Business

Compagnie Financière Richemont Hires LVMH Veteran Philippe Fortunato To Head Fashion Division

By Donovan | June 17, 2020 0 Comments

Chloé Spring 2020.

SWITZERLAND — Compagnie Financière Richemont SA, also known as Richemont has hired veteran LVMH executive Philippe Fortunato, according to market sources.

Richemont confirmed the hire early Tuesday.

Fortunato, most recently chief executive officer of Givenchy, is poised to become head of Richemont’s fashion and accessories maisons, which include Chloé, Dunhill, Maison Alaïa and the golf and luxury performance apparel brand Peter Millar.

Richemont also recently entered into a a joint venture with designer Alber Elbaz known as AZfashion, a from-scratch project aimed at wardrobe “solutions” for women. In 2015, D.M. Fashion Book reported that Alber Elbaz was shockingly fired from Lanvin, after 14 years at the house (see it here).

Sources said Fortunato would also join the executive committee of Richemont, parent of Cartier, Van Cleef & Arpels, Montblanc and a bevy of luxury watch brands including A. Lange & Söhne and IWC.

The brands that the Bellevue-based company also owns include Baume & Mercier, Buccellati, Giampiero Bodino, Jaeger-LeCoultre, Lancel, Officine Panerai, Piaget, Purdey, Roger Dubuis, and Vacheron Constantin.

Richemont is the third-largest luxury goods company in the world after LVMH and Estée Lauder Companies. The company was founded in 1988, by South African-born entrepreneur Johann Peter Rupert.

Most recently, Fortunato spent six years helming Givenchy. A dynamic and seasoned executive, he ramped up retail expansion, brought couture back to the runway, oversaw the brand’s arrival on e-commerce, and also put the spotlight on its men’s wear division with a slate of initiatives.

He exited the French house in March and was mum about his plans.

Prior to Givenchy, Fortunato had been president and CEO of the North Asia region of Louis Vuitton, and was seen as a high-potential manager at the luxury giant. He has also been managing director of Fendi, and worked for Christian Dior and Vuitton in China.

Earlier in his career, Fortunato spent two years in the French navy, after which he worked for French lingerie firm Chantelle and Dubai-based retailer Chalhoub Group.

Fortunato is to take up responsibilities previously held by Eric Vallat, who exited Richemont’s fashion and accessories division in September 2019, a little over a year after taking up the job, and in an ever-more challenging market.

His challenge will be to help unlock potential at brands such as Chloé and Maison Alaïa, which recently welcomed new CEOs, and to help Richemont to better navigate the finicky fashion world.