Saint Laurent Gets a New CEO

©Hedi Slimane

Francesca Bellettini has been named the new CEO of Yves Saint Laurent. She will take over the top spot at the fashion house on September 1, replacing Paul Deneve, who has taken a position in the high tech industry.

Bellettini is currently an executive director at Bottega Veneta. Both Bottega Veneta and Yves Saint Laurent are owned by Kering, formerly known as PPR, which announced the appointment Tuesday. The French holding company specializes in owning brands in the luxury, sports and lifestyle segments of the apparel and accessories market. Yves Saint Laurent designs apparel and accessories that range from read-to-wear clothing to jewelry. While the brand is best-known to the public as Yves Saint Laurent, Kering had officially changed the brand name in 2012 to Saint Laurent.

“Her experience within the group and in the industry, her expertise and her determination persuaded me of her ability to implement Saint Laurent day-to-day strategy,” said François-Henri Pinault, chairman and CEO of Kering.

Bellettini, an Italian national, joined Bottega Veneta in November 2008 as worldwide merchandising director. She was promoted to worldwide merchandising-communications director in November 2010 and has been responsible for implementing strategic direction for the company, while overseeing all aspects of merchandising, visual display and communication.

She previously was the strategic planning director and associate worldwide merchandising director of Gucci. Prior to Gucci, she was operations manager of Helmut Lang, having previously worked at the Prada Group in 2002 as part of the planning & new business development division. After graduating from Bocconi University in Milan, Bellettini started her career in London as an investment banker, working at Goldman Sachs International, Deutsche Morgan Grenfell, and Compass Partners International.

In addition to the appointment of Bellettini, Yves Saint Laurent creative director, Hedi Slimane, will have added responsibilities that include supervising all strategic projects in a plan to transform and reposition the brand.

“Hedi Slimane has a clear creative vision for Saint Laurent,” Pinault said. “He has successfully rejuvenated and repositioned the brand in line with Yves Saint Laurent’s original message in 1966. This reform project was essential to ensure that Saint Laurent is in step with the times, and to secure its success. Today, the brand is one of the world’s most prominent fashion houses and my ambition is that Saint Laurent is able to realize its considerable long term potential for growth.”

Please join me on the Jewelry News Network Facebook Page, on Twitter @JewelryNewsNet and on the Forbes Website.

©Hedi Slimane

Francesca Bellettini has been named the new CEO of Yves Saint Laurent. She will take over the top spot at the fashion house on September 1, replacing Paul Deneve, who has taken a position in the high tech industry.

Bellettini is currently an executive director at Bottega Veneta. Both Bottega Veneta and Yves Saint Laurent are owned by Kering, formerly known as PPR, which announced the appointment Tuesday. The French holding company specializes in owning brands in the luxury, sports and lifestyle segments of the apparel and accessories market. Yves Saint Laurent designs apparel and accessories that range from read-to-wear clothing to jewelry. While the brand is best-known to the public as Yves Saint Laurent, Kering had officially changed the brand name in 2012 to Saint Laurent.

“Her experience within the group and in the industry, her expertise and her determination persuaded me of her ability to implement Saint Laurent day-to-day strategy,” said François-Henri Pinault, chairman and CEO of Kering.

Bellettini, an Italian national, joined Bottega Veneta in November 2008 as worldwide merchandising director. She was promoted to worldwide merchandising-communications director in November 2010 and has been responsible for implementing strategic direction for the company, while overseeing all aspects of merchandising, visual display and communication.

She previously was the strategic planning director and associate worldwide merchandising director of Gucci. Prior to Gucci, she was operations manager of Helmut Lang, having previously worked at the Prada Group in 2002 as part of the planning & new business development division. After graduating from Bocconi University in Milan, Bellettini started her career in London as an investment banker, working at Goldman Sachs International, Deutsche Morgan Grenfell, and Compass Partners International.

In addition to the appointment of Bellettini, Yves Saint Laurent creative director, Hedi Slimane, will have added responsibilities that include supervising all strategic projects in a plan to transform and reposition the brand.

