Compagnie Financière Richemont SA has named Laurent Malecaze as the new president and CEO of Chloé, according to a Wednesday press release.
Malecaze joins Chloé from Richemont-owned Dunhill, the British luxury brand where he has served as CEO since January 2022. Prior to that, he led Richemont-owned AZ Factory, which he founded in 2020 along with former Lanvin creative director Alber Elbaz. He also served as CEO of New York-based luxury retailer The Webster and spent several years as a consultant at Bain & Company, per the release.
Malecaze will be part of a brand revitalization for Chloé. The brand appointed Chemena Kamali as creative director in October after Gabriela Hearst left the role earlier this year.
“Laurent has a proven track record in partnering with great creative talents, and his ability to energise an organisation will be instrumental to lead Chloé during this period of creative renewal,” Philippe Fortunato, CEO of Richemont’s fashion and accessories houses, said in the release. “I am confident his partnership with Chemena will usher in a sustained period of growth for the Maison.”
Richemont said in the release that the new CEO of Dunhill “will be announced in due course.”
Malecaze replaces Riccardo Bellini, who is exiting Chloé after four years, per the release, which added that the decision “was made in full collaboration with the Group to allow a proper completion of his mission and a smooth onboarding and start of the new Creative Director.”
“I am proud of four amazing years of business growth, transformation and successful results, the continuous elevation of the Maison and the leadership and pioneering role that Chloé plays today in sustainability,” Bellini said in the release. “I am thankful to my incredible teams and to Richemont for the great support and partnership throughout. Today Chloé has the solid foundations to continue to grow bigger and stronger and I am fully confident that Chemena Kamali as new Creative Director will unlock the full potential of the Maison. I wish her and the entire Chloé team all the best future success.”
Bellini will leave his role at Chloé by the end of the year, per the release.
Last month, Richemont reported H1 sales of 10.2 billion euros, or approximately $10.9 billion at current exchange rates, representing a 6% increase from last year’s 9.7 billion euros. The single-digit increase showed a slowdown from last year, when Richemont posted 24% growth for H1 and a 30% increase in its retail sales channel.
Meanwhile, the company is staying on the sidelines as Farfetch experiences some challenges. After it made a deal earlier this year to acquire a 47.5% controlling stake in Richemont’s YOOX Net-a-Porter platform in exchange for Richemont shares, Farfetch declined to release Q3 earnings and has become the subject of industry speculation regarding a possible attempt to go private.
In a Nov. 29 statement, Richmont said that it “would like to remind its shareholders that it has no financial obligations towards FARFETCH and notes that it does not envisage lending or investing into FARFETCH.”
