04.29.24
Kering Beauté Americas has named Alexandre Choueiri as its president and CEO.
Choueiri spent more than two decades at L’Oréal in its Luxe division. His most recent position was global brand president of Ralph Lauren Fragrances.
Kering Beauté reportedly has a business strategy in the US and absorbed Creed distributor ICP. Thomas Saujet, CEO and president of the distribution business, said he is moving on to a new chapter in his career,” according to reports.
Creed will continue to be the top priority of the business. Saujet and Choueiri will reportedly be transitioning over the summer.
In Q1 2024, Kering reported revenue of 4.5 billion euros, a current exchange rate of $4.81 billion, which was down 11% as reported and down 10% on a comparable basis. François-Henri Pinault, chairman and CEO, said he anticipated a challenging start to the year, sluggish market conditions in China, and the strategic repositioning of certain Houses, starting with Gucci, that exacerbated downward pressures on its topline.
"In view of this revenue decline, together with our firm determination to continue investing selectively in the long-term appeal and distinctiveness of our brands, we now expect to deliver sharply lower operating profit in the first half of this year,” said Pinault in a news release. “All of us are working tirelessly to see Kering through the current challenges and rebuild a solid platform for enduring growth.”
Kering plans to launch a high-end fragrance range for Bottega Veneta next fall, followed by Balenciaga and McQueen perfumes, in 2025.
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