Ru, previously chief operating officer, replaces Jiang Qiong Er, who founded the Chinese luxury brand with Hermès in 2010 and served as its chief executive for 12 years. Jiang will stay on as a board member and start a new advisory role at Exor, the Agnelli family holding company that acquired a majority stake in Shang Xia in December 2020 for around €80 million. Its portfolio includes Christian Louboutin, Ferrari, Italian football club Juventus and The Economist Group. In September 2021, Shang Xia hired designer Yang Li, a Beijing-born Central Saint Martins alum, to “wake up” the brand.
Learn more:
Is It Finally Time for Chinese Luxury to Go Global?
Hermès, Kering and Richemont have all dabbled in Chinese luxury brands but none have so far been a big international hit. Insiders now reckon they know why.
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