Several changes at the C-suite level shook up the industry in 2021, and the newly appointed chief executive officers will have plenty to tackle as brands increasingly reach out to new customers, expand their digital prowess, fine-tune their storytelling and work on navigating travel restrictions, the increasing costs of materials, shipment issues and pandemic-related headaches.
Much is expected of Marco Gobbetti, for example, who will join the publicly listed Salvatore Ferragamo on Jan. 1 from Burberry. The company has already returned to profitability under the lead of former CEO Micaela le Divelec Lemmi, who left in September, and executive vice chairman Michele Norsa, who is exiting at the end of December, but it is understood the Ferragamo family is anxious to see the brand revamped and further developed. Gobbetti is also said to be tasked with appointing a new creative director following the exit of Paul Andrew in May.
The arrival of Etro’s first CEO under its new owners reflects the new phase that is in the works at the storied Italian brand. Fabrizio Cardinali joined in November, leveraging 25 years of experience in the luxury industry, hailing from Dolce & Gabbana, where he held several roles within the company, most recently as chief operating officer and executive member of the board since June 2017.
His nearly 13-year tenure at Dolce & Gabbana was interspersed with five years at Compagnie Financière Richemont, where he held the role of CEO of fashion brands ranging from Dunhill to Lancel.
As reported, giant private equity firm L Catterton in July acquired a majority stake in Etro with the goal to grow the Italian fashion brand’s customer base, expand into new categories, enhance its digital presence and drive global expansion, with a focus on the opportunities in Asia.
Cedric Wilmotte has been named interim CEO of Versace, effective Jan. 17, following the exit of Jonathan Akeroyd, effective March 31, to become CEO of Burberry. Wilmotte will report to John D. Idol, chairman and CEO of Capri Holdings.
Wilmotte will serve as the interim CEO through Dec. 31, 2022, during which time he will partner closely with Donatella Versace, chief creative officer, and the leadership team to continue executing the brand’s strategic initiatives.
Capri will continue to conduct a search for a permanent successor for Akeroyd, who will join Burberry on April 1. Wilmotte had a 13-year tenure with Michael Kors as the president of the EMEA region. Prior to joining Kors in 2008, Wilmotte held leadership roles with Marc Jacobs in Paris from 2004 to 2008 and Donna Karan in New York, London and Milan from 1998 to 2004.
Also, at Loro Piana, Damien Bertrand was named CEO in November. Bertrand, a rising talent within parent company LVMH Moët Hennessy Louis Vuitton and previously managing director at Christian Dior Couture in Paris, succeeds Fabio d’Angelantonio, who left Loro Piana after five years at the helm. Bertrand is expected to lead a new phase of evolution at Loro Piana and the development of new product categories.
In the U.S., there are also major companies with a fresh set of eyes atop the C-suite.
Stefan Larsson officially took the reins as CEO of PVH Corp. this year, having helped steer the Tommy Hilfiger and Calvin Klein parent through the pandemic alongside Manny Chirico.
Larsson’s plans to lay out his multiyear vision for the company at its first investor meeting in more than a decade in April. The details aren’t clear yet, but expect a lot of digital savvy to be baked into the plan. In the meantime, the CEO said the company is ready for any COVID-19 spikes having dealt with the ebb and flow of the pandemic in markets around the world. “We have a competitive strength with how quickly we move with the consumer when a resurgence happens,” Larsson said.
And after a long wait, Joshua Schulman joined Capri Holdings as CEO of its Michael Kors brand in August with plans to take the corporate CEO job from Idol next fall, adding overall responsibility for the Versace and Jimmy Choo brands as well.
“He is an outstanding leader with broad industry experience and a proven track record of successfully operating and growing global fashion luxury brands,” Idol said of Schulman, who previously led the Coach business.
If history is any guide, there will be more newbie CEOs logging in soon as January usually sees more turnover at the top than any other month, according to outplacement firm Challenger, Gray & Christmas.
As of earlier this month, 1,231 CEOs at U.S.-based companies have left their posts in 2021, up 1.1 percent from a year earlier, the firm said. But that included a 31 percent drop in departures in November compared with October.
“The labor market is tightening despite the millions still out of work, and companies are continually plagued by difficulties hiring and retaining talent,” said Andrew Challenger, senior vice president of the firm. “The slowdown [in CEO departures in November] suggests companies are being cautious on news of a new variant, inflation concerns, and potential political tensions overseas.”