According to the NY Post, Chloe, the 55-year-old French fashion label, has canned its longtime chief executive, Ralph Toledano. Apparently the brand's owner Richemont was not happy with financial results.
Toledano, who has presided over a slew of designers at Chloe, including Stella McCartney and Phoebe Philo, had the reputation of being a bold, pioneer executive in European fashion circles. For example he was credited with the controversial decision to replace McCartney in 2001 with upstart designer Philo, who took the brand to new heights before quitting in 2006.
Yet, in recent years Chloes has struggled to remain profitable even as rivals such as Louis Vuitton and Gucci have been able to successfully weather the economic hail storm.
According to sources, it's not clear whether Chloe has a replacement for Toledano, but his departure could be announced as soon as today.
Source: NY PostSee the Top Ten Summer 2016 Trends for Women Over 40