Long-time LVMH executive, and Burch’s new husband, Pierre-Yves Roussel has been appointed chief executive of her namesake business, effective early 2019. Roussel, long-serving chairman and chief executive of the LVMH Fashion Group, stepped down from the role in early 2018, acting as a special advisor to the conglomerate’s chairman and chief executive Bernard Arnault until last month.
“This was not something we took lightly,” Burch said of the appointment. “Until I met Pierre-Yves, there isn’t anyone I thought would be right for it.”
This is the second of two major partnerships recently forged between Burch and Roussel. In November, the long-time couple were married, first in a private ceremony in Paris, followed by a second event at Burch’s private residence in Antigua. Both Burch and Roussel said that the timing of the new appointment and their marriage was purely coincidental.
Founder Tory Burch, who is presently both chief executive and creative director of her brand, will relinquish the chief executive title. (She founded the brand in 2004.) Her new title will be executive chairman and chief creative officer, though the newlyweds are expected to work together closely going forward. Roussel, who was nominated for the role by the board of directors, will report to that group, which includes Burch as well as BDT Capital’s Byron Trott and General Atlantic’s Bill Ford — both investors in the brand — as well as former Google chief Eric Schmidt.
Roussel will be based in New York alongside Burch, who underscored that she will not be stepping back from the business in any way.
“We are in a better position, but we still have work to do,” Burch said, noting her belief that while full-price sales are still a challenge in the discount-driven US market, where the majority of Tory Burch purchases take place, the American customer is “open to rethinking” that pattern when the product in question feels less ubiquitous.
Add Comment