French maison Chanel has named two new executives to replace Vincent Shaw, the Parisian brand’s Asia-Pacific president, who revealed he is stepping down later this year.
A Chanel veteran, Shaw will retire at the end of June after 30 years with the company, a spokesperson for the company told Bloomberg. His role will be split between Renaud Bailly, currently managing director for China, and Stephanie Couette, managing director of Hong Kong and Macau.
The executive’s departure is the latest in a series of long-serving management exits with the famous fashion house, since Chanel named Leena Nair 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.
More recently, Chanel announced last month the departure of Richard Collasse, the Parisian firm’s head of global travel retail. Working for Chanel for four decades, Collasse ran Chanel’s Japanese business from 1995 until 2018, before establishing the global travel retail business once he left the Japan business, a role he served in until 2024.
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.