Five months after former CEO Frederic Cumenal stepped down, Tiffany & Co. has found what it hopes to be its crown jewel. The luxury retailer’s Board of Directors unanimously named Alessandro Bogliolo as its next CEO. Bogliolo is expected to assume the role by Oct. 2, 2017.
Most recently, Bogliolo served as CEO of global apparel and accessories retailer Diesel SpA. Prior to his run at Diesel, Bogliolo served for 16 years at Bulgari SpA, including in the roles of Chief Operating Officer and Executive VP of Jewelry, Watches and Accessories.
The Bulgari connection likely helped Bogliolo usurp the CEO role, as Tiffany added ex-Bulgari CEO Francesco Trapani, along with two others, to its Board of Directors in February 2017.
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The Tiffany brand hopes to bounce back from its recent financial struggles — problems which have impacted many players within the luxury market. A Bain & Co. report projected the market for just 1% to 2% growth for 2017.
Tiffany’s case is similar to that of another luxury brand, Ralph Lauren, in that both companies hired CEOs to take over for their previous long-time chief execs, only for them to step down less than two years into the job. Like Tiffany, Ralph Lauren hired a new CEO within a few months.
The Board of Directors led the search to recruit Cumenal’s successor with assistance from an executive search firm. During this process, Michael J. Kowalski, Chairman of the Board of Directors and previous CEO of Tiffany from February 1999 until March 31, 2015, served as Interim CEO.
