DFS’ C-suite Is Changing

PARIS — There are more executive changes afoot in the highest echelons of LVMH Moët Hennessy Louis Vuitton — this time at DFS Group Ltd.

Benjamin Vuchot, the travel retail operator’s chairman and chief executive officer, is leaving DFS to “pursue other professional interests,” according to LVMH in a LinkedIn post today.

Vuchot will be succeeded on an interim basis by Ed Brennan, effective Nov. 1.

 “We thank Benjamin for his strong leadership of DFS through the very challenging COVID pandemic times to emerge as a leaner, more efficient and more focused organization,” Toni Belloni, senior non-executive DFS Group board director, wrote in the post. “Importantly, Benjamin also led the development of the Hainan Yalong Bay project, which will become a major pillar of DFS future growth.

“Ed Brennan is the perfect leader to step in and lead the continued reinvention of DFS,” continued Belloni. “He has over 25 years experience at DFS and has twice before been chairman and CEO with an outstanding track record. Over the past four years, Ed has been a non-executive director of DFS and fully involved in the strategic developments of the business.

Prior to DFS, until September 2020, Vuchot worked at Sephora. The executive was credited with growing the LVMH premium beauty retailer’s Asian business, while building a strong organization and having a keen understanding of digital innovation.

At the time, Vuchot succeeded Brennan, who had been running DFS and returned as a full-time member of the DFS board of directors in January 2021.

Vuchot graduated from the ESSEC business school in France and started his career at Cartier before moving on to direct Asian operations for Van Cleef & Arpels. He also had prior experience at DFS, where he headed operations in Greater China and South Korea in 2011.

Brennan since February 2021 has been serving as CEO of the Miller family office. Robert Miller was one of the cofounders of DFS in 1960.

“We are incredibly pleased Ed has decided to return to the chairman and CEO role at DFS,” said Miller in an internal LVMH memo. “Ed and his talented teams operated DFS through some of the most challenging and prosperous periods in our history by reinventing the business model, diversifying our offering and expanding our footprint. Ed is a strategic thinker who also likes to get into the details of each business.”

Brennan ran DFS between 1998 and 2021. Under his leadership, the operator returned to profitable growth. Brennan brought Miami Cruiseline Services into the LVMH fold after its acquisition. Under him, DFS’ focus had been broadened outside of Japan, with several Galleria retail concepts opened in the U.S. aimed at international and domestic travelers.

Before DFS, Brennan developed a reputation as fine merchant, particularly in menswear, at Macy’s, where he rose to become a senior-level executive.

Brennan and his family own Beak and Skiff Orchards, which is a private company owning apple orchards and producing speciality drinks distributed across the U.S.

DFS is part of LVMH’s selective retailing division, which — alongside Sephora — includes Le Bon Marché, La Grande Épicerie de Paris and 24S. The branch registered sales of 8.63 billion euros in the first half of 2024, up 3 percent in reported terms and 8 percent on a like-for-like basis versus the same prior-year period.

In 2023, the global travel retail market generated $72 billion, up 18 percent year-over-year. Beauty remained the largest category, making 36 percent of the whole, at $25.8 billion, according to Generation Research.

There have been other recent big shifts in LVMH’s C-suite. During this year alone, executive changes have included the nomination of a new deputy chief financial officer and head of LVMH Fashion Group, as well as the stepping down of Belloni, LVMH’s long-standing group managing director.

In late September, LVMH announced internally the upcoming departure of Christopher de Lapuente, CEO of the selective retailing division, who is retiring at the end of October. Following his exit, the CEOs of Sephora, DFS and Le Bon Marché will report to Stéphane Bianchi, LVMH group managing director.