Chanel Announces Asia Leadership Change

Chanel appointed two executives to replace Vincent Shaw, president of Asia Pacific, who will retire at the end of June. He has worked for Chanel for 30 years. A Chanel spokesperson told Bloomberg that Vincent Shaw’s responsibilities will be shared by Renaud Bailly, current managing director of China, and Stephanie Couette, managing director of Hong Kong and Macau.

Vincent Shaw's departure is the latest personnel change at Chanel, signaling a generational shift in the storied brand's senior management. According to a report by Bloomberg last month, since Chanel appointed Leena Nair as CEO two years ago, a number of senior executives have left one after another, many of whom have served for decades. Renaud Bailly and Stephanie Couette will report to Leena Nair as members of the leadership team.

Philippe Blondiaux, chief financial officer of Chanel, said at the luxury industry symposium held in Lausanne, Switzerland: "In the past 20 years, a generation has shaped Chanel. In the next few years, this generation will retire. We are deeply fortunate to have such a generation of leaders."

Philippe Blondiaux, who turned 59 last month, joined Chanel from Nestlé in 2011. Another senior executive, Bruno Pavlovsky, 61, is in charge of Chanel's fashion department and serves as president of the French Haute Couture Fashion Federation, the organizer of Paris Fashion Week.

Chanel is privately held by billionaire brothers Alain and Gerard Wertheimer. Their wealth is estimated at about $46.5 billion, according to the Bloomberg Billionaires Index. Chanel, founded in Paris but based in London since 2018, reports financial results once a year, usually around the end of May. Its revenue in 2022 grew 17% to $17.2 billion.