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Power Moves | LVMH Names Frédéric Arnault CEO of Tag Heuer, Tommy Hilfiger CEO Exits

This week, the luxury group promoted another member of the Arnault family into an executive role, while PVH veteran Daniel Grieder departed after 23 years.
Frédéric Arnault, CEO of Tag Heuer | Source: Courtesy
By
  • Aminah Khan

LONDON, United Kingdom — BoF compiles the most important professional moves of the week.

LVMH names new CEO of Tag Heuer, CEO of the LVMH watches and jewellery division

The son of LVMH Chairman and Chief Executive Bernard Arnault has been named chief executive of Tag Heuer. Frédéric Arnault, who joined the Swiss luxury watch brand in 2017 as the strategy and digital director, will be in charge starting July 1. Meanwhile, former Tag Heuer Chief Executive Stéphane Bianchi has been appointed chief executive of the group's watches and jewellery division, tasked with overseeing Chaumet, Fred, Tag Heuer, Zenith and Hublot. Bulgari Chief Executive Jean-Christophe Babin will continue to report to LVMH Group Managing Director Antonio Belloni.

CEO of Tommy Hilfiger Global and PVH Europe departs

Daniel Grieder has stepped down as chief executive of Tommy Hilfiger Global and PVH Europe after 23 years with the group. Grieder will be succeeded by Martijn Hagman, with whom he has been working closely over the past 12 years. Hagman will report to the president of PVH, Stefan Larsson.

Coty announces new CEO, chief transformation officer

Current Coty Chairman Peter Harf has been named its fourth chief executive in less than four years, replacing Pierre Laubies. The switch-up is an unexpected move from the cosmetics company, which announced in February that former Jimmy Choo Chief Executive and Coty Director Pierre Denis would assume the role this summer. Harf will oversee a newly formed executive committee alongside Chief Financial Officer Pierre-André Terisse and Chief Transformation Officer Gordon von Bretten.

The CoverGirl and Rimmel owner also named former KKR executive Gordon von Bretten as chief transformation officer. Von Bretten will oversee the company's end-to-end transformation programme, growth and strategy. The move follows the cosmetic maker's plans announced last month to sell a majority stake in its hair and nail care portfolio, including brands like Wella and OPI, to the global investment firm KKR & Co Inc. in a deal valued at $4.3 billion.

Kylie Cosmetics CEO exits

Coty, which bought a majority stake in the reality TV star's beauty brand last year for $600 million, announced that Christoph Honnefelder has exited the company after a brief stint as chief executive. Honnefelder was appointed to the role in January this year, however Kylie Cosmetics and Kylie Skin will now be led by Coty's president of Luxury Brands, Simona Cattaneo.

Marimekko names creative director

Former Uniqlo Creative Director Rebekka Bay has been appointed creative director of Finnish brand Marimekko, as well as a member of the Management Group, effective September 1. She will report to Marimekko President and Chief Executive Tiina Alahuhta-Kasko. Bay, who has previously worked for Everlane, Cos, Gap and Nordic fashion brand Bruuns Bazaar, has as a result stepped down from her position as a member of the Marimekko board of directors.

Debenhams CEO steps down

Stefaan Vansteenkiste, chief executive of Debenhams, has stepped down after being appointed to the role in August 2019 on an interim basis. Vansteenkiste will continue on as a consultant at the British department store chain as its shops begin to reopen from pandemic lockdowns starting June 15, advising Chairman Mark Gifford. Vansteenkiste's successor is yet to be announced.

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