What: Holt Renfrew CEO Sebastian Picardo announces departure after five years of transformative leadership, during which he expanded the retailer's product range while maintaining its luxury positioning.

Why it is important: This change marks the end of a significant transformation period that saw Holt Renfrew successfully expand its customer base and digital capabilities while preserving its luxury heritage amid unprecedented market challenges.

Sebastian Picardo, president and chief executive officer of Holt Renfrew, will depart the Canadian luxury retailer on September 30, 2025, returning to London for personal reasons and new opportunities. During his five-year tenure, Picardo navigated unprecedented challenges including the pandemic, Canada's economic headwinds, and shifting consumer demographics. His comprehensive strategy focused on broadening the retailer's appeal while maintaining its luxury status, introducing contemporary brands like Skims, Mejuri, and Carhartt alongside traditional luxury offerings. Under his leadership, Holt Renfrew implemented significant operational changes, including a marketplace format, website redesign, and enhanced selling tools for associates. The company, owned by the Weston family since 1986, currently operates six stores generating approximately 700 million Canadian dollars in annual revenue. Picardo's legacy includes strengthening the retailer's commitment to sustainability and social values while successfully adapting to changing market conditions.

IADS Notes: Sebastian Picardo's departure comes after implementing significant strategic changes at Holt Renfrew since 2020. In January 2025, the retailer revealed a comprehensive strategy to broaden its appeal while maintaining its luxury positioning, expanding into contemporary and accessible brands like Skims, Mejuri, and Carhartt, which now represent about 30% of the assortment. Under Picardo's leadership, Holt Renfrew modernized its operations through the launch of a marketplace format, website redesign, and enhanced selling tools for associates. The transformation helped strengthen the retailer's market position following Nordstrom's exit from Canada, with six stores generating approximately 700 million Canadian dollars annually. The strategy also emphasized sustainability, increasing sustainable product offerings from 1% to 12%, while focusing on personal service and community engagement to build stronger connections with an evolving customer base.

Holt Renfrew CEO Sebastian Picardo departing