According to WWD, the hiring of Matthew M Williams isn’t the only major Givenchy-related shakeup in the fashion industry. Richemont has confirmed the hiring of Philippe Fortunato, the former CEO of the venerable French fashion label.

Richemont is the world’s second-largest fashion conglomerate after LVMH, which owns Givenchy. Based in Switzerland, the company operates brands like Cartier, Van Cleef & Arpels, IWC, Piaget, YOOX NET-A-PORTER Group and British gunmaker Purdey. On September 1, Fortunato will be taking the reigns of Richemont’s fashion brands: Chloé, Dunhill, the house left by master couturier Azzedine Alaïa and performancewear label Peter Millar.

Fortunato’s tenure at Givenchy lasted six years, wherein he oversaw the work of Riccardo Tisci and Clare Waight Keller until his departure in March 2020. Richemont’s desire to hire a fashion industry veteran is amplified by the devastation wrought by the coronavirus pandemic, which played a major role in the conglomerate’s downcast fiscal year 2019 results.

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