Hongkong and Shanghai Hotels Names Outgoing DFS Chief Vuchot as CEO

The owner of one of Asia’s ritziest hotel chains has appointed new leadership with The Hongkong and Shanghai Hotels Limited announcing late Tuesday that it has appointed outgoing DFS Group chairman Benjamin Vuchot as executive director and chief executive officer of the company effective 3 March 2025.

Vuchot, whose departure from his roles at the duty-free retailer was revealed last week, will be stepping into a role being vacated by Clement King Man Kwok, who will retire on 31 October. Known for its nearly century-old hotel in Kowloon, the Hongkong and Shanghai Hotels Group operates luxury hostelries in six Asian cities, in addition to three US properties and locations in London, Paris and Istanbul.

With over 30 years of experience in luxury retail with European giants Richemont and LVMH, Vuchot will also join the company’s executive committee, finance committee and group management board, following his appointment as director and CEO.

Vuchot, who is due to receive annual basic compensation of HK$8.5 million ($1.1 million) together with other benefits, said in a press release, “I’m honoured and excited to be joining The Hongkong and Shanghai Hotels Limited. It is a privilege to be working for a company that has built a reputation for excellence in luxury hospitality and exceptional services for over 150 years.”

Luxury Background

Following Kwok’s departure at the end of this month, Christobelle Yi Ching Liao, Hongkong and Shanghai Hotels’ executive director and chief corporate governance officer, will be appointed as interim chief executive officer and a member of the company’s executive and finance committees until Vuchot steps into his new roles next year.

Vuchot has served as chairman and chief executive of Hong Kong-based DFS since 2020, after previously working as North Asia president for the luxury travel retailer from 2011 to 2017.

Between 2017 and 2020 the graduate of France’s ESSEC Business School was Asia president for cosmetics and fragrance retailer Sephora, a unit of LVMH.

Before joining DFS Group, Vuchot spent nine years as Asia Pacific president of Richemont-owned jewellery maker Van Cleef & Arpels after beginning his career in sales and marketing with seven years at luxury brand Cartier.

Losses for Shareholders

The announcement of Vuchot’s appointment comes a few months after Hongkong and   2024 was below expectations”.

Including a property revaluation loss of HK$139 million ($17.9 million), the group suffered a loss attributable to shareholders for the period of HK$448 million as compared to a profit of HK$94 million in first half of last year, including a property revaluation gain of HK$222 million.

During the first half of 2024 the group incurred an underlying loss of HK$257 million as compared to an underlying profit of HK$25 million last year.

Two-Decade Tenure

Kwok will be retiring as managing director and chief executive officer of The Hongkong and Shanghai Hotels Limited after 22 years with the company. He will remain on the board as an executive director and an advisor to the CEO until the conclusion of the company’s annual general meeting of 2025.

The hotel group’s then-chief operating officer Peter Borer also retired on 31 July after spending 20 years with the company. On 1 August, he was redesignated as a non-executive director and became a senior advisor to the chairman of Hongkong and Shanghai Hotels for a term of two years from that date.