Tory Burch Names Former LVMH Executive Roussel as Its Next CEO
(Bloomberg) -- Fashion label Tory Burch is bringing on Pierre-Yves Roussel, a long-time executive at LVMH, as its new chief executive officer as the brand’s eponymous founder steps down from the role.
Roussel ran the French luxury conglomerate’s fashion businesses, which include such brands as Celine, Givenchy and Loewe, until he left earlier this year. He will step into his new role at the New York-based company in early 2019. Burch and Roussel married a few weeks ago in a private ceremony.
“I respect what he has built at LVMH and value the way he thinks about business, luxury and the fashion industry as a whole,” Burch said in a statement Tuesday. “We have a strong management team in place and Pierre-Yves is a natural fit as we continue to focus on long-term growth and global expansion.”
The newlyweds will run the show together. Burch, the current chairman and CEO of her label, will become executive chairman and chief creative officer as she continues to lead design. Roussel will focus on operations, filling a gap left by departing President John Mehas, who is taking the helm at Victoria’s Secret Lingerie.
Tory Burch has become a force in American luxury since opening its first store in 2004 and taking on larger brands such as Coach, Kate Spade and Michael Kors. The label has about 250 stores worldwide and its selection of handbags, clothing, shoes, accessories, fragrances and home goods are sold in many major department stores.
The brand now has more than $1 billion in annual sales, according to Burch, and is seeking growth internationally and through new product lines such as Tory Sport.
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