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Leena Nair named CEO of French fashion house Chanel

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3 years ago

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Leena Nair named CEO of French fashion house Chanel

Nair has a 30-year career at Unilever and most recently served as the head of human resources and a member of the company’s executive committee.

A British born in India, Nair is at the helm of this strictly controlled family fashion company, a rare outsider, known for his tweed suits, quilted handbags and No. 5 perfume. The 52-year-old follows American businesswoman Maureen Chiquet, who comes from a fashion background and served as the chief executive officer of Chanel for nine years before the beginning of 2016.

The 73-year-old French billionaire Alain Wertheimer (Alain Wertheimer) and his younger brother Gerard Wertheimer (Gerard Wertheimer) co-own Chanel (Chanel), initially served as a temporary CEO, and will now serve The post of global executive chairman.

Chanel was founded in 1910 by fashion legend Gabrielle “Coco” Chanel on rue Cambon in Paris. At that time, it was a hat boutique and gradually became synonymous with French fashion.

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The organization stated that Nair, which manages 150,000 people at Unilever, will join in at the end of January and will be based in London. It added that the new appointment will ensure its “long-term success as a private company.” Nair’s recruitment came at a time when the fashion industry was at a low point, and he emerged from the ranks of Unilever, initially as an intern at a factory. Pressure to adopt a more inclusive approach.

According to the Harper’s Bazaar profile released last month, under her leadership, Unilever has achieved gender equality in global management, which also highlights her commitment to pay a living wage throughout the supply chain.

Nair serves as a non-executive board member of BT and previously served as a non-executive director of the British government’s business, energy and industrial strategy departments.

Chanel has been vigorously defending its independence and did not begin to announce financial results until 2018. It said in July that it expects this year’s sales to increase by double digits from the $12.3 billion before the 2019 pandemic.

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Bernstein luxury goods analyst Luca Solca said that Chanel is following the trend of attracting executives from the consumer packaged goods industry.

“Unilever and P&G are the management reserves of the relatively young luxury industry,” he said, referring to LVMH general manager and former president of P&G Europe Antonio Belloni and Estee Lauder. Fabrizio Freda (Fabrizio Freda) P&G veteran.

Complete News Source : Hindustan Times

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

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1 day ago

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November 21, 2024

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.

As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.

Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.

Congress demands JPC probe

Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.

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ALSO READ- At 65.2%, Maharashtra records highest voter turnout since 1995 assembly election

Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.

He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.

The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.

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“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.

Other Oppn leaders join attack

Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.

Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.

ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%

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Adani stocks latest updates

The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.

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