A new CEO for Fendi

Announced on Monday, May 27, 2024, Fendi replaces Serge Brunschwig, the brand's CEO since 2018, with Pierre-Emmanuel Angeloglou, effective June 1, marking a new era for the Roman house. This former executive of L'Oréal and Louis Vuitton will assume his new functions in addition to his current role as general manager of the LVMH Fashion Group, which oversees Fendi. Brunschwig's next role within LVMH will be revealed shortly, according to the internal statement consulted by BoF. Angeloglou joined LVMH in 2019, after twenty years at L'Oréal, including a notable stint as global president of L'Oréal Paris. He then became a strategic advisor to Michael Burke, then CEO of Louis Vuitton, before following him to the LVMH Fashion Group in early 2023, where Burke succeeded Sidney Toledano. LVMH recently undertook a reorganization of the management of its vast portfolio of fashion brands, among which Céline, Fendi and Loewe top the list with annual revenues exceeding one billion dollars. Internal sources reveal that Burke redistributed key responsibilities to executives such as Toledano, Angeloglou and Delphine Arnault. LVMH, however, denied these reports without providing further details. But why such a change at the luxury giant?

Although the specific performances of the brands are not disclosed by LVMH, HSBC estimates indicate that Fendi achieved a turnover of 2.4 billion euros in 2023, with an operating profit exceeding 500 million euros. These figures represent more than double the revenues recorded when Brunschwig joined the company in 2018, despite major obstacles such as the death of Karl Lagerfeld in 2019 and the global health crisis. Fendi's creative transition saw Silvia Venturini Fendi temporarily manage the women's collections until the appointment of Kim Jones in 2020, who took over from Lagerfeld while continuing his work for Dior's men's line. In June, Fendi will relaunch its luxury fragrance line, returning to this market after a decade of absence following the discontinuation of “Fendi by Fendi”. This initiative underscores the house's desire to diversify and strengthen its footprint in the luxury industry.