Victoria Beckham appoints new CEO
Victoria Beckham has named another respected executive to her top team following the appointment of Ralph Toledano as chairman earlier this year. Now Paolo Riva, who was previously CEO of Diane Von Furstenberg, is to join in the same role at the luxury womenswear label this September. He replaces Zach Duane who vacated the chief executive’s post back in 2017.
He’ll be in day to day charge of Victoria Beckham Ltd, working with the founder/creative director to “drive VBL’s strategic geographical and product expansion and help with the realisation of the company’s direct-to-consumer ambitions,” the company said in a prepared statement on Tuesday.
Meanwhile Beckham herself said that with the investment from NEO and the earlier arrival of Toledano, this latest appointment will be crucial as the company evolves on the world stage. “[Riva’s] arrival follows my partnership with NEO and the arrival of Ralph Toledano, who joined us this spring as chairman,” she said. “He joins the team as we enter our second decade and his wealth of experience, drive and creativity will be fundamental in helping us continue our expansion as a global brand.”
So what exactly is so great about the new CEO? Well, his CV is certainly impressive and includes 16 years in leadership positions and a track record of working with big name luxury brands. They include Salvatore Ferragamo, Valentino, Tory Burch and, of course, DVF.
Riva said his new job “presents a unique and exciting opportunity – no one has been better than Victoria at embracing the digital revolution and using it to influence tastes by channelling her vision direct to consumers. I am looking forward to working with Victoria and her team as we continue to develop a pioneering consumer-led business.”
And it’s undeniable that digital has been a key part of the brand’s growth story with Beckham frequently coming out in data reports as one of the top hitters on social media during fashion weeks.
While there have been plenty of stories about losses at Beckham’s business, and recent reports of job cuts, it’s clear that the firm is focused on a more profitable future.
The £30 million cash injection from Neo Investment Partners and Toledano’s appointment were key steps in underlining her determination to put her brand on a sound commercial footing and position it for growth. And Riva’s experience at the top of both European and American luxury companies will be key here too.
Our first sight of Riva in his new role is most likely to be at London Fashion Week in September as Beckham shows her collection there for the first time and celebrates her first decade as a fashion mogul.
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