PARIS – Baccarat said its chief executive officer Hervé Martin is to exit the company on March 31 “to pursue personal projects.”
Martin joined the crystal giant in 2007, coming from Ferragamo where he held the role of general manager, product and marketing. A fashion industry veteran, Martin has also formerly held posts at Kenzo, Louis Vuitton and Cartier.
His successor will be announced at the company’s next board meeting, scheduled for the day of Martin’s departure.
The brand’s fourth quarter and full year 2010 financial results will also be released that day. Baccarat’s revenues in the third quarter rose 16 percent to 27.2 million euros, or $35.1 million at average exchange rates for the period.
Owned by private investment firm Starwood Capital Group, Baccarat is primarily known for its stemware and chandeliers. Jewelry, launched in 1992, generates around 17 percent of the brand’s sales. Recent designer collaborations include Stefano Poletti and Elie Top.
The house on March 17 at its Paris headquarters will unveil a more affordable jewelry line by Aude Lechère, while Top is due to design another collection for the
house in 2012.
Baccarat also operates a branded luxury residential complex in Shanghai and in 2013 will open a branded tower in Dubai housing a hotel and residential complex.