Things aren’t looking good at the house of Emmanuel Ungaro. In fact, they haven’t for a while. Just three months after Giles Deacon left his roughly year-long tenure as creative director, WWD is reporting that the company’s new CEO, Jeffry Aronsson, is leaving, as well as much of the house’s advisory committee.
Aronsson has only been with the company since June and was brought in with the hopes of turning the failing company around, as he is considered to be a “turnaround expert,” based on successful CEO positions at Donna Karan International, Marc Jacobs International and Oscar de la Renta previously.
According to the trade, he left Paris, where Ungaro is based, several weeks ago and “it is understood that he has returned [to New York] for good to continue his work at Aronsson Group, his investment and consulting firm.” However, Ungaro said Aronsson is “still the acting CEO.”
Also said to have left: Consultants Marvin Traub and Mortimer Singer, and former Neiman Marcus Group head Burt Tansky, all of whom signed on when Aronsson took over.
One of few luxury companies that hasn’t been doing exceptionally well lately, Ungaro has reportedly been losing more and more money over the past four years with a total four-year loss of $51.4 million. Considering that, and the fact that the company has no designer, president or advisory committee, this will be difficult to bounce back from, to say the least.