Simone Bagel-Trah, 56, chairwoman of German consumer firm Henkel AG, was appointed as a non-executive director this month, a Chanel representative confirmed Wednesday. Teresa Ko, a Hong Kong-based corporate and securities lawyer at Freshfields, was also named to the board.
The nominations, which also include a former partner at Deloitte, mean the board will be evenly split between male and female members from April. The changes are part of a generational shift at the label, known for its tweed jackets and so-called flap bags that can cost more than €10,000 ($10,300).
The moves come amid a wider downturn in demand for high-end goods after the post-pandemic boom. Chanel, which had $19.7 billion of revenue in 2023, reports annual results just once a year — typically in May. Rival Richemont, which owns Cartier, is due to report quarterly sales on Thursday.
The board mandates for three former Chanel executives ended in the past two years. Richard Collasse and Olivier Nicolay both retired, and John Galantic, who led Chanel in the US, is now CEO of Italian leather goods maker Tod’s SpA. The mandate of Vincent Shaw, who stepped down as Chanel’s Asia Pacific president last year, ends in March.
William Touche, 62, a former partner and vice chairman of Deloitte in the UK, has also been nominated in the latest appointments.
Chanel’s board is headed by the 76-year-old Chairman Alain Wertheimer, who co-owns the brand with his brother, Gerard. Their fortunes are estimated at about $44 billion each, according to the Bloomberg Billionaires Index.
Chanel announced in December the nomination of Matthieu Blazy as creative director of its fashion lines, filling one of the most prominent creative roles in the industry. Blazy is due to join this year.
