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Following its successful acquisition of Tiffany & Co., LVMH has appointed (from left) Anthony Ledru, Alexandre Arnault, and Michael Burke to lead the company. Image: WWD
Following its successful acquisition of Tiffany & Co., LVMH has appointed (from left) Anthony Ledru, Alexandre Arnault, and Michael Burke to lead the company. Image: WWD

Tiffany & Co. CEO to step aside as LVMH names new executive team

Following the successful acquisition of Tiffany & Co. by French luxury conglomerate Moët Hennessy Louis Vuitton (LVMH) this week, CEO Alessandro Bogliolo will depart the company alongside three other members of its executive team.

Bogliolo – a former executive with LVMH-owned Bulgari and Sephora, and CEO of Italian fashion and accessories brand Diesel – has led Tiffany & Co. for more than three years and is widely seen as the architect of its successful expansion within the Chinese market.

Alessandro Bogliolo
Alessandro Bogliolo
“I am honoured to have led Tiffany as a public company and contributed with such a talented team to further strengthening Tiffany’s iconic standing"
Alessandro Bogliolo, outgoing Tiffany & Co. CEO

Anthony Ledru, executive vice-president of global commercial activities at Louis Vuitton, has been named as his successor “effective immediately”, according to a statement on the LVMH website.

Ledru has significant experience in the jewellery industry; he was a senior vice-president of Tiffany & Co.’s North America division between 2013 and 2014, and prior to that held senior positions with Harry Winston and Cartier.

In the LVMH statement, Ledru said, “I am delighted to re-join Tiffany, the most iconic American luxury brand, which I have long admired.

“Going forward, I have deep confidence in LVMH’s commitment to protect the brand, drive its growth strategy and apply the highest standards of retail excellence to Tiffany.”

Ledru’s appointment marks Tiffany & Co.’s fifth CEO in less than six years. Long-term CEO Michael Kowalski, who had led the company for 16 years, retired in March 2015 and was replaced by French executive Frederic Cumenal.

However, Cumenal’s tenure lasted less than two years following disappointing sales results, and Kowalski returned as interim CEO before Bogliolo’s appointment in October 2017.

Bogliolo will remain with the company until 22 January to facilitate the transition process.

He said, “I am honoured to have led Tiffany as a public company and contributed with such a talented team to further strengthening Tiffany’s iconic standing.

Anthony Ledru, incoming Tiffany & Co CEO
Anthony Ledru, incoming Tiffany & Co CEO
“I am delighted to re-join Tiffany, the most iconic American luxury brand, which I have long admired"
Anthony Ledru, incoming Tiffany & Co. CEO

“I look forward to ensuring a smooth transition to Anthony and his team and wish him and all the Tiffany community continued success in the years to come.”

Louis Vuitton chairman and CEO Michael Burke will also join Tiffany & Co. as chairman of its board of directors, while Alexandre Arnault – the son of LVMH chairman Bernard Arnault and former CEO of luggage brand Rimowa – has been named executive vice-president of product and communications.

Chief artistic officer Reed Krakoff, executive vice-president and chief brand officer Daniella Vitale, and chief financial officer and executive vice-president Mark Erceg, will also leave the company.

Departing executives:

  • Alessandro Bogliolo, CEO (appointed 2017)
  • Mark Erceg, chief financial officer and vice-president (appointed 2016)
  • Reed Krakoff, chief artistic officer (appointed 2017)
  • Daniella Vitale, executive vice-president and chief brand officer (appointed November 2019)

Bernard Arnault, chairman and CEO LVMH, said, “I am pleased to welcome Tiffany and all their talented employees into our group.

“We are optimistic about Tiffany’s ability to accelerate its growth, innovate and remain at the forefront of our discerning customers’ most cherished life achievements and memories. I would like to thank Alessandro Bogliolo and his team for their dedication to Tiffany and their work over the past three years, especially during this challenging period.”

The LVMH acquisition marks the first time Tiffany & Co. has been in private hands since 1987. The company's shareholders approved the French conglomerate's revised $US15.8 billion takeover offer on 30 December after a tumultuous renegotiation, which almost culminated in a courtroom battle.

 

More reading:
TIMELINE: Inside the Tiffany & Co. and LVMH merger (Updated)
Tiffany & Co. shareholders approve new LVMH deal
Tiffany & Co. sales near pre-pandemic levels
Tiffany & Co. and LVMH revive deal, drop court case
 











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