PARIS — Gucci Group has poached a senior manager of LVMH Moët Hennessy Louis Vuitton as the new head of its Yves Saint Laurent division.
WWD has learned that Valerie Hermann, president of John Galliano, director of women’s ready-to-wear at Christian Dior and a veteran LVMH manager, is switching luxury camps and joining Gucci’s ailing fashion jewel, YSL, as president and chief executive officer.
She will succeed Mark Lee, October was moved over from YSL to become president and managing director of the Gucci brand.
Hermann could not be reached for comment and a spokesman for Gucci Group parent Pinault-Printemps-Redoute declined all comment Tuesday.
However, sources said an official announcement could be made as early as today. According to sources, Hermann is expected to start at YSL sometime in the second quarter.
Hermann’s appointment fills a high-profile vacancy at Gucci Group, which has been rocked by executive defections in the wake of last year’s departures of Tom Ford and Domenico De Sole. The appointment of Hermann — considered a dynamic merchant and talented manager — should allay investor jitters about YSL and lend credence to PPR’s repeated assurances that it has the ability to attract top candidates to its stable of luxury brands, which also includes Balenciaga, Stella McCartney, Alexander McQueen and Sergio Rossi.
Still, the raid could rankle the brass at LVMH, given the bad blood between it and rival PPR after the two French groups waged a nasty takeover war for Gucci in 1999. Only last year, LVMH chairman Bernard Arnault took an implied shot at PPR and its strategy for Gucci.
But Hermann, 41, will have other battles to fight, namely turning around one of the most storied names in fashion after a radical attempt to engineer a Gucci-esque rejuvenation that drove YSL deeply into the red. Losses ballooned to 76.4 million euros, or $101.8 million at current exchange, last year, and Gucci Group ceo Robert Polet has yet to pinpoint a break-even target for the French fashion and accessories firm.
“We’ve done it two times before, and I won’t make that mistake again,” Polet said last month when he presented his strategic plan for the group. “When we get close, I will alert you to the fact.”
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)