Nicolas Abboud, chief executive officer of de Grisogono, has suddenly left his post, after only about six months on the job.
Fawaz Gruosi, creative director and founder of the 20-year-old fine jewelry and timepiece brand, continues with the company. Earlier this year, Gruosi sold a majority stake in the business to a group of investors, which put the company on firmer financial footing and installed Abboud as ceo in the spring.
“We are looking for a new ceo,” Gruosi told WWD. “Nicolas left because of a family problem.”
He said Abboud’s last day was Friday, and that his family lives in Paris, whereas de Grisogono is based in Geneva.
Gruosi was instrumental in recruiting Abboud. The company said Abboud’s departure was unrelated to his strategy for the company and not a decision by the board. Abboud is looking for another job in Paris.
During his short tenure, Abboud started an extensive revamp of the company, in collaboration with Gruosi, according to the company. He led the formation of “a concise development strategy” involving such elements as a revision of the collections accompanied by an optimization of the stock, a consolidation of the distribution network and a restructuring of finances, the company said. However, Abboud wasn’t with the company long enough to have had significant impact.
Gruosi said de Grisogono’s business has been picking up this year.