When Valérie Hermann agreed to become the new chief executive of the Yves Saint Laurent brand back in January 2005, the petite, energetic 44-year-old knew she had her work cut out for her.
Her task – turning the iconic but loss-making YSL brand into a profitable company – was arguably one of the toughest briefs in the modern fashion industry. The business was already a mess when Gucci Group, the luxury goods arm of French conglomerate PPR, bought it for what many analysts thought was an over-the-top $1bn in 1999.
