Chanel has appointed two executives to replace Vincent Shaw, President of Asia Pacific, who will retire at the end of June after 30 years with Chanel. A Chanel spokesperson told Bloomberg that Vincent Shaw's responsibilities will be shared between Renaud Bailly, the current managing director for China, and Stephanie Couette, managing director for Hong Kong and Macau. 
Vincent Shaw's departure is the latest personnel change at Chanel and marks a generational shift in the storied brand's senior management. Bloomberg reported last month that since Chanel appointed Leena Nair as chief executive two years ago, a number of senior executives, including those with decades of service, have left their positions. Renaud Bailly and Stephanie Couette will report to Leena Nair as members of the leadership team.
Speaking at the Symposium on the Luxury Industry in Lausanne, Switzerland, Philippe Blondiaux, Chief Financial Officer of Chanel, said: "A generation has shaped Chanel over the past 20 years. In the next few years, this generation will retire. We are fortunate to have such a generation of leaders. Philippe Blondiaux, who turned 59 last month, made the switch from Nestlé to Chanel in 2011. Another senior executive, Bruno P**lovsky, 61, heads the Chanel fashion department and is president of the French Haute Couture Fashion Federation, which organizes Paris Fashion Week.
Chanel is privately held by billionaire brothers Alain Wertheimer and Gerard Wertheimer. According to the Bloomberg Billionaires Index, their wealth is estimated at around $46.5 billion. Founded in Paris but based in London since 2018, Chanel reports its financial results annually, usually around the end of May. Revenue in 2022 increased 17% to $17.2 billion. (Photo: Xu Chaoyang, Home of Watches).