“Hedi Slimane has a clear creative vision for Saint Laurent,” Pinault said. “He has successfully rejuvenated and repositioned the brand in line with Yves Saint Laurent’s original message in 1966. This reform project was essential to ensure that Saint Laurent is in step with the times, and to secure its success. Today, the brand is one of the world’s most prominent fashion houses and my ambition is that Saint Laurent is able to realize its considerable long term potential for growth.”

Please join me on the Jewelry News Network Facebook Page, on Twitter @JewelryNewsNet and on the Forbes Website.

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PPR To Become Kering

François-Henri Pinault, PPR chairman and CEO, poses with the company's new name and logo, which is expected to become official on June 18.

French holding group, PPR, said Friday that it will change its name and brand messaging to reflect its new identity as an international luxury, sports and lifestyle organization.

On June 18, subject to board approval, the new name for the company will be Kering (pronounced Caring). The Paris-based company said the new name reflects its culture of “taking care of our brands, people, stakeholders and the environment.” The suffix “ing” expresses the idea of movement, reflecting the diverse history of the 50-year-old company, which began as a trader of timber and construction materials. The stem “ker,” meaning home in Breton, refers to its origins in the Brittany region of France.

Since 2005, PPR has been undergoing a transformation from a conglomerate focused on primarily European distribution activities, to an international group focused on the apparel and accessories business across two fast growing segments that it defines as “Luxury” and “Sport & Lifestyle.” In a few months, the new group expects to leave the distribution sector completely, after disposing of Fnac and the remainder of online fashion retailer Redcats.

The company’s collection of brands include Gucci, Bottega Veneta, Saint Laurent, Alexander McQueen, Balenciaga, Brioni, Christopher Kane, Stella McCartney, Boucheron, Girard-Perregaux, Qeelin, Puma, Volcom, Cobra, Electric and Tretorn.

Laurent Claquin, head of PPR Americas, said the change in the company’s identity is a natural step in the group’s transformation.

“We are marking a transition from a conglomerate to an integrated group,” he said. “We are in the business of fashion. We are also part of the same group (as) a way to signify how we do our business with our brands and customers.”

Claquin refused to comment on published reports that the company is in the final stages of acquiring luxury Italian jewelry brand, Pomellato. “It is not the subject of the day,” he said.

Accompanying the new name are new symbols for the company and an international branding strategy over multiple platforms that it emphasis the creativity of its brands. A new video, website and advertising campaign and supporting items are among the ways the company intends to promote its new image. Digital media will be a centerpiece of the campaign. Follow this link to view the company's new video.

As part of the strategy, the company adopted a new symbol, the “untamed” owl, and even a company signature that reads: “empowering imagination.”

The owl is drawn from a single line, like a quick sketch, a doodle even, with outstretched wings and its face framed in a heart. This simple drawing expresses far reaching values, according to the company, from foresight, wisdom and intelligence to caring and respect.

Claquin emphasized that the new campaign is geared toward the B-2-B community and not the general public. “We don’t communicate through a general public,” he said. “We don’t want to be stronger than our brands but we do communicate to our target populations.”

Please join me on the Jewelry News Network Facebook Page, on Twitter @JewelryNewsNet and on the Forbes Website.

François-Henri Pinault, PPR chairman and CEO, poses with the company's new name and logo, which is expected to become official on June 18.

French holding group, PPR, said Friday that it will change its name and brand messaging to reflect its new identity as an international luxury, sports and lifestyle organization.

On June 18, subject to board approval, the new name for the company will be Kering (pronounced Caring). The Paris-based company said the new name reflects its culture of “taking care of our brands, people, stakeholders and the environment.” The suffix “ing” expresses the idea of movement, reflecting the diverse history of the 50-year-old company, which began as a trader of timber and construction materials. The stem “ker,” meaning home in Breton, refers to its origins in the Brittany region of France.

Since 2005, PPR has been undergoing a transformation from a conglomerate focused on primarily European distribution activities, to an international group focused on the apparel and accessories business across two fast growing segments that it defines as “Luxury” and “Sport & Lifestyle.” In a few months, the new group expects to leave the distribution sector completely, after disposing of Fnac and the remainder of online fashion retailer Redcats.

