Chanel has seen several executives leave the luxury fashion house in recent months amid a slowdown in demand for the sector’s pricey goods.

Two years into Leena Nair’s tenure as chief executive officer, the company’s former Japanese president has followed the executives from the US and the UK in leaving Chanel Ltd., which is well-known for its No. 5 perfume, tweed jackets, and miniskirts.

After forty years, Richard Collasse, who oversaw Chanel’s Japanese operations from 1995 to 2018, is departing the company, a Chanel official announced in a statement on Thursday. They said that he founded the international retail travel company in recent years.

In the last year, a few other executives left as well. After serving as president of the US region and chief operating officer for 16 years, John Galantic departed at the end of June. He had contributed to the growth of Chanel’s digital and e-commerce businesses. In September, Stephane Blanchard took his place.

According to his LinkedIn profile, Olivier Nicolay departed in March, having managed the operations in the UK, Canada, and Latin America for more than thirty years. Former LVMH Moet Hennessy Louis Vuitton SE executive Elizabeth Angles d’Auriac took over as UK president in his place.

After years of aggressive price increases, the brand is widely considered as one of the most exclusive in the luxury market. Handbags like the medium-sized flap bag currently retail for approximately € 10,000 in France. Following the passing of Karl Lagerfeld in 2019, Virginie Viard assumed leadership of Chanel’s fashion designs.