Core Insights - Holt Renfrew has appointed Franco Savastano as president and CEO, bringing extensive experience from his previous roles at Jelmoli and Globus [1][2][3] - The appointment comes at a time when Holt Renfrew is navigating challenges in the luxury market, including a global luxury slump and changing consumer behavior [3][4] - Savastano's leadership is expected to strengthen Holt Renfrew's position in the upscale market, especially following the closures of Nordstrom and Saks Fifth Avenue in Canada [4] Company Overview - Holt Renfrew operates six stores across Canada, with an annual volume of approximately 700 million Canadian dollars [3] - The company has faced difficulties, closing five locations since 2015 due to challenging market conditions [3] - Approximately 7 to 8 percent of Holt Renfrew's total business comes from its online platform, holtrenfrew.com [3] Leadership Transition - Franco Savastano succeeds Sebastian Picardo, who led the company through significant challenges, including the pandemic and economic downturn [4] - Picardo developed strategies to attract consumers and brand partners while maintaining Holt Renfrew's luxury image [4] - Savastano expressed enthusiasm for his new role and aims to build on Holt Renfrew's legacy as a top lifestyle and luxury retailer [4][5]