PARIS (Reuters) – Lanvin designer Olivier Lapidus will leave the French fashion house after only eight months with immediate effect as part of a restructuring of the administration, the firm said on Thursday.
Lapidus’ departure comes one month after the Chinese conglomerate Fosun became the majority shareholder of Lanvin, the oldest haute couture brand in France that has been facing financial difficulties.
Lanvin CEO Nicolas Druz will become head of the Fosun Fashion Group, where he will be responsible for boosting business in Europe, Lanvin said in a statement.
Joann Cheng, president of both Fosun Fashion Group and Lanvin, will become executive director of the 129-year-old French brand on an interim basis until a new CEO is found, he added.
So far, Lanvin was majority owned by Taiwan media magnate Shaw-Lan Wang.
The turmoil began in 2015 with the departure of the star designer Alber Elbaz after a 14-year career during which the brand became one of the favorites of the fashion set. The following year, the company lost 18.3 million euros, the first in a decade.
Elbaz was finally replaced by Bouchra Jarrar, who resigned after only 16 months.
Wang brought Lapidus, the son of French fashion designer Ted Lapidus, in 2017.