Tiffany & Co. has tapped Frederic Cumenal, the former president and chief executive officer of the Moët & Chandon unit of LVMH Moët Hennessy Louis Vuitton, as executive vice president with responsibility for the firm’s business in Asia, Japan, Europe and emerging markets.
Cumenal, whose appointment is effective March 10, will report to Michael Kowalski, chairman and ceo of New York-based Tiffany, and take over responsibilities that have been handled by James Quinn, Tiffany’s president. Tiffany said in January that Quinn would retire early next year after more than 25 years with the company and nearly nine years as its president.
Cumenal has held his most recent post since 2004 following five years as president of Domaine Chandon California, a vineyard and winery founded by Moët & Chandon. A veteran of Procter & Gamble, he first joined LVMH in 1995 as European director of Moët & Chandon and later became managing director of Moët Hennessy Europe.
“Frederic brings a wealth of luxury brand experience and a highly developed global perspective that will prove especially important as Tiffany’s growth continues outside of the Americas,” said Kowalski.
International is a major component of the upscale jewelry firm’s business, with stores in Cumenal’s sphere of responsibility outside the Americas constituting 137 of the company’s fleet of 233 units. In 2009, sales for those regions, including wholesale transactions to third parties, accounted for 48 percent of overall revenues, or about $1.3 billion of the company’s $2.71 billion in 2009 sales. A company spokesman said the percentage of sales outside the Americas will be higher for 2010.
The company is scheduled to report fourth-quarter and year-end results March 21.
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