The company’s collection of brands include Gucci, Bottega Veneta, Saint Laurent, Alexander McQueen, Balenciaga, Brioni, Christopher Kane, Stella McCartney, Boucheron, Girard-Perregaux, Qeelin, Puma, Volcom, Cobra, Electric and Tretorn.

Laurent Claquin, head of PPR Americas, said the change in the company’s identity is a natural step in the group’s transformation.

“We are marking a transition from a conglomerate to an integrated group,” he said. “We are in the business of fashion. We are also part of the same group (as) a way to signify how we do our business with our brands and customers.”

Claquin refused to comment on published reports that the company is in the final stages of acquiring luxury Italian jewelry brand, Pomellato. “It is not the subject of the day,” he said.

Accompanying the new name are new symbols for the company and an international branding strategy over multiple platforms that it emphasis the creativity of its brands. A new video, website and advertising campaign and supporting items are among the ways the company intends to promote its new image. Digital media will be a centerpiece of the campaign. Follow this link to view the company's new video.

As part of the strategy, the company adopted a new symbol, the “untamed” owl, and even a company signature that reads: “empowering imagination.”

The owl is drawn from a single line, like a quick sketch, a doodle even, with outstretched wings and its face framed in a heart. This simple drawing expresses far reaching values, according to the company, from foresight, wisdom and intelligence to caring and respect.

Claquin emphasized that the new campaign is geared toward the B-2-B community and not the general public. “We don’t communicate through a general public,” he said. “We don’t want to be stronger than our brands but we do communicate to our target populations.”

Please join me on the Jewelry News Network Facebook Page, on Twitter @JewelryNewsNet and on the Forbes Website.

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Vacheron Constantin's New Paris Boutique

Vacheron Constantin has brought its luxury Swiss timepieces to a storefront in Paris. It is the company’s 35th boutique around the world and its first in the “City of Light.”

The interior of the 915-square-foot space at 2 Rue de La Paix uses neutral light colors contrasted with dark materials—such as woods, bronze, wrought iron and leather—to create a discreet, luxurious atmosphere. The brand brought in French master artisans to create statement details.

Mathieu Lustrerie, a specialist in light restoration for historical monuments, created a “Saturn” chandelier made of rock crystal, while mosaic artist Pierre Mesguich bejeweled it by hand with 35,000 tiny marble cubes (pictured above). The boutique’s artistic wrought iron decorative elements were tailor-made by Les Métalliers Champenois, whose other works include the restoration of the Statue of Liberty.

The boutique will contain a full line of Vacheron Constantin timepieces as well as a vintage collection named Vacheron Constantin les Collectioneurs,” which are accompanied by a certificate of authenticity.

The collection includes a boutique-exclusive of its 1972 Prestige timepiece, known for its ultra-thin, asymmetrical shape, its 1003 movement and the Prestige de la France coat of arms engraving on its back. The dial of the 18k gold watch shines like silver. It is available at the boutique in a limited-edition of 40 units.

To mark the opening of the Parisian boutique, the Geneva manufacturer commissioned photographer Thierry des Ouches to illustrate his vision of Vacheron Constantin in Paris through his lens. Five owners of Vacheron Constantin timepieces tell the tale of their watches, their Paris, their love of the exceptional and the values they share with Vacheron Constantin on www.2ruedelapaix.fr.

Please join me on the Jewelry News Network Facebook Page, on Twitter @JewelryNewsNet and on the Forbes Web site.

Vacheron Constantin has brought its luxury Swiss timepieces to a storefront in Paris. It is the company’s 35th boutique around the world and its first in the “City of Light.”

The interior of the 915-square-foot space at 2 Rue de La Paix uses neutral light colors contrasted with dark materials—such as woods, bronze, wrought iron and leather—to create a discreet, luxurious atmosphere. The brand brought in French master artisans to create statement details.

Mathieu Lustrerie, a specialist in light restoration for historical monuments, created a “Saturn” chandelier made of rock crystal, while mosaic artist Pierre Mesguich bejeweled it by hand with 35,000 tiny marble cubes (pictured above). The boutique’s artistic wrought iron decorative elements were tailor-made by Les Métalliers Champenois, whose other works include the restoration of the Statue of Liberty.

