On Tuesday we reported that Reed Krakoff CEO Valérie Hermann had resigned from the company with no word on where she would be going next. Well, mystery solved: WWD is reporting that Hermann has been hired as the president of Ralph Lauren Luxury Collections. It's a new post within the company, which Hermann will assume on April 7.
What does this hire mean? A renewed effort to grow Ralph Lauren's luxury division, for starters. As Ralph Lauren told WWD, "The company keeps growing, and the luxury part of the business has grown to a point where we felt it deserves its own focus."
Ralph Lauren's luxury brands include Ralph Lauren Collection, Purple Label, Black Label, fine jewelry and handbags. But with so many other Ralph Lauren labels in operation — Polo Ralph Lauren, Lauren by Ralph Lauren, Denim & Supply and Club Monaco, to name a few — consumers may at times lose sight of it as a luxury company, or simply not know it as such in the first place.
Hermann, however, is no stranger to the luxury business, having spent time at Yves Saint Laurent, John Galliano and Dior before arriving to Reed Krakoff. We'll be watching to see if she has what it takes to turn the company's highest-priced offerings into consumer must-haves.