Retail in Asia

Featured

Chanel global travel retail head departs in latest executive exit

French luxury house Chanel has announced the departure of Richard Collasse, the Parisian firm’s head of global travel retail, two years into Leena Nair’s tenure as CEO.

SEE ALSO: Chanel targets central mainland China with Zhengzhou store opening

Reasons for his departure were not disclosed.

Working for Chanel for four decades, Collasse ran Chanel’s Japanese business from 1995 until 2018,  according to the famed maison. He established the global travel retail business once he left the Japan business, a role he served in until 2024.

His departure follows several executive departures at the luxury fashion house in recent months, amid a slowdown in demand for luxury goods.

Both Chanel’s US and UK bosses have left since Nair was appointed chief executive officer two years ago.

U.S. president and chief operating officer John Galantic left Chanel in June last year after 16 years. He helped to develop Chanel’s e-commerce and digital business in the US region. Stephane Blanchard replaced him in September.

Likewise, UK president Olivier Nicolay left Chanel last March, after more than three decades. He was replaced by Elizabeth Angles d’Auriac.

For the full-year 2022, Chanel reported a 17 percent uptick in sales to USD 17.22 billion, thanks to an increase in sales with Chinese shoppers, in mainland China, and as they resume travelling.

The prestigious brand said revenues in Asia Pacific gained 14.3 percent to USD 8.65 billion on a comparable basis, while revenues skyrocketed 29.6 percent in Europe to USD 4.72 billion and grew 9.5 percent in the Americas to USD 3.86 billion.

In an interview with U.S. media, Philippe Blondiaux, Chanel’s group chief financial officer, said Chanel’s momentum from last year is continuing into 2023, with the Coco Chanel-founded brand currently tracking double-digit gains in mainland China.

In 2022, the brand’s business with Chinese consumers was down 90 percent versus the pre-pandemic year 2019.