In what is being coined the most momentous management reshuffle in five years, Sidney Toledano, the long-serving chairman and chief executive of Christian Dior, is set to step down from that role to take up shop as the executive chairman of the LVMH Fashion Group – which includes Louis Vuitton, Dior, Givenchy, Céline, Loewe, and Marc Jacobs, among others – a move that LVMH confirmed to WWD.
Mr. Toledano, 66, will be replaced by Pietro Beccari, the CEO of Fendi, another brand owned by LVMH. He told WWD’s Joelle Diderich and Luisa Zargani, “I am passionate about transmission. I have no more career ego to prove, but I am so happy to pass things on. It’s mentoring, it’s coaching, it’s guidance.”
During his tenure as Dior CEO, “Toledano transformed the company from a licensing-driven operation to one centered on control of production and distribution. The brand now makes 95 percent of its sales through its own stores and has a single license left with Safilo for eyewear,” per WWD.
As for Mr. Beccari, LVMH Chairman and CEO Bernard Arnault said that his appointment “as head of Christian Dior Couture signals a new era. He will be an excellent leader who will steer Dior towards ever greater success in the future.”
The executive-level shift – which comes 5 months after LVMH brought Christian Dior under its fashion group umbrella – does not stop there, since Toledano will be replacing Pierre-Yves Roussel, who currently holds the title of Chairman and CEO of the LVMH Fashion Group. Going forth, Mr. Roussel will serve as a special advisor to Arnault.
The appointments will take effect from the beginning of 2018. According to WWD, “Beccari will continue to helm Fendi from Rome and help find a successor over the next few weeks, effectively stepping into the Dior role and moving to Paris in February.”