FRETTE APPOINTS HERVÉ MARTIN AS CEO
15th September 2014
New appointment follows acquisition of majority stake in Frette by Change Capital Partners
Frette SrL (“Frette or “the Company”), the leading international luxury linen and home furnishings business, has appointed Hervé Martin as Chief Executive Officer (“CEO”) with immediate effect.
The appointment of Hervé Martin follows the acquisition of a majority stake in Frette by Change Capital Partners, the pan-European private equity fund investing in retail and consumer goods companies. Change Capital Partners will make a significant investment in Frette to enable it to reach its full growth potential.
Hervé Martin has built an extensive career in leading a number of international luxury and fashion brands. He is the former Chief Executive of Baccarat, the luxury crystal manufacturer where he oversaw the firm’s global expansion into Asia and key emerging markets such as Brazil and Russia. Previously, in Florence, he was Managing Director, Products & Marketing at Salvatore Ferragamo, the Italian luxury products firm with overall responsibility for its brand positioning, product development, marketing and sales support. Prior to that he was Chief Executive of French fashion house Kenzo (LVMH group), where he substantially developed brand’s presence and sales.
Hervé Martin has also served as Managing Director Europe and Middle East at Louis Vuitton Malletier and was CEO of Cartier Jewellery International, the high end jewellery subsidiary of Cartier.
Interim CEO Andrea Warden will remain at Frette and has been appointed Brand Director, which will enable her to drive the firm’s ambitious brand development programme.
Roger Holmes, Partner at Change Capital Partners, commented: “I am delighted to welcome Hervé as Frette’s new chief executive and look forward to working with him. He has achieved tremendous success in developing a wide range of highly regarded luxury brands and his experience in opening up new international markets and distribution is a perfect fit for Frette. Under Hervé’s leadership Frette is well placed to strengthen its position in the luxury bed and bath linen market.”
Hervé Martin commented: “It is a privilege to be joining Frette at this time and looking forward to the challenge of growing the business. I have long been an admirer of Frette, which has an unrivalled position in its market, and believe it has an exciting future ahead of it.”
Founded in 1860 and based in Monza near Milan, Frette blends contemporary design with Italian craftsmanship to create exquisitely styled, handcrafted linens and textiles that are supplied to the world’s most prestigious hotels, restaurants, private homes, airlines, ocean liners and trains, such as the Orient Express. The company has supplied high quality linens to European royal families throughout Europe as well as the Vatican. Frette has 15 directly owned boutiques on the world’s most exclusive shopping boulevards in locations including Paris, Milan, Rome, New York and Beverly Hills and is present in high-end department stores from Los Angeles to London and Moscow to Hong Kong.
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Tel: +44 20 7638 9571
About Change Capital Partners
Founded in 2003, Change Capital is a private equity partnership, dedicated to making investments in consumer-oriented businesses across the European lower mid-market. The firm brings both capital and operational experience to enable brands and retail concepts that have established a distinctive customer proposition to secure the next stage in their development.
Change Capital’s team of investment professionals brings together the management expertise of Luc Vandevelde and Roger Holmes who led businesses such as Carrefour and Marks & Spencer with the private equity expertise of Steven Petrow and Stephan Lobmeyr from Bain Capital and Hicks Muse respectively.
The firm is currently investing its second fund and has so far deployed c €440 million through 13 acquisitions across Europe. Its portfolio is diversified by geography, sector and investment holding period.
Change Capital Partners is registered in the UK and is authorized and regulated by the FCA.