Chanel Breaks with Designer Virginie Viard

Virginie Viard took over from her mentor Karl Lagerfeld. Christophe ARCHAMBAULT / AFP
Virginie Viard took over from her mentor Karl Lagerfeld. Christophe ARCHAMBAULT / AFP
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Chanel Breaks with Designer Virginie Viard

Virginie Viard took over from her mentor Karl Lagerfeld. Christophe ARCHAMBAULT / AFP
Virginie Viard took over from her mentor Karl Lagerfeld. Christophe ARCHAMBAULT / AFP

French fashion house Chanel announced the departure of its artistic director, Virginie Viard, on Thursday, despite hitting record sales under her leadership.
Viard, 62, replaced legendary designer Karl Lagerfeld at the storied label following his death in 2019, having worked alongside him for 20 years, AFP said.
"Chanel confirms the departure of Virginie Viard after a rich five-year collaboration as artistic director of fashion collections," the group said in a statement, adding that a successor would be announced in due course.
Chanel thanked Viard for her "remarkable contribution", and while critics felt she played it a little safe, sales soared under her leadership, hitting a record of nearly $20 billion in 2023 -- an increase of 14.6 percent on the previous year.
Her last womenswear collection in March was an homage to the French seaside town of Deauville where Gabrielle "Coco" Chanel opened her first boutique in 1912.
Viard herself kept a very low profile, dressing simply and giving very sobre statements to the press -- a world away from the flamboyant Lagerfeld and his often provocative pronouncements.



Dolce&Gabbana CEO Ready to Open Capital to New Investors

The logo of Italian designers Dolce & Gabbana is seen at a branch office at Bahnhofstrasse shopping street in Zurich, Switzerland September 9, 2020. REUTERS/Arnd Wiegmann
The logo of Italian designers Dolce & Gabbana is seen at a branch office at Bahnhofstrasse shopping street in Zurich, Switzerland September 9, 2020. REUTERS/Arnd Wiegmann
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Dolce&Gabbana CEO Ready to Open Capital to New Investors

The logo of Italian designers Dolce & Gabbana is seen at a branch office at Bahnhofstrasse shopping street in Zurich, Switzerland September 9, 2020. REUTERS/Arnd Wiegmann
The logo of Italian designers Dolce & Gabbana is seen at a branch office at Bahnhofstrasse shopping street in Zurich, Switzerland September 9, 2020. REUTERS/Arnd Wiegmann

Dolce&Gabbana is ready to consider opening up its capital to new investors either through a listing or other routes, the Italian fashion house's CEO said.
"We are now ready to consider opening our capital to third parties through a listing or other financial instruments," CEO Alfonso Dolce said in an interview published on Monday in Corriere della Sera's L'Economia weekly supplement.
The financing must "not compromise the ethical value of our company, its respectful growth," said Dolce, brother of Domenico, who founded the group and runs it in partnership with Stefano Gabbana, Reuters reported.
In May, the CEO did not rule out a possible future stock market listing, but said the move was not a priority.
Dolce&Gabbana's revenue for the 2023-2024 fiscal year, which ended in March, was up 17% to 1.871 billion euros ($2.04 billion), said Dolce, adding that he hoped to repeat this growth this year.
The fashion house will open 12 new stores in the US, including at 695 Madison Avenue in New York, the former Hermes location, with more than 2,000 square meters over five floors.
"The United States are vital, we already have 72 stores, plus four in Canada, together they represent 28% of our turnover, compared to 16% in China," said Dolce.