The boutique will contain a full line of Vacheron Constantin timepieces as well as a vintage collection named Vacheron Constantin les Collectioneurs,” which are accompanied by a certificate of authenticity.

The collection includes a boutique-exclusive of its 1972 Prestige timepiece, known for its ultra-thin, asymmetrical shape, its 1003 movement and the Prestige de la France coat of arms engraving on its back. The dial of the 18k gold watch shines like silver. It is available at the boutique in a limited-edition of 40 units.

To mark the opening of the Parisian boutique, the Geneva manufacturer commissioned photographer Thierry des Ouches to illustrate his vision of Vacheron Constantin in Paris through his lens. Five owners of Vacheron Constantin timepieces tell the tale of their watches, their Paris, their love of the exceptional and the values they share with Vacheron Constantin on www.2ruedelapaix.fr.

Please join me on the Jewelry News Network Facebook Page, on Twitter @JewelryNewsNet and on the Forbes Web site.

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Luxury Brands Lift PPR’s Sales and Profit for 2012

PPR, the Parisian holdings company, said net profit in 2012 increased by 28.2 percent to €1.27 billion ($1.7 billion). Revenue increased 20.8 percent to €9.73 billion ($13 billion).

The company, which has divided its high-end businesses into the categories of luxury and sport and lifestyle, said its luxury goods division reported a 27.6 percent increase in operating profit to €1.61 billion ($2.14 billion). This more than offset a 12.1 percent decline in operating profit in its sports and lifestyle division.

The company’s brands include Gucci, Bottega Veneta, Saint Laurent, Alexander McQueen, Balenciaga, Brioni, Christopher Kane, Stella McCartney, Sergio Rossi, Boucheron, Girard-Perregaux, JeanRichard, Qeelin and Puma. 

Read PPR Shopping for Jewelry and Watch Brands

“PPR's results for 2012 are excellent, thanks to the exceptional performances of all brands in our luxury division,” said François-Henri Pinault, PPR chairman and CEO. “Our strong performance also highlights the good geographic balance of our activities and the consistency of the Group's strategy.”

The company, which operates in more than 120 countries, said revenue generated outside the Eurozone rose 11.6 percent in 2012 based on comparable data and accounted for 78.6 percent of sales for the year, versus 77.9 percent in 2011. Sales contribution from France remained unchanged from 2011, representing 5.5 percent of total revenue on a comparable basis.

In 2012, PPR said it continued its expansion in rapid-growth markets where revenue advanced 13.7 percent on a comparable basis and accounted for 37.6 percent of sales, representing a 100 basis-point increase on 2011 on a comparable basis. Sales in the Asia-Pacific region (excluding Japan) accounted for 25 percent of the total sales of the Group's brands versus 24.5 percent in 2011 on a comparable basis.

The company also is in the process of strengthening its position in the luxury and sports and lifestyle categories while divesting its holdings in other areas. For example, in December 2012, it acquired of a majority stake in Chinese luxury jewelry brand, Qeelin, and last month announced it acquired a majority stake in the luxury designer brand, Christopher Kane. It is also announced in January that it has found a buyer for Redcats children and family divisions.

The company added that it’s in the process of speeding up and expanding the scope of its transformation of Puma “in order to increase efficiencies in terms of organization, processes and systems and to streamline its cost structure, notably in Europe.” In October, Jean-François Palus was appointed chairman of the Administrative Board of Puma SE, replacing Jochen Zeitz.


Please join me on the Jewelry News Network Facebook Page, on Twitter @JewelryNewsNet and on the Forbes Web site.

PPR, the Parisian holdings company, said net profit in 2012 increased by 28.2 percent to €1.27 billion ($1.7 billion). Revenue increased 20.8 percent to €9.73 billion ($13 billion).

The company, which has divided its high-end businesses into the categories of luxury and sport and lifestyle, said its luxury goods division reported a 27.6 percent increase in operating profit to €1.61 billion ($2.14 billion). This more than offset a 12.1 percent decline in operating profit in its sports and lifestyle division.

The company’s brands include Gucci, Bottega Veneta, Saint Laurent, Alexander McQueen, Balenciaga, Brioni, Christopher Kane, Stella McCartney, Sergio Rossi, Boucheron, Girard-Perregaux, JeanRichard, Qeelin and Puma. 

