BUSINESS OF FASHION: HERMÈS LOSES A CHAMPION EXECUTIVE
Hermès International SCA just bid farewell to one of its major defenders, Deputy Managing Director Patrick Albaladejo. The executive who protected the French fashion house from LVMH‘s attempted takeover resigned to pursue a teaching and consulting career, according to Bloomberg.
In 2010, LVMH — raked in $30 billion in sales then — revealed it accumulated a 23 percent stake in Hermès, which was famed for its heritage as a purveyor of luxury silk and leather goods: including its Birkin bag and legendary customer waiting list. Along with former CEO Patrick Thomas, Albaladejo oversaw four years of push-and-pull between descendants of Hermès’ founder and LVMH Chairman Bernard Arnault. The 177-year-old company formed a truce with LVMH last fall, where the luxury conglomerate pledged not to purchase more shares in Hermès for the next five years.
The Arnault family now owns less than 10 percent Hermès. Albaladejo officially left his post at the end of February.
Images via Hermèsby