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Chanel CEO Chiquet puts in her papers
Posted On: 29-01-2016 00:00:00 16

The chief executive of French fashion house Chanel, Maureen Chiquet, has abruptly resigned over strategic differences, even as the luxury goods industry is suffering from a severe slowdown. Chiquet had been CEO for nine years and was one of the few women at the helm of a big luxury brand. Alain Wertheimer, who owns Chanel with his brother Gerard, will manage the luxury brand until a replacement is found for Chiquet.

The departure of Chiquet, who had previously worked at Gap and French cosmetics group L'Oreal, was not unexpected, as Chanel had made mistakes in the Chinese market. Chanel is among the biggest luxury brands in the world and a favorite among Chinese luxury customers. Chanel was the first major luxury brand to lower its prices in China last year to reduce the significant price gap with Europe due to foreign exchange rates and tariff duties. The brand may already have been overexposed to the Chinese, and the recent price alignment action seems to have exacerbated this problem.

Chiquet's departure came a day after Chanel produced a much-acclaimed eco-chic haute couture show under the stewardship of long-standing designer Karl Lagerfeld.

The luxury goods industry has seen sales growth slow in recent years, and in the past few months it has been plagued by a drop in tourist movement due to terrorist attacks, slower economic growth in China and record low oil prices that have dented the purchasing power of important luxury buyers from Russia and the Middle East.

 
 
 

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