First Asian CEO in LVMH group vows to revive Fred, French heritage jewellery brand
- Hong Kong’s Charles Leung is the first person of Asian descent to hold a global CEO post within the luxury conglomerate, as head of heritage jewellery line Fred
- He believes Fred’s future growth lies with the next generation. He also has his sights set on expanding in Asia
Charles Leung Sau-seen made history when he was just 48 years old. In November 2018, the Hong Kong native became CEO of French jewellery brand Fred, making him the first person of Asian descent to hold a global chief executive officer title within the LVMH luxury conglomerate.
“I am the first global CEO of Asian descent, not just in LVMH, but the [European luxury] industry. Of course it makes me feel special, but sooner or later, it was bound to come. I may be the first one, but I won’t be the last one. Many more Asian brothers and sisters will come up later and take over other [fashion] houses,” says Leung during a recent visit to Beijing, where Fred celebrated the opening of its latest boutique.
Leung may remain modest about his new role, but it speaks volumes about the future of the business of luxury.
There is no question that Greater China – and the Asia-Pacific region as a whole – is a highly lucrative, if not the most important market for European luxury brands. For the past decade, the powers-that-be have installed CEOs from all cultures and walks of life to oversee local businesses, but the hallowed halls in Paris had yet to see an Asian face at the head of any brand’s global operations.
Leung’s appointment comes at a time when the topic of diversity is dominating headlines, but it also symbolises a growing need for better dialogue between East and West.