Valérie Hermann, president of global brands at Ralph Lauren, will be leaving her position after three years. It is not yet known who will succeed her.
Severance grant of 2.5 million
Hermann will leave the American luxury group at the end of September, but the departure is shrouded in mystery because no successor has been announced, nor is it known where Hermann will be taking her career. The only thing that is certain is her return to her home city of Paris, with her family and a cost reimbursement of 300,000 dollars (270,000 euros). She will also receive a severance grant of 2.9 million dollars (2.6 million euros), about 0.05 % of the annual turnover.
In May, the fashion house released disappointing figures for the past split financial year: Ralph Lauren lost 1 % of turnover in its domestic market, although the global turnover did increase by 3 % to 6.3 billion dollars (5.6 billion euros), thanks to some strong growth in Asia (13 %) and Europe (6 %).
Before her departure, Hermann controlled 52,037 company shares. She may return to one of the French luxury houses now: earlier she was CEO at Yves Saint Laurent for six years and head of the women's department at Dior.