Valérie Hermann leaves Ralph Lauren
U.S. luxury brand Ralph Lauren announced on Friday the departure of Valérie Hermann from her role as president of global brands, effective September 30. Her successor has not been named.
Commencing the president role just three years ago, Hermann was in charge of the New York company's portfolio of fashion and lifestyle brands including Ralph Lauren, Polo Ralph Lauren, Lauren, Chaps, and Home.
Hermann joined Ralph Lauren in 2014, taking on the role of president of Ralph Lauren luxury collections. Here, she was responsible for the heritage company's high-end brands Black Label and Purple Label, as well as its fine jewellery, eyewear, timepieces, handbags, RRL and perfume categories.
In 2016, she was then promoted to global brand president of luxury, women’s collections and world of accessories -- a role which she held for six months -- before eventually being named president of global brands in 2016.
Hermann's next career move is still unknown. Prior luxury stints at French fashion house Saint Laurent, where she served as CEO from 2005 for six years, and her role as Dior's director of womenswear with LVMH group, could see her return to a similar role back in her native France, where she is returning at the end of September.
As part of the exit agreement, French-born Hermann will receive $2.9 million in salary and severance, along with up to $300,000 in expenses related to her family's return to Paris, according to a filing lodged by the U.S. company with the SEC.
As of May 24, Hermann owned 52,037 shares of Ralph Lauren stock, according to the filing.
In May, the Ralph Lauren published its 2018-19 financial year results, with revenues up 3% at constant exchange rates compared to the previous year, reaching $6.3 billion. The result was driven by strong performances in Asia (up 13%) and Europe (up 6%). However, the U.S. market recorded a 1% revenue decline.
More recently in June, Ralph Lauren's EMEA vice-president of finance, Kevin Drew Gotthard, left his role to join Neiman Marcus Group as senior vice-president finance.
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