It is common practice for companies to hire senior executives with a track record of replicating that success within their own brand. These professionals are often in demand for their leadership skills, expertise and ability to drive growth and innovation. This expertise aims to provide deep industry insights, a flair for trends and a recipe for overcoming hurdles all in one package.
That may be one of the reasons why Kering has appointed Saint Laurent’s trusted boss, Francesca Belletini, who is responsible for branding the group’s portfolio, as Kering’s deputy CEO. With ten years of experience, she has proven her ability to lead Saint Laurent through challenges such as the departure of Hedi Slimane and stabilizing the company during the design transition under current Creative Director Antony Vaccarello, before embarking on a serious growth trajectory. Under Belletini’s leadership, Saint Laurent’s turnover has roughly quintupled and now stands at 2.52 billion euros.
Growth is also a key theme for Rihanna-founded lingerie brand Fenty, for which the company recently hired Hillary Super. During her time at Urban Outfitters Group, which is also Anthropologie’s parent company, she grew the company’s omnichannel footprint to over $1 billion in digital sales. With experience managing a diverse portfolio of brands across categories, from Anthropologie’s popular A+ line, the plus-size range, to steering the retail and communities around core customers, Super is a leader driving expansion can.
“We have a very engaged customer base with our D2C model, and we also recognize that there is an opportunity for us to continue to expand by meeting customers where they are and offering other avenues of accessibility,” Fenty told Vogue Business when the appointment was announced.
It is the reputation and networks of senior executives and their standing in the industry that can open doors to partnerships, collaborations and resources that would otherwise be difficult to access. When Lanvin announced award-winning US rapper Future to come up with new ideas and concepts for the French house, it was a triad of networks, reputation and influence that can open doors to uncharted territory for the brand. This is especially true when companies want to reinvigorate their collections and build a culture of their own with their audience. Surely, Future’s 25 million Instagram followers (at the time of writing) will provide significant impetus to the brand.
Securing investor confidence
In Gap’s recent reorganization, Richard Dickson, a veteran of Barbie’s parent company Mattel, took over at the helm of the US retail company. His appointment will be due in part to investor and stakeholder confidence that comes with hiring a well-known executive who will increase confidence in the board and potentially lead to increased investment, if not positive media coverage. The phenomenon of the recent Barbie film grossing over $1.28 billion at the global box office means Gap is hoping it can recreate the same growth for its brands as it has Dickson did at the toy company.
Here, shareholders are more focused on how to increase sales than direct experience of fashion and fashion products. “Richard brings invaluable expertise in areas critical to Gap Inc.’s work to strengthen the company over the long term,” said Mayo A. Shattuck, III, Gap’s lead independent director, in a statement announcing the appointment. “And we’re very excited for his visionary leadership at a time when the company is redefining the future potential of Gap Inc. and its iconic American fashion brands.”
Gap is struggling with both the PR disaster of its Yeezy collaboration and dwindling sales. “Gap has lost brand relevancy with its core customer base,” Jonathan Reid, director of retail and consumer at Fitch Ratings, told the New York Times. “It is unclear where the brand is based. That was Mattel a few years ago.”
convey confidence
When a brand is in a state of upheaval, that is, when it is facing challenges or is performing poorly, hiring an executive with a reputation for turning ailing companies around can send a signal to investors and the market that the company taking proactive steps to improve their situation.
In today’s fashion world, successful CEOs often need to have a broad expertise that encompasses not only management principles but also marketing and product development. This is especially true in industries like fashion, where consumer preferences are constantly evolving and effective marketing and product strategies are essential for sustained growth.
At Gap, Dickson replaces Sonia Syngal, who was sacked in 2022 as the company’s shares fell and costs rose. But previous stints at Gap ended badly, too. The company has long struggled with declining sales and changing consumer preferences. CEOs like Art Peck and Glenn Murphy left the company after facing the challenges of transforming the business. Maybe it’s more that Gap is finding his “pink” moment, like Barbie. But in the fashion industry, it takes more than just a season of growth and a great product to turn consumer sentiment and positively impact sales.
And here is the crux of the matter. Not all past success stories are a guarantee of future success. In 2013, Lululemon founder and CEO Chip Wilson resigned amid controversy over product quality issues and insensitive language. Laurent Potdevin, an LVMH veteran who had increased sales at Toms Shoes and Burton, succeeded Wilson but abruptly left the company a few years later after allegations of misconduct and declining sales.
Past track record? Not all gold guarantees future shine
Ralph Lauren hired Stefan Larsson as the new CEO in 2015 to improve the company’s declining sales and brand image. Larsson’s impressive résumé from H&M to $1 billion in sales at Old Navy wasn’t enough to repeat success at America’s favorite luxury house. Creative differences with the company’s founder and CEO, Ralph Lauren himself, led to Larsson leaving the company just two years later.
Leadership changes are as common in the fashion industry as they are in the rest of the business world and can happen for a variety of reasons. However, every business is unique and is influenced by a complex interplay of internal factors (such as leadership, culture and resources) and external factors (such as market trends, competition and economic conditions). There is no formula that can guarantee growth or repeat past successes. Good leaders learn from the past and apply the same principles and strategies tailored to an organization’s unique context and goals. But what is the secret recipe? It’s probably an unrepeatable mix.
This article originally appeared on FashionUnited.uk. Translated and edited by Simone Preuss.