Aswat Asharq Al-Awsat :

Aswat Asharq Al-Awsat : Chanel Breaks with Designer Virginie Viard

Virginie Viard took over from her mentor Karl Lagerfeld. Christophe ARCHAMBAULT / AFP
Virginie Viard took over from her mentor Karl Lagerfeld. Christophe ARCHAMBAULT / AFP
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Chanel Breaks with Designer Virginie Viard

Virginie Viard took over from her mentor Karl Lagerfeld. Christophe ARCHAMBAULT / AFP
Virginie Viard took over from her mentor Karl Lagerfeld. Christophe ARCHAMBAULT / AFP

French fashion house Chanel announced the departure of its artistic director, Virginie Viard, on Thursday, despite hitting record sales under her leadership.
Viard, 62, replaced legendary designer Karl Lagerfeld at the storied label following his death in 2019, having worked alongside him for 20 years, AFP said.
"Chanel confirms the departure of Virginie Viard after a rich five-year collaboration as artistic director of fashion collections," the group said in a statement, adding that a successor would be announced in due course.
Chanel thanked Viard for her "remarkable contribution", and while critics felt she played it a little safe, sales soared under her leadership, hitting a record of nearly $20 billion in 2023 -- an increase of 14.6 percent on the previous year.
Her last womenswear collection in March was an homage to the French seaside town of Deauville where Gabrielle "Coco" Chanel opened her first boutique in 1912.
Viard herself kept a very low profile, dressing simply and giving very sobre statements to the press -- a world away from the flamboyant Lagerfeld and his often provocative pronouncements.



Aswat Asharq Al-Awsat : LVMH Sales Grow 1% in Second Quarter, Missing Estimates

This photograph taken on January 25, 2024 shows the logo of World's top luxury group LVMH during presentation of its 2023 annual results in Paris, on January 25, 2024. (AFP)
This photograph taken on January 25, 2024 shows the logo of World's top luxury group LVMH during presentation of its 2023 annual results in Paris, on January 25, 2024. (AFP)
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LVMH Sales Grow 1% in Second Quarter, Missing Estimates

This photograph taken on January 25, 2024 shows the logo of World's top luxury group LVMH during presentation of its 2023 annual results in Paris, on January 25, 2024. (AFP)
This photograph taken on January 25, 2024 shows the logo of World's top luxury group LVMH during presentation of its 2023 annual results in Paris, on January 25, 2024. (AFP)

LVMH, the world's biggest luxury company, posted a 1% rise in organic sales in the second quarter on Tuesday, missing analyst estimates, and likely adding to investor jitters about slowing growth in the sector.

Sales at the French group, owner of labels Louis Vuitton, Tiffany & Co. and Hennessy, grew to 20.98 billion euros ($22.8 billion), a 1% rise on an organic basis, which strips out currency effects and acquisitions.

The figure fell below analyst expectations for revenues of 21.6 billion euros, according to an LSEG poll based on six analysts.

The report from luxury sector bellwether LVMH, which is Europe's second-largest listed company, worth around 340 billion euros, comes amid concerns about weak sales of designer fashions in the sector's key market, China.

The group's fashion and leather goods division, which includes the Louis Vuitton and Christian Dior brands and accounts for nearly half of group sales and the bulk of operating profit, grew 1%, slowing slightly from the previous quarter's 2% rise.

"While remaining vigilant in the current context, the group approaches the second half of the year with confidence," said LVMH Chairman and Chief Executive Officer Bernard Arnault in a statement.