Quinn has been working at Tiffany from 1996 and he has been president of the company right from 2003.
Tiffany CEO Michael J. Kowalski explained why the luxury jewellery retailer had decided that Cumenal would be the man for the job. Kowalski’s vast experience in the luxury brand arena, plus his global perspective on matters may have proved the clincher as Tiffany begins to seriously eye markets outside the two Americas.
Of late, there has been significant business growth in markets outside America. During the holiday season in particular, the jewellery brand witnessed sales growth of 23 percent in the Asia-Pacific region, with significant inroads being made in Japan and Europe as well.
Via: Wall Street Journal