Bloomberg News

The Musical Chairs of Luxury CEOs

April 11, 2012

Luxury-goods makers are spring cleaning their boardrooms and ateliers.

At least 14 new presidents, chief executive officers, chief financial officers and creative directors started at European companies, including Mulberry Group Plc and PPR SA in the first quarter alone.

“Companies are reorganizing for the next growth cycle,” said Giovanna Brambilla, a partner at Value Search Srl in Milan. “If they’re not convinced of having the best leaders, they’re changing generals.”

Luxury companies are seeking new talent and ideas as they contend with a slowing economy in China and a cut in high-end spending by Europeans. An increasing dependence on emerging markets and the Internet are stoking demand for executives with broader skills, according to Michael Boroian, president of recruiter Sterling International in Paris. He anticipates more changes this year. (Source: Bloomberg)

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