Fendi unveils new CEO

Italian luxury apparel brand Fendi, owned by the LVMH group, said on Monday that Pierre-Emmanuel Angeloglou has been appointed its new CEO as of June 1.

The global leader in luxury wear said Angeloglou will succeed Serge Brunschwig who, after six years in post, "will assume new responsibilities within the LVMH group which will be announced shortly."

LVMH announced the news in a press release to confirm information from specialised site Women's Wear Daily (WWD).

Angeloglou remains managing director of LVMH Fashion Group, which brings together groups brands including Celine, Givenchy, Loewe, Kenzo, Marc Jacobs, Patou, Pucci and Rossimoda).

Bernard Arnault, LVMH CEO, said the group  "would like to thank Serge for his contribution to the significant growth of Fendi since 2018."

LVMH rarely reveals the turnover of its 75 brands such as Louis Vuitton, Dior, Celine and Guerlain.

During an annual results presentation in January, Arnault indicated, however, that "Fendi is continuing its momentum".

"The next growth drivers for fashion leather goods are, in order of importance, Vuitton, Dior, Celine, Fendi, etc," commented LMVH financial director Jean-Jacques Guiony during a conference with financial analysts.

The Fendi brand was created in 1925 in Rome.

In 1965, the brand recruited Karl Lagerfeld, then a young German designer.

He created the brand's logo -- two Fs, one inverted -- and remained as artistic director until his death in 2019.

In 2001, LVMH became the majority shareholder of the brand.