Balmain CEO Steps Down After Four Years
● Jean-Jacques Guével had joined the Paris-based house from Zadig & Voltaire, and steered it through the COVID-19 crisis.
Balmain’s chief executive officer JeanJacques Guével is stepping down from the role after four years "to pursue other interests."
The French fashion house revealed his departure in a brief statement Monday, noting that "under his tenure, the company has experienced significant growth and evolution."
Guével's next move could not immediately be learned, and his successor has yet to be named.
“Balmain is one of the oldest luxury houses in Paris, with a unique and rich heritage," Guével said in a statement. "It has been an incredible journey leading this house through the last years and setting it for further future growth.”
Balmain chairman Rachid Mohamed Rachid, who is also CEO of Balmain parent Mayhoola, thanked Guével "for his contribution to the success of Balmain, and I wish him well in his future endeavors.
"Balmain has all the potential to become a true global luxury goods leader, thanks to its unique heritage, talented creative director Olivier Rousteing, and our exceptional colleagues in the brand," Rachid added. "We will be building onto the significant growth of the last years and will announce a new CEO in due course.”
Previously CEO of Zadig & Voltaire, Guével joined Balmain in February 2020, just before the coronavirus pandemic roiled the world.
Nonetheless, it was an eventful tenure during which Guével and Rousteing expanded the brand's accessories footprint, opened a Madison Avenue flagship in New York, staged blowout music and fashion events in Paris attended by thousands and forged a beauty licensing deal with The Estée Lauder Cos. Inc.
Guével joined Zadig as general manager in 2017, charged with speeding up its international expansion, especially in the U.S. and China.
Earlier in his career, Guével held the role of international director of Céline for eight years. Before that, the executive worked at LVMH Moët Hennessy Louis Vuitton's fashion division as well as at brands including S.T. Dupont and Louis Vuitton. He is a graduate of HEC Business School and Sciences Po in Paris.
Guével is the second Balmain executive to depart in recent weeks.
As reported, Txampi Diz, chief marketing officer at Balmain, exited earlier this month. His successor also has yet to be named.