PARIS — Stella McCartney and L’Oréal are parting ways.
The two “have made the mutual decision not to renew their license agreement after the contract ends on Sept. 12, 2013,” the French beauty giant said Tuesday. “As a result of their mutual decision, L’Oréal will focus on concentrating on its other brands, while Stella McCartney will pursue its fragrance and beauty business.”
A McCartney spokesman had no further comment.
L’Oréal acquired the Stella McCartney beauty business — including what was billed then to be the first designer organic skin-care brand on the market, Care by Stella McCartney — in May 2008, as part of the deal to take over YSL Beauté from the then-PPR for 1.15 billion euros, or $1.48 billion at current exchange.
McCartney’s other major beauty projects have included two fragrances, L.I.L.Y. and a signature scent.
In other L’Oréal-related news, the company has made new appointments to its executive committee and said Jean-Jacques Lebel, president of the Consumer Products Division, is retiring. All changes are effective July 1.
Nicolas Hieronimus has been named to the new position of president of the Selective Divisions, including the Luxury, Active Cosmetics and Professional Products branches plus The Body Shop.
“This leadership role supervising the Selective Divisions of L’Oréal is created in order to accelerate the group’s development in all retail distribution networks, leveraging its expertise in each of the distribution channels,” the company stated.
Hieronimus was appointed president of L’Oréal Luxe in January 2011 and will maintain that position as well.
Lebel, who joined L’Oréal in 1981, has spearheaded the Consumer Products Division since 2008. Marc Menesguen, currently executive vice president of strategic marketing, succeeds him.
Other changes include Frédéric Rozé being appointed executive vice president of the Americas zone, including North and Latin America. He will continue to be chief executive officer of L’Oréal USA.
Alexandre Popoff was named executive vice president of the Eastern Europe zone. He most recently was executive vice president of the Latin America zone.
Jochen Zaumseil is to become executive vice president of the Western Europe zone. Until now, he has held the post of executive vice president of L’Oréal’s Asia-Pacific zone.
Alexis Perakis-Valat will succeed Zaumseil in his current role and continue serving as L’Oréal China’s ceo.