What: Matchesfashion, which has been without a chief executive officer since March, has picked former Printemps chief Paolo de Cesare for the top job.

Why it is important: Matchesfashion had focused its search within fashion and retail to find an industry insider who understands the business, the power of the brand, and the importance of differentiation in a crowded market where size and scale matter.

The retailer confirmed that de Cesare will succeed Ajay Kavan, who made a surprise exit from Matchesfashion after just 12 months on the job, and said he will take up his role later this year.

Maureen Chiquet, who has served as executive chairwoman of Matchesfashion since March, will return to her position on the board when de Cesare begins his tenure as CEO. A Chanel veteran, she has been running the operation during the transition period.

Matchesfashion Picks Paolo de Cesare as CEO