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LVMH has named a new chief executive for the Italian luxury brand Loro Piana, tapping Damien Bertrand, a managing director at the group’s fast-growing Christian Dior label for the position.
Fabio d’Angelantonio, a former marketing executive at Luxottica who became Loro Piana’s chief executive in 2016, will leave the brand, the French luxury group said in an internal announcement seen by BoF.
The change comes as Loro Piana seeks to bounce back from the pandemic. The brand, which is known for its suede walking shoes and cozy, understated daywear made from cashmere and other top-end fibers like vicuna, is also looking to expand its presence in the lucrative handbag market.
Following LVMH’s 2013 acquisition, the brand grew by rolling out boutiques in luxury shopping districts dominated by flashier brands like Paris’s Avenue Montaigne and Tokyo’s Ginza. But prime real estate isn’t the magic bullet it once was, with international tourist flows still depressed by the pandemic. Instead, brands increasingly need to catch the attention of consumers on social media and through their e-commerce sites before they’ll consider buying in store.
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Loro Piana’s conservative positioning has won it a cult following among older wealthy shoppers, but has been slow to attract an online audience—a key ingredient for brands’ post-pandemic recoveries.
LVMH, which does not break out sales for individual brands, has not highlighted the unit’s financial performance in recent earnings presentations.
In October the brand released its first-ever collaboration, with the Japanese streetwear star Hiroshi Fujiwara, in a bid to revamp its image and win attention from younger customers.
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As Louis Vuitton and Dior power ahead, designer departures and disposals elsewhere in the luxury giant’s portfolio suggest its smaller fashion assets are under scrutiny.
Disclosure: LVMH is part of a group of investors who, together, hold a minority interest in The Business of Fashion. All investors have signed shareholders’ documentation guar