Read PPR Shopping for Jewelry and Watch Brands

“PPR's results for 2012 are excellent, thanks to the exceptional performances of all brands in our luxury division,” said François-Henri Pinault, PPR chairman and CEO. “Our strong performance also highlights the good geographic balance of our activities and the consistency of the Group's strategy.”

The company, which operates in more than 120 countries, said revenue generated outside the Eurozone rose 11.6 percent in 2012 based on comparable data and accounted for 78.6 percent of sales for the year, versus 77.9 percent in 2011. Sales contribution from France remained unchanged from 2011, representing 5.5 percent of total revenue on a comparable basis.

In 2012, PPR said it continued its expansion in rapid-growth markets where revenue advanced 13.7 percent on a comparable basis and accounted for 37.6 percent of sales, representing a 100 basis-point increase on 2011 on a comparable basis. Sales in the Asia-Pacific region (excluding Japan) accounted for 25 percent of the total sales of the Group's brands versus 24.5 percent in 2011 on a comparable basis.

The company also is in the process of strengthening its position in the luxury and sports and lifestyle categories while divesting its holdings in other areas. For example, in December 2012, it acquired of a majority stake in Chinese luxury jewelry brand, Qeelin, and last month announced it acquired a majority stake in the luxury designer brand, Christopher Kane. It is also announced in January that it has found a buyer for Redcats children and family divisions.

The company added that it’s in the process of speeding up and expanding the scope of its transformation of Puma “in order to increase efficiencies in terms of organization, processes and systems and to streamline its cost structure, notably in Europe.” In October, Jean-François Palus was appointed chairman of the Administrative Board of Puma SE, replacing Jochen Zeitz.


Please join me on the Jewelry News Network Facebook Page, on Twitter @JewelryNewsNet and on the Forbes Web site.

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Tiffany & Co. to Open Flagship Paris Store on Champs Elysées

Rendering of Tiffany's planned store in Paris.

Tiffany & Co. said Tuesday that it plans to open a new European flagship store in Paris. The 10,000-square-foot, multi-level store will be located at 62, Avenue des Champs Elysées and is expected to open in 2014.

"This is a significant development and sales opportunity for Tiffany & Co. While we have been successful in operating three smaller stores in Paris, establishing this store on the Champs Elysées will be the ultimate symbol of Tiffany as a truly global luxury brand," said Frederic Cumenal, executive vice president, Tiffany & Co. "This is a preeminent location that firmly places Tiffany & Co. on an international stage, in the heart of a city where people from all over the world come to visit and shop."

The opening on the Champs Elysées will mark a new milestone in Tiffany's connection to Paris, which began in 1850 when the company established its first store. In 1999, Tiffany returned to Paris with a store on rue de la Paix.

In March, the owner of the rue de la Paix building that housed Tiffany’s Paris store, placed the property for sale. 

Please join me on the Jewelry News Network Facebook Page, on Twitter @JewelryNewsNet and on the Forbes Web site.

Rendering of Tiffany's planned store in Paris.

Tiffany & Co. said Tuesday that it plans to open a new European flagship store in Paris. The 10,000-square-foot, multi-level store will be located at 62, Avenue des Champs Elysées and is expected to open in 2014.

"This is a significant development and sales opportunity for Tiffany & Co. While we have been successful in operating three smaller stores in Paris, establishing this store on the Champs Elysées will be the ultimate symbol of Tiffany as a truly global luxury brand," said Frederic Cumenal, executive vice president, Tiffany & Co. "This is a preeminent location that firmly places Tiffany & Co. on an international stage, in the heart of a city where people from all over the world come to visit and shop."

The opening on the Champs Elysées will mark a new milestone in Tiffany's connection to Paris, which began in 1850 when the company established its first store. In 1999, Tiffany returned to Paris with a store on rue de la Paix.

In March, the owner of the rue de la Paix building that housed Tiffany’s Paris store, placed the property for sale. 

Please join me on the Jewelry News Network Facebook Page, on Twitter @JewelryNewsNet and on the Forbes Web site.

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