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Tiffany CEO Cumenal in Shock Departure
Feb 6, 2017 3:24 AM
By Rapaport News
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RAPAPORT... Tiffany & Co.’s chief executive officer Frederic
Cumenal has stepped down with immediate effect.
Chairman and former CEO Michael Kowalski will take over from
Cumenal as interim CEO, according to a statement on Sunday. Cumenal (pictured) has been in
the role since April 2015, after having previously been the company’s president.
Tiffany’s sales in the Americas during the holiday months of
November and December fell 4 percent. This followed the retailer reporting its first
quarterly revenue growth in two years, after net sales rose 1 percent in the three months to October 31 as an
improvement in fashion jewelry was partly offset by softness in other product
categories.
“The board is committed to our current core business
strategies, but has been disappointed by recent financial results,”
Kowalski said. “The board believes that accelerating execution of those
strategies is necessary to compete more effectively in today's global luxury
market and improve performance.”
Cumenal’s abrupt departure follows a string of senior
appointments that saw Reed Krakoff named chief artistic officer last month,
replacing Francesca Amfitheatrof, who is leaving to pursue other opportunities. Additionally, Marc Erceg replaced Ralph
Nicoletti as chief financial officer in October.
Holiday sales in the Americas had declined partly because of
protests outside New York’s Trump Tower that restricted access to the flagship
Tiffany store on Fifth Avenue. While the CEO is leaving before the company
announces its full-year results on March 17, a Tiffany statement reaffirmed the retailer’s guidance for fiscal year
2016.
Kowalski added the company remains focused on increasing the
rate of new product introductions and innovation, optimizing the store network
and improving its business operations and processes, all while efficiently
managing capital and costs.
Image: Martin Crook
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Tags:
chief artistic officer, fifth avenue, Francesca Amfitheatrof, Frederic Cumenal, luxury, Marc Erceg, new york, ralph nicoletti, Rapaport News, Reed Krakoff, Super Bowl, Tiffany, Tiffany & CO., Trump Tower
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