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This week in fashion news: A top luxury retailer gets a new CEO, while another exits a major brand.
Gucci brings on new CEO
Gucci has a new CEO: Stefano Cantino. The former deputy chief executive is taking over from interim CEO Jean-François Palus, who was assigned to the position after Marco Bizzarri’s departure in 2023. The new appointment comes as the retailer struggles to recover from a recent decline in sales.
Why this matters: New CEOs and executives seem to be the hottest trend in fashion. Earlier this month, French luxury retailer Céline announced a new artistic director. Meanwhile, Tom Ford named Haider Ackermann as the creative director in September taking over from Peter Hawkings. Brands like Alberta Ferretti and Burberry have also seen executive changes.
Victoria Beckham CEO exits
And while one CEO comes in, another leaves. We’re talking about Victoria Beckham, where Marie Leblanc announced her departure with company chairman Ralph Toledano taking over in the interim. Leblanc, who came on board in 2018, said she made the decision to be able to spend more time with her family in France.
Why this matters: It’ll be interesting to see what direction the brand takes without Leblanc, who has been responsible for repositioning the retailer and pushing sales up by 52% last year. Yet, like many other retailers, Victoria Beckham continues to operate under significant losses.
Shein records high sales numbers in the UK
Despite its challenges, Shein seems to be doing pretty well, at least in the UK, where in 2023, the brand recorded $2 billion in sales. The news came just ahead of its possible IPO in London, which could value the Chinese retailer at 50 billion pounds.
Why this matters: Although Shein’s stock may be flying high, it hasn’t come without challenges. Not only has the retailer been subject to various allegations of labor violations and sustainability-related issues, it is also under probe by Italy’s antitrust agency for potentially misleading environmental claims on its website.