Sebastian Picardo, the president and chief executive officer of Holt Renfrew for the past five years, is leaving the Canadian luxury retailer on Sept. 30.
“An active global search is underway for our new president and CEO with final candidates being reviewed,” the Toronto-based company said in a statement Friday.
Holt also said that Picardo decided to return to Europe “to be closer to family and pursue other opportunities.” He is moving to London.
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Holt Renfrew, which is owned by the Weston family, is considered Canada’s leading luxury retailer. The Weston family, which has owned Holt Renfrew since 1986, are also owners of Wittington Investments, which is based in London and also has two big names in food in its portfolio, Loblaws in Canada and Associated British Foods in the U.K.
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Picardo joined Holt Renfrew at a time of unprecedented challenges including the pandemic; a slumping Canada economy marked by stalled income growth and high inflation; rising prices on imports due to unfavorable exchange rates, changes in the communities Holt serves due to immigration, and the global luxury decline. But Picardo developed a comprehensive strategy and mission statement to attract more consumers and brand partners, while maintaining Holt’s luxury aura and reinforcing its social values.
“In the last few years we’ve been gradually expanding our offer to bring products that have different price points, but still remain exceptional in the sense that they’re very special products,” Picardo told WWD during an interview in January. “We ask ourselves, is this product sustainable? Is this product new? Is this product diverse? Is this product Canadian? And can this product be available at Holt Renfrew only? We think of all these different things.”
He led efforts to expand the range of product offerings and prices focusing on contemporary and “accessible” brands. “We felt that there was a large group of people who were not necessarily thinking there were things for them at Holt, and that was partly because of our luxury positioning,” he said. “We still have a luxury positioning, but we know our customers come here because they want to have a multibrand experience. They also like high and low prices, as long as it’s a special product, a special brand.”
Such brands as Kim Kardashian’s Skims, Mejuri, the Canadian fine jewelry label, as well as Carhartt, Adidas and Commes des Garçons Play were among the “accessible” labels that were brought into the assortment, as well as Fear of God, a brand that blends luxury and streetwear.
Picardo also introduced a marketplace format and a redesigned website that is easier to navigate and bring products to market; provided sales associates with enhanced selling tools, and shut down the freestanding Holt men’s store at 100 Bloor Street in Toronto, relocating men’s to the 50 Bloor Street flagship nearby.
Another part of Holt Renfrew’s agenda has involved helping the environment by focusing more on waste reduction, energy efficiency and promoting sustainable brands.
In a letter to his employees this week, Picardo highlighted several of his accomplishments, citing an increase in profitability of merchandise owned by Holt Renfrew, more customers choosing to shop Holt’s, and a revitalization of the digital offering and experience.
Early this year, sources placed Holt Renfrew’s annual volume at around 700 million Canadian dollars, which at current exchange rates translates to about $512 million. The company operates six stores: three in Toronto at 50 Bloor Street West, in the Yorkdale and Square One shopping centers; the Holt Renfrew Ogilvy store in Montreal; and in downtown Calgary and downtown Vancouver. Five locations were closed beginning in 2015 as market conditions became more difficult.
Before joining Holt Renfrew, Picardo served as deputy president of Asia’s Lane Crawford. Earlier in his career, Picardo worked at Burberry, where he played a key role in building up the digital side of the London-based business. He also held senior slots at Net-a-porter and Alexander McQueen.
Picardo’s “strong leadership and vision played an integral role in guiding Holts through a time never seen before in the retail landscape,” Holt said in its statement. “We are grateful for everything Sebastian brought to Holt Renfrew, our brand, our people, partners, and communities. There are many accomplishments and today we are stronger as a brand, and as a proud Canadian business than ever before. As Canada’s leading fashion and lifestyle retailer, Holts has a clear strategy, goals, and values to continue to drive the brand by empowering self-expression and igniting positive change.”