Unlock Premium Data: Up to 50% Off InvestingProCLAIM SALE

Chanel's creative director Virginie Viard to leave brand

Published 06/05/2024, 08:09 PM
Updated 06/06/2024, 06:41 AM
© Reuters. FILE PHOTO: The logo of fashion house Chanel is seen on a store in Paris, France, June 18, 2020. REUTERS/Charles Platiau/File Photo

By Mimosa Spencer

(Reuters) -Chanel artistic director Virginie Viard is leaving the label, the luxury brand said on Thursday, kicking off speculation over who will replace her in one of the fashion industry's most coveted positions.

"A new chapter is opening for Chanel Mode," Chanel said in a statement, confirming the change, which was first reported on fashion news website Business of Fashion.

The privately-owned label, known for tweed jackets, quilted handbags with double-C logos and the No. 5 perfume, did not name a successor as it thanked Viard for her "rich collaboration of five years".

Viard, 62, worked at Chanel for nearly thirty years, alongside Karl Lagerfeld, whose role she took over in 2019 following his death.

She favoured relaxed silhouettes with an Eighties flare and took a low-key approach compared to her predecessor, sending models along the Seine River and down a street in Manchester for recent fashion shows, for example -- marking a contrast with the showmanship of Lagerfeld, who built towering sets including a rocketship and indoor waterfall for his catwalk presentations.

Her departure comes as the industry adjusts to slower growth and several other labels, including Kering-owned Gucci, Valentino and Burberry seek new creative direction to reignite sales.

The post-COVID pandemic boom, fuelled by pent-up demand for fashion, has tapered off as shoppers spend less due to the rising cost of living.

Chanel teams will ensure the "continuity" of collections in the interim period, and the brand will host its fall-winter haute couture show 2024/2025 on June 25 in Paris, it said.

Rumours of a new designer at Chanel have swirled for years, most recently including talk of industry heavyweights like former Gucci designer Alessandro Michele, who has since been recruited to Valentino.

Chanel Chief Executive Leena Nair last month brushed off talk of a designer change, noting that Viard had overseen strong growth in ready-to-wear fashion sales, which have surged two-and-a-half-times since 2018.

© Reuters. FILE PHOTO: The logo of fashion house Chanel is seen on a store in Paris, France, June 18, 2020. REUTERS/Charles Platiau/File Photo

Sales at Chanel were up 16% last year to nearly $20 billion, a slower rate than smaller rival Hermes, which grew sales 21% to 13.4 billion euros, but faster than LVMH's fashion and leather goods division, which was up 14% to 42 billion euros.

The world's second-largest label after LVMH's Louis Vuitton, Chanel is owned by French billionaire brothers Alain Wertheimer and Gerard Wertheimer.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.