(Bloomberg) -- The head of LVMH’s business unit that operates the Sephora beauty chain and Parisian department stores is leaving the luxury group.
Chris de Lapuente is leaving the group on Oct. 31 to retire, LVMH Moët Hennessy Louis Vuitton SE said in an internal announcement on Wednesday, confirming a report by Bloomberg News.
De Lapuente, 61, joined LVMH in 2011 as chief executive officer of Sephora. He became a member of the executive committee of the parent company that same year.
The division, called selective retailing, also includes Parisian department stores Le Bon Marché and La Samaritaine, as well as DFS, the luxury travel retailer with a significant exposure to Asia.
Sephora’s booming sales helped the division to outperform LVMH’s other units last year and in the first half of this year. While the division has gained ground, LVMH’s fashion and leather-goods unit remains the company’s biggest and most profitable business.
LVMH’s executive committee was renewed earlier this year when Antonio Belloni stepped down as CEO Bernard Arnault’s deputy to make way for Stephane Bianchi. Cecile Cabanis, who’s set to replace eventually Chief Financial Officer Jean-Jacques Guiony, also joined the committee in June.
The executive changes come amid a tougher environment in demand for luxury goods after the post-pandemic boom years.
The CEOs of Sephora, DFS and Le Bon Marché will report to Bianchi, LVMH added.
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