Luxury goods group LVMH named a new head at its fashion label Kenzo on Wednesday as it tries to boost lagging sales at the unit, confirming reports earlier this week.
Eric Marachelle, current head of children’s clothing brand Catimini, will replace outgoing Kenzo head James Greenfield, who will move to a different position within the group, LVMH said.
Marachelle’s appointment had been confirmed by a source close to the matter on Monday following a report by newspaper Le Figaro.
Kenzo barely breaks even at the moment, having suffered hefty losses in the past. LVMH has owned Kenzo since 1993, though the brand’s founding designer Kenzo Takada retired in 1999.
In May LVMH denied media reports that it was looking for potential buyers for Kenzo, whose annual sales are estimated at about 150 million euros ($197.4 million).