Tiffany & Co. abruptly replaced Chief Executive Officer Frederic Cumenal after disappointing financial results, just hours before the jewelry chain introduced a new campaign with the first Super Bowl ad in its history.
Cumenal, 57, who had run the company since April 2015, is being succeeded on an interim basis by chairman and former CEO Michael Kowalski, Tiffany said on Sunday afternoon. The shake-up follows the departure of the jeweler’s top designer three weeks ago and weak holiday sales that sent the stock tumbling.
The past week marked a series of management changes in the luxury industry. Ralph Lauren Corp. CEO Stefan Larsson is departing after clashing with its namesake founder over the company’s creativity direction. Barneys New York replaced its CEO with Chief Operating Officer Daniella Vitale. And Riccardo Tisci, the creative director of LVMH’s fashion brand Givenchy, left the company.
More management turnover could come if the sluggish sales continue at luxury companies, which are coping with aging customers, Yarbrough said.
This post was published at bloomberg
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