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LVMH hires Luxottica's head of retail: internal memo
July 17, 2017 / 10:28 AM / 4 months ago

LVMH hires Luxottica's head of retail: internal memo

MILAN (Reuters) - Luxury goods company LVMH has hired Nicola Brandolese, the former head of retail at Italian eyewear maker Luxottica, according to an internal announcement by the French firm seen by Reuters.

Brandolese joined LVMH on June 1 and is spending an initial period at fashion brand Fendi before taking on an as yet undisclosed chief executive role early next year, the document, dated May 19, said.

“The move comes as LVMH prepares for the eventual succession of two of (CEO Bernard) Arnault’s most trusted deputies, 65-year-old Christian Dior Couture CEO Sidney Toledano and LVMH deputy CEO Antonio Belloni, who is 63,” analysts at Mediobanca Securities said in a note on Monday.

LVMH had no comment.

Brandolese, who joined Luxottica in 2012, is the latest senior executive to leave the maker of Ray Ban sunglasses.

The Italian company has been through several management changes since its founder and top shareholder Leonardo Del Vecchio returned to the helm in September 2014.

Luxottica is also in the process of merging with French lens maker Essilor to create a market leader with more than 15 billion euros ($17 billion) in annual revenues.

Brandolese joins another former Luxottica manager, Fabio d‘Angelantonio, who became the CEO of LVMH’s cashmere brand Loro Piana last year.

LVMH earlier this year struck a joint-venture with Luxottica’s smaller rival Marcolin to increase control over manufacturing of spectacles carrying its prestigious brands.

Reporting by Claudia Cristoferi and Valentina Za; editing by David Clarke

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