Sebastian Picardo, President and Chief Executive Officer of Holt Renfrew since 2020, will be stepping down from his role effective September 30, 2025. The announcement was made by the company, which noted that Picardo has decided to return to Europe with his family and will be relocating to London to explore new professional opportunities. His departure marks the end of a pivotal five-year tenure during which he led Canada’s leading luxury department store chain through an era of intense transformation.
In a statement issued Friday, the company confirmed that a global search is actively underway to appoint a new President and CEO, with final candidates currently under review.
Picardo assumed leadership of Holt Renfrew at one of the most challenging moments in modern retail history. Joining the company in mid-2020, he entered during the height of the COVID-19 pandemic—a time when global supply chains were disrupted, consumer behaviour was shifting rapidly, and luxury retail faced mounting pressure to adapt.
Under his leadership, Holt Renfrew stabilized and evolved. The company acknowledged Picardo’s critical contributions in guiding the brand through turbulent times, stating, “His strong leadership and vision played an integral role in guiding Holts through a time never seen before in the retail landscape.”
In his own farewell message, Picardo reflected on the magnitude of the challenges and the successes that followed, noting that the company stands “stronger as a brand than ever before.”
A Strategic Shift in Merchandising and Customer Reach
A key part of Picardo’s impact was his work to evolve Holt Renfrew’s merchandising strategy to better reflect the changing preferences of luxury consumers in Canada. He introduced a broader assortment that included more contemporary and accessible fashion and lifestyle labels, helping the brand connect with a wider demographic.
Among the new brands brought into the assortment under Picardo’s watch were SKIMS, Canadian undergarment brand Knix, jewellery brand Mejuri, RAINS, Adidas, and On running shoes, among others. More recently, the retailer also introduced a Levi’s denim pop-up at its Calgary location, with plans to expand Levi’s into more Holt Renfrew stores across the country.
The expansion of the brand mix reflected a vision to maintain Holt Renfrew’s luxury credentials while becoming more inclusive, relevant, and accessible to a broader customer base.
Digital Transformation and New Store Concepts
In parallel with changes to the product assortment, Picardo oversaw a significant modernization of Holt Renfrew’s digital infrastructure. The retailer launched a redesigned website featuring improved navigation, easier product discovery, and a marketplace model that expanded the breadth of offerings online.
Additionally, sales associates were provided with new digital tools to enhance customer engagement, enabling more personalized and remote shopping experiences that became particularly vital during periods of lockdown and reduced store traffic.
One of the more high-profile changes during his tenure was the closure of the standalone Holt Renfrew Men’s store at 100 Bloor Street West in Toronto. The men’s offering was relocated to the main flagship at 50 Bloor Street West and became part of the ON3 concept—a new third floor space that blends men’s and women’s contemporary fashion, SKIMS, and H Project within an integrated environment.
A Focus on People, Values, and Purpose
Picardo’s influence was also evident in company culture. In his departing remarks, he described the evolution of Holt Renfrew into a “more purpose-led company driven by our mission and values.” He cited improved employee engagement and noted that the company saw the “lowest turnover in years,” attributing that to a revitalized workplace culture.
He also highlighted growth in the company’s own-bought business, which improved in profitability during his time as CEO. Holt Renfrew also experienced an increase in customer numbers, which Picardo described as evidence that “more customers are choosing Holts.”
According to Picardo, the company had cemented a strong strategy and integrated goals, with a network of strengthened partnerships and community connections supporting continued growth.
International Experience Brought to Canadian Luxury Retail
Born in Argentina, Picardo brought a deeply international perspective to the Canadian luxury landscape. Prior to his arrival at Holt Renfrew, he held the position of Deputy President and Chief Operating Officer at Lane Crawford, the prestigious luxury department store based in Hong Kong. There, he played a pivotal role in advancing the company’s omni-channel strategy and customer experience across Greater China.
Earlier in his career, Picardo held executive positions at several globally recognized brands. At Burberry, he led key digital transformation initiatives that helped modernize the British fashion house. He also held leadership roles at Net-a-Porter, Alexander McQueen, and professional services firm Deloitte.
In addition to his corporate leadership background, Picardo is a chartered accountant and holds academic credentials in public accounting, business management, business administration, and international finance. He also recently completed the Advanced Management Program at Harvard Business School.
Positioning Holt Renfrew for the Future
During his time in Canada, Picardo expressed confidence in the long-term viability of the country’s luxury retail market. He cited population growth, increased immigration, and a post-pandemic shift in consumer mindset as key factors driving demand for luxury experiences and products.
He also introduced short-term retail pop-up concepts in cities where the brand no longer has permanent stores—as a way to test new markets and engage regional shoppers. These types of innovations reflected his view that luxury retail needed to combine in-person service with digital reach and cultural relevance.
In his final comments, Picardo shared optimism for the company’s future, saying, “With every leadership change comes a great new injection of knowledge, thought leadership, energy, and possibilities.” He added, “I look forward to staying connected and watching Holts thrive.”
A Legacy Brand in Transition
Founded in Quebec City in 1837 as a furrier, Holt Renfrew has grown into one of North America’s most enduring luxury retail institutions. Today, it is owned by Wittington Investments, the Weston family’s holding company, which also controls Loblaw in Canada and Associated British Foods in the United Kingdom.
Holt Renfrew operates six key retail locations in Canada, including its flagship store at 50 Bloor Street West in Toronto. Other Ontario locations include Yorkdale Shopping Centre and Square One in Mississauga. In Montreal, the brand operates the historic Holt Renfrew Ogilvy on Sainte-Catherine Street. Additional stores are located in downtown Calgary at The CORE and in Vancouver’s CF Pacific Centre.
The company continues to operate a robust national e-commerce platform at holtrenfrew.com, which has become an increasingly important part of its customer engagement strategy.
Holt Renfrew is widely viewed as Canada’s closest equivalent to U.S. luxury retailers such as Saks Fifth Avenue and Neiman Marcus, with a reputation for providing personalized service, exclusive designer labels, and a curated retail environment.
What Comes Next
The departure of Sebastian Picardo represents a major leadership change for Holt Renfrew at a time when the luxury sector is continuing to adapt to shifting consumer demands, digital disruption, and global economic pressures. As the company searches for its next leader, all eyes will be on who takes the helm—and how they will carry forward the foundation built over the past five years.
For now, the company emphasized its confidence in the executive leadership team in place and expressed gratitude for Picardo’s tenure. “We are grateful for everything Sebastian brought to Holt Renfrew, our brand, our people, partners, and communities,” the company said.
As Picardo prepares for his return to Europe, he leaves behind a stronger Holt Renfrew, equipped with a clearer strategy, sharper digital tools, and a broader vision of luxury for the Canadian consumer.
