5/6/2023 0 Comments Chanel success story setInstead, many of fashion's most storied houses were dormant, their cachet damaged by rampant licensing deals made in the 1960s and 1970s. When the designer arrived at Chanel in 1983, there was no such thing as a global luxury brand as we know it today. All of these houses - and many more - are using the template that Lagerfeld created. At Chanel, the master designer transformed a dusty French fashion label into a multi-billion-dollar global luxury powerhouse, writing the playbook that has since been imitated with astounding success across the wider fashion industry by giants including Louis Vuitton, Christian Dior and Gucci. (Questions remain around the succession plan on the executive side of the company, where Alain Wertheimer, positioned as a temporary solution, has held the reins for over three years, following the ouster of Maureen Chiquet, Chanel's former global chief executive.)īut Lagerfeld’s greatest legacy goes far beyond the houses of Chanel and Fendi alone. But, for the time being, the decision seems sound. Whether or not Viard will be able to keep Chanel fresh for years to come in a luxury market craving newness at a faster and faster pace remains to be seen. But such a move would have been out of character for Chanel’s owners, the discreet Wertheimer family, who waited 12 years after the death of Coco Chanel to appoint Lagerfeld and rather than disrupting the model he put in place, have decided on Viard "so that the legacy of Gabrielle Chanel and Karl Lagerfeld can live on." To maintain this trajectory, some predicted Chanel would need to hire a star designer to succeed Lagerfeld, floating names like Hedi Slimane (now ensconced at Celine), ex-Celine designer Phoebe Philo and former Lanvin star Alber Elbaz. Last June, the company disclosed its annual results for the first time in 108 years, revealing global sales of more than $9.6 billion in 2017, up 11 percent from the previous year, with operating profits of $2.69 billion, making it one of the most successful luxury businesses in the world. The appointment of Viard provides continuity for Chanel, which is growing briskly and highly profitable. "We intend to take the time to honour his life and pay him the tribute he deserves." "Now is not the time to discuss his succession," said the house in a statement. Meanwhile, Fendi, the Roman fur and leather house where Lagerfeld oversaw women's collections for more than 50 years, has yet to announce a succession plan. He was 85.Ĭhanel named Lagerfeld's longtime studio director, Virginie Viard - described by the late designer as "my right hand and my left hand" - to succeed him at the creative helm of the storied French luxury brand. On Tuesday, the house of Chanel announced the death of Karl Lagerfeld - the world's most famous, most iconic and most prolific fashion designer - sending the industry in Paris and around the world into collective mourning for a man widely considered to be its king. Hello BoF Professionals, your exclusive 'This Week in Fashion' briefing is ready, with members-only analysis on the key topic of the week and a digest of the week's top news.
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