The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
The former Tiffany executive has joined the artisan jewellery brand as its creative chairman, a newly created role that will see him become a minority equity stakeholder in the business. Krakoff will also act as strategic advisor to the company’s majority shareholder, LVMH-backed fund L Catterton.
Krakoff most recently served as chief artistic director at Tiffany & Co., exiting the business following the completion of the American jeweller’s $15.8 billion acquisition by LVMH last January. Prior to his stint at Tiffany, he served as president and executive creative director of Coach, where he oversaw a reboot of the accessible-luxury label and grew it into a $5 billion accessories behemoth.
In his new role at John Hardy, Krakoff is tasked with spearheading the artistic direction of the business and accelerating the growth of the brand.
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The Logic Behind Tiffany’s Leadership Shakeup
As new owner LVMH ushers out members of the old guard, Louis Vuitton’s Anthony Ledru has been named CEO, while Rimowa head Alexandre Arnault will run product and communications.
The group’s flagship Prada brand grew more slowly but remained resilient in the face of a sector-wide slowdown, with retail sales up 7 percent.
The guidance was issued as the French group released first-quarter sales that confirmed forecasts for a slowdown. Weak demand in China and poor performance at flagship Gucci are weighing on the group.
Consumers face less, not more, choice if handbag brands can't scale up to compete with LVMH, argues Andrea Felsted.
As the French luxury group attempts to get back on track, investors, former insiders and industry observers say the group needs a far more drastic overhaul than it has planned, reports Bloomberg.