Richemont Nabs LVMH Veteran to Head Fashion Division
Philippe Fortunato was most recently chief executive officer of Givenchy.
Richemont confirmed the hire early Tuesday.
Fortunato, most recently chief executive officer of Givenchy, is poised to become head of Richemont’s fashion and accessories maisons, which include Chloé, Dunhill, Maison Alaïa and the golf and luxury performance apparel brand Peter Millar.
Richemont also recently entered into a a joint venture with designer Alber Elbaz known as AZfashion, a from-scratch project aimed at wardrobe “solutions” for women.
Sources said Fortunato would also join the executive committee of Richemont, parent of Cartier, Van Cleef & Arpels, Montblanc and a bevy of luxury watch brands including A. Lange & Söhne and IWC.
Most recently, Fortunato spent six years helming Givenchy. A dynamic and seasoned executive, he ramped up retail expansion, brought couture back to the runway, oversaw the brand’s arrival on e-commerce, and also put the spotlight on its men’s wear division with a slate of initiatives.
He exited the French house in March and was mum about his plans.
Prior to Givenchy, Fortunato had been president and ceo of the North Asia region of Louis Vuitton, and was seen as a high-potential manager at the luxury giant. He has also been managing director of Fendi, and worked for Christian Dior and Vuitton in China.
Earlier in his career, Fortunato spent two years in the French navy, after which he worked for French lingerie firm Chantelle and Dubai-based retailer Chalhoub Group.
Fortunato is to take up responsibilities previously held by Eric Vallat, who exited Richemont’s fashion and accessories division in September 2019, a little over a year after taking up the job, and in an ever-more challenging market.
His challenge will be to help unlock potential at brands such as Chloé and Maison Alaïa, which recently welcomed new ceos, and to help Richemont to better navigate the finicky fashion world.