Maureen Chiquet has abruptly resigned from her role at Chanel over "strategic differences," the Paris-based brand said in a statement this week. Chiquet has served as the chief executive of French fashion house Chanel for nine years and as noted by Reuters, "was one of the few women at the helm of a big luxury brand. Alain Wertheimer, who owns Chanel with his brother Gerard, will manage the luxury brand until a replacement is found for Chiquet."
Reflecting on Chiquet's departure, Exane BNP Paribas analyst Luca Solca said: "The brand seems overexposed to the Chinese, and the recent price alignment action seems to have exacerbated this problem. I am not too surprised therefore to see her go. Besides it's a difficult time for luxury goods, and when the going gets tough."
The luxury goods industry has seen sales growth slow in recent years, and in the past few months it has been plagued by a drop in tourist traffic due to terrorist attacks, slower economic growth in China and record low oil prices that have dented the purchasing power of important luxury buyers from Russia and the Middle East.