Chanel COO Steps Down
Chanel Chief Operating Officer Philippe Fortuné has stepped down from his position after 18 years with the company.
Leadership change at Chanel
Fortuné’s departure marks another leadership change at Chanel, which is preparing for eventual succession under current CEO Bruno Pavlovsky and creative director Virginie Viard.
Focus on long-term strategy
The moves suggest Chanel is focusing on implementing a long-term strategy to future-proof the brand ahead of any transitions at the top. Fortuné was responsible for Chanel’s business operations worldwide.
Thanks for his dedication
In an internal memo, Pavlovsky and Viard thanked Fortuné for his dedication and significant contributions to Chanel over the past 18 years. “You have built up strong, talented teams and robust processes that will secure the company’s future success.”
Challenging times ahead
The luxury industry faces significant challenges including declining spending from Chinese consumers, disruption from resale platforms like The RealReal and rising costs. Leadership shuffles and a focus on long-term planning suggest brands want to ensure they are well-positioned for an uncertain future.
Succession speculation
There is ongoing speculation about the succession plans at Chanel and other major luxury groups. Despite Pavlovsky and Viard’s leadership, LVMH boss Bernard Arnault is still considered a key figure in Chanel’s destiny as the main shareholder.
