As a consumer, Marty Wikstrom appreciates Chloé’s face-flattering color palette, its intricately detailed blouses and its Marcie bag, which the executive deems ideal for her frequent business travels.
As president and chief executive officer of Compagnie Financière Richemont’s fashion division, parent of Chloé, Wikstrom has a host of other reasons to appreciate the brand, which in her view could harbor billion-dollar potential.
“Why not?” she said, while not setting any timelines to reach that revenue threshold. “That’s up to the consumer.”
The Swiss luxury group does not break down its revenues or profits by brand. However, it is believed Chloé is the largest of its fashion and leather goods businesses, which also include Azzedine Alaïa, Dunhill, Lancel and Shanghai Tang.
Chloé is grouped into Richemont’s “other business” segment, along with online retailer Net-a-porter and the group’s watch component manufacturing activities. For its fiscal year ended March 31, 2012, revenues in the “other” segment vaulted 27 percent to 1.231 billion euros, or $1.7 billion at average exchange rates for the period. That represents about 13.9 percent of the group’s total revenues.
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EXCLUSIVE: Two and half months after John Targon, cofounder and codesigner of Baja East, was hired as creative director of the contemporary division at Marc Jacobs, he has left the company, WWD has learned. Marc Jacobs International, which is owned by LVMH Moët Hennessy Louis Vuitton, confirmed Targon’s departure in a statement: “John Targon is a talented designer and we appreciate the work he has done here. Ultimately working together did not make sense for the brand and we wish him the best.” Read the story by @jessiredale, link in bio. #wwdnews
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