Chanel CEO Maureen Chiquet Leaving Company
January 27 2016 - 6:30PM
Dow Jones News
PARIS—Maureen Chiquet, chief executive at French luxury house
Chanel, is leaving the company at the end of the month, joining a
growing list of departed leaders at luxury's most recognized
labels.
The American-born Ms. Chiquet is leaving her post at the
privately-held company at the end of the month "due to differences
of opinion about the strategic direction of the company," Chanel
said.
Taking her place will be Chairman Alain Wertheimer, who owns and
controls the label along with his brother Gé rard.
"Chanel is grateful for what Maureen has done to bring Chanel
into a new era of its development, in close collaboration with the
leadership team, and wishes her continued success," the company
said.
Ms. Chiquet's departure creates another major vacancy at the
apex of the luxury world. Last year, three creative directors of
major fashion houses left their jobs: Alber Elbaz of Lanvin,
Alexander Wang at Kering SA's Balenciaga and Raf Simons at
Christian Dior SE.
Ms. Chiquet's exit is particularly surprising in the tightknit
fashion world because Chanel has been long known for the longevity
of its leadership.
The Wertheimer family have held a controlling interest in the
Chanel label that dates back to 1924 and held on to its command on
the company despite attempts by founder Coco Chanel to unseat them
through the 1930s and World War II. Designer Karl Lagerfeld has
held his post as creative director since 1983—an unusually long run
in a job known for its high turnover.
The announcement of her departure also comes just one day after
Chanel unveiled its latest haute couture collection in Paris.
Ms. Chiquet is a former executive at Gap Inc. She joined Chanel
in 2003 as head of its U.S. operations before rising to the top
job.
Chanel, which started in 1909 by Gabriele "Coco" Chanel, is
among the most exclusive labels in the industry and known for its
wide-range of iconic products, including the No. 5 fragrance and
its classic quilted handbag.
Write to Jason Chow at jason.chow@wsj.com
(END) Dow Jones Newswires
January 27, 2016 18:15 ET (23:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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