PPR announces a new organisation of its Luxury Business Group
At the same time of its full-year results report, which saw a sales turnover of 4.01 billion euros (up 18.3% from the year before), the world’s 2nd largest luxury goods holding company also announced the reorganisation of its luxury business group. From now on, the group will be reporting directly to François-Henri Pinault, PPR’s CEO, following the departure of Robert Polet, the CEO of Gucci Group whose role exists no longer.
“While preserving the autonomy of our brands", PPR has decided to structure the company around two business groups: Sports & Lifestyle on the one hand and Luxury on the other. These large structures will allow the group’s developing brands to grow by benefiting from the stronger brands. François-Henri Pinault reinforced that each brand would retains its autonomy under the responsibility of its respective CEO and Creative Director.
Behind the operational change, one thus finds a new organisation chart, beginning with the departure of Robert Polet (Gucci Group’s CEO since 2004). Under his 7-year leadership, PPR’s Luxury Business Group doubled its total revenues and more than tripled its operating profit. The outstanding performance was certainly helped by Gucci’s rise and the development of Stella McCartney and Bottega Veneta. Lastly, Alexis Babeau, who was previously COO of Gucci Group, has been appointed Deputy CEO of the Luxury Business Group.
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