PARIS — Marcel Frydman and his two sons, Gerald and Jean-Pierre, have just left the house they built over 20 years — Marionnaud Parfumeries. Their departure took place seven months after Hong Kong-based A.S. Watson, a subsidiary of Hutchison Whampoa, acquired the French perfumery chain.
Hugues Witvoet has replaced Marcel Frydman at Marionnaud's helm. Since May, Witvoet had been the company's deputy managing director and was formerly president of LVMH Investment Asia and also of LVMH Fashion Group. Ian Wade, group managing director of A.S. Watson Group and administrator of Marionnaud, succeeds Frydman as president of Marionnaud's board.
In a statement issued by Marionnaud, the company explained: "Following the announcement in July of its project to close Marionnaud Parfumeries' capital and to proceed with delisting its shares from Paris Euronext's Eurolist, A.S. Watson decided to provide the enterprise's management with professionals with complimentary expertise to respond to an urgent need to improve the performance of the company and its financial situation."