Most people in the fashion industry are still perplexed this morning as to the reason for Chloe CEO Ralph Toledano's abrupt departure. On Wednesday, The New York Post reported that Toledano had been "dismissed" by Richemont, the parent company of Chloe, due to an dissatisfaction of Toledano's financial performance. Now, two days later, those reports have yet to be confirmed or denied by either party.
Toledano headed up the Paris-based fashion house for ten years, which is why the news of his departure—fired or not—was such a surprise, especially to his friends in the industry. Natalie Massenet, the founder of Net-a-Porter.com was shocked of the news. The two had become colleagues since Chloé was one of the first big luxury companies to agree to sell to the Web site. And Ron Frasch, president of Saks and friend to Toledano, said on Wednesday that he had spoken to him only a few weeks ago and that Mr. Toledano had seemed happy with the brand’s recent results.
So was the company profitablee or not? Its been awhile since Chloe's glory days when designer Phoebe Philo was at the helm, causing a surge in the label's popularity. Her successor, Paulo Melim Andersson, had shoes that were just too big to fill and left in 2007. And in 2008, designer Hannah MacGibbon took over the creative director stage and has since been trying to build the brand back up. Many would say she's succeeded in her recent collections, but may have had a hard time getting off the ground. Yet despite the company's speculated success,(an inside anonymous source told The New York Times that Chloe was currently profitable), Toledano was still reportedly shown the door. Why? Could it be that Richemont executives just ran out of patience after a decade of a revolving door of designers? Hopefully, the truth will come out soon.
Article Course: The New York Times,The New York Post
Photo Source: frillr.com
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Tags: Alia Rajput, CEO, Chloe, decade, departure, dismissed, executives, fashion house, financial, Hannah MacGibbon, industry, Natalie Massenet, Net-A-Porter.com, Paulo Melim Andersson, Phoebe Philo, Ralph Toledano, reports, Richemont, Ron Frasch, Saks, The New York Post, The New York Times