Yves Saint Laurent CEO quits to take over position at Reed Krakoff
Valérie Hermann, the CEO of Yves Saint Laurent resigned from her position this week. The French luxury brand has been struggling ever since the departure of Tom Ford as Creative Director, being the worst performing fashion brand of the Gucci Group portfolio. Rumours have been intensifying in 2010 about the departure of Stefano Pilati, the creative director of the brand, who has been praised for the revival of accessories, especially shoes and bags, yet criticized by media as well as customers for the dullness of the ready to wear collections, both men and women.
After the 11 million euro losses of 2009, the French maison is expected to announce slightly improved results for 2010 with sales improving in its own retail network, rather than wholesale. It is unclear for the moment who will replace Hermann at the helm of YSL.
From April 1st, Valerie Hermann will take over as President CEO of start up American fashion company Reed Krakoff, position formerly occupied by Graziano de Boni who is now CEO of Giorgio Armani Corp (USA division). Reed Krakoff, CEO of leatherwear group Coach launched his own brand February 2010.