Following the confirmed acquisition, and completion of the deal, of Tiffany & Co. by LVMH, a deal which we wrote about happening several months ago, the new owners have wasted no time in announcing a re-shuffle of roles at it's new prize.
The new CEO will be Anthony Ledru, but far more interestingly, Alexander Arnault, the son of Bernard Arnault, will be leaving his role at Rimowa as CEO, and will become the Executive Vice President of Product and Communications at Tiffany & Co.
According to Business Insider, Bernard moves his children around between the brands he owns to test them, estimating if they have the mettle to run Louis Vuitton in the future. How nice. Like a luxury CEO version of the Hunger Games. We believe however that Bernard made this decision on where to place his eldest child out of a desire to not see Rimowa utterly destroyed.
This is quite a demotion, and we suggest it hard for anyone to see it any other way. Being removed from one role, as CEO, and placed as Vice President of Communications, is a massive step down. We have been criticising loudly the output of Rimowa ever since Alexander took the reigns, and we are aware their sales have suffered. Hopefully Bernard also saw this, and realised that Alexander needs a little more training at the lower levels of the corporate ladder before being given the responsibility of being a CEO.
Lets also hope Rimowa isn't beyond saving after the damage Alexanders tenure wrought on the once highly respected brand.
Posts
No comments:
Post a Comment