Maggie Henriquez Named CEO of Cyrstal-Maker Baccarat – WWD

PARIS – Baccarat, the 257-year-old French crystal maker, has appointed Margareth “Maggie” Henriquez as chief executive officer, effective April 1, 2022.

Currently CEO of Krug Champagne, Henriquez has over 30 years of experience in top executive positions, leading brands from groups such as Moët Hennessy, Nabisco and Seagram, primarily in Latin America and France.

The seasoned CEO, who has served on Baccarat’s board of directors for over seven years, will succeed Hervé Martin, who has served as the company’s CEO since early 2020. remains an advisor and is an independent non-executive director. on the crystal maker’s board.

In a statement, board chairman Bryant Stone noted Martin had “successfully overcame the challenges of the pandemic and stabilized Baccarat” by leading the company through “a wide range of projects.” transformation in addition to achieving a record year, surpassing the company’s past best performance of 2019, with market share growth across all product categories and geographies. ”

Henriquez said she has “developed a tremendous respect for the heritage of Baccarat, its renowned artisans and its contribution to society through its unique artistic and craft techniques” over many years. years on the company’s board and hopes to leverage the talent of its workforce to “capture the next wave of growth for Baccarat. ”

Her nomination comes as the company faces two difficult years after falling into the hands of creditors when owner Fortune Legend Ltd. inability to pay. Despite such aggressive collaborations as the Crystal Clear collection designed by Virgil Abloh, Baccarat has been hit hard by the coronavirus pandemic and a French commercial court appointed two temporary receivers in September 2020. , in the context of a dispute between a controlling shareholder and its creditors.

Baccarat reported a revenue drop of nearly 30% in reported terms for the first six months of 2020 and a net loss of 11.5 million euros during this time.

The group has grown again this year. In the first half of 2021, the company registered sales of 86.6 million euros, up 19.9% ​​from 2019 and an EBITDA margin of over 17.3%, compared with 4% in 2019.

The company is currently managed by a fund group led by Hong Kong-based private alternative credit fund Tor Investment Management, which subsequently delisted Baccarat from the Paris stock exchange in 2020. .

Founded in 1764, Baccarat is one of Europe’s oldest purveyors of exclusive crystal creations, from custom-made chandeliers to Champagne glasses and jewelry.

For more, see:

Baccarat commissions fashion designers to revisit its historic Harcourt glasses

New York reopens: Tea for two at the Baccarat Hotel

Troubled French Crystal Maker Baccarat Has New Owner Maggie Henriquez Named CEO of Cyrstal-Maker Baccarat – WWD


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