Holt Renfrew has announced a leadership change with the appointment of Franco Savastano as its new President and Chief Executive Officer. The move marks a pivotal moment for the Canadian luxury department store chain as it continues to navigate shifting consumer expectations, competition, and a retail landscape that increasingly demands strong digital integration alongside traditional luxury service.
Savastano succeeds Sebastian Picardo, who stepped down effective September 30, 2025, after five years at the helm. The appointment is expected to usher in a new era of strategic direction while reinforcing Holt Renfrew’s role as Canada’s leading luxury retailer.
Franco Savastano, is a Swiss retail executive with extensive leadership experience across two of Switzerland’s most prestigious department stores, Globus and Jelmoli. Over a career spanning more than a decade in senior leadership, he has consistently positioned heritage retail banners as leaders in the luxury marketplace.
Prior to that, Savastano spent seven years at Jelmoli in Zurich, where he introduced the House of Brands strategy and prioritized full-price sales, experiential retail, and elevated service. He launched omnichannel capabilities and the Jelmoli Concept Store at Zurich Airport, demonstrating a keen understanding of how luxury consumers increasingly expect seamless digital and physical experiences.
At Globus, which he led beginning in late 2019, Savastano orchestrated a dramatic repositioning following the acquisition by Thailand’s Central Group and Signa. His tenure was defined by a shift to brand-driven merchandising, renovations of key flagship stores, and forging deep partnerships with luxury labels including Louis Vuitton and Bucherer. The transformation positioned Globus as a formidable competitor in the European luxury department store sector, attracting both local and international clientele.
Leadership Style and Industry Reputation
Savastano is widely respected for his adaptive, hands-on management style. Known as a proponent of in-person collaboration and strong supplier relationships, he has demonstrated a capacity to maintain confidence from partners even during periods of financial turbulence. His leadership at Globus involved navigating ownership transitions, supplier negotiations, and shifting market expectations, all while repositioning the company firmly within the luxury segment.
Beyond his operational track record, Savastano has served on multiple boards and industry groups, including the International Group of Department Stores (IGDS). His involvement in city organizations such as Zurich Tourism underscores his broader role in promoting retail as an integral part of cultural and urban identity. These experiences position him as a leader who understands the role of retail beyond sales, encompassing lifestyle, community engagement, and urban development.
In a statement announcing his appointment, Savastano expressed enthusiasm about joining Holt Renfrew: “I am very honoured, humbled and excited about the opportunity to join Holt Renfrew. I’ve long admired Holts and am eager to help build on its long legacy as Canada’s top lifestyle and luxury retailer. Together with the team we can continue delivering for Holt’s customers with the world-class shopping experience they deserve.”
His background in repositioning European department stores toward luxury aligns closely with Holt Renfrew’s trajectory. Over the past decade, the Canadian retailer has consolidated its store network, closed secondary markets such as Ottawa, Quebec City, and Edmonton, and invested in large-format flagship locations in Canada’s most significant luxury markets.
Outgoing CEO Sebastian Picardo’s Legacy
The leadership transition follows the departure of Sebastian Picardo, who announced his decision to leave Holt Renfrew earlier this year to return to Europe with his family. Picardo’s five-year tenure was marked by both crisis management and ambitious modernization.
Joining Holt Renfrew in mid-2020, Picardo assumed leadership during the COVID-19 pandemic, one of the most challenging periods for retail globally. He guided the company through store closures and a rapidly changing luxury market, while driving a merchandising overhaul that diversified Holt Renfrew’s appeal.
Under his watch, Holt Renfrew introduced brands such as SKIMS, Knix, and Mejuri, alongside contemporary collaborations with Adidas and Levi’s. The move brought in younger demographics while maintaining traditional luxury clients. Picardo also prioritized digital growth, improving omnichannel retail and integrating Holt Renfrew’s e-commerce presence more deeply into its physical store strategy.
Reflecting on his successor, Picardo said: “I am so pleased that Franco has been chosen as the next leader of Holt Renfrew. I’ve known Franco for some time and have found his leadership, industry knowledge and warmth incredibly impressive. Franco is joining a very talented high-performance team and I’m looking forward to cheering them on as they continue accomplishing amazing results.”
Holt Renfrew’s Store Network and Strategic Direction
Founded in 1837, Holt Renfrew has long stood as Canada’s premier luxury department store chain. Today, it operates six full-line locations across four provinces:
- Calgary at The Core downtown
- Vancouver at CF Pacific Centre
- Toronto with stores at 50 Bloor Street West and Yorkdale Shopping Centre
- Mississauga at Square One Shopping Centre
- Montreal, Holt Renfrew Ogilvy on Sainte-Catherine Street
The chain has shifted away from smaller regional presences, closing stores in Ottawa, Quebec City, and Edmonton, while investing in renovations and expansions at major flagships. In Toronto, for example, the company consolidated its standalone men’s store at 100 Bloor Street back into its flagship at 50 Bloor West in 2024, following a multimillion-dollar renovation that created a unified, experience-focused hub.
The retailer has also leaned heavily into experiential retail. Holt Renfrew Ogilvy in Montreal combines a sweeping luxury assortment with art and cultural programming, while Toronto’s Bloor Street flagship features the ON3 hub that merges men’s and women’s collections alongside curated cultural experiences. Seasonal pop-ups, such as a Muskoka lakeside location in summer 2025, illustrate Holt Renfrew’s experimentation with temporary formats to capture clients beyond traditional urban settings.
Positioning for the Next Generation of Luxury Shoppers
The Holt Renfrew new CEO will inherit a retailer that has established itself as the definitive luxury destination in Canada, but one that also faces evolving challenges. Younger luxury clients are more digitally engaged, more attuned to sustainability, and more driven by experiences than possessions alone.
Holt Renfrew has already made strides in this direction, adopting more inclusive merchandising and modernizing its digital channels. The next phase under Savastano’s leadership may involve further aligning the brand’s strategy with these consumer expectations. His background at Globus and Jelmoli, where omnichannel, experiential retail, and strong brand partnerships were cornerstones, suggests he is well equipped to lead this evolution.
The appointment comes at a time when department stores globally are under intense pressure. Once the dominant format for luxury and lifestyle retail, many have struggled to stay relevant in the digital era. In Canada, Holt Renfrew remains one of only two department store-sized chains still operating, following the closure of competitors in recent times such as Saks Fifth Avenue and Nordstrom.
Savastano’s European background may bring a fresh perspective on how to adapt the department store model for Canada. His success in repositioning Globus and Jelmoli to thrive in Switzerland’s competitive luxury market suggests that Holt Renfrew will continue to double down on curated luxury assortments, strong brand partnerships, and experiential retailing.
With Holt Renfrew’s ownership by Wittington Investments, which has historically favoured a cautious expansion strategy, Savastano will likely focus on strengthening profitability within the existing store base rather than rapid geographic growth. That said, new flagship concepts, innovative pop-ups, and digital investments could provide growth opportunities without diluting the brand’s exclusivity.
…closed secondary markets such as Quebec City where it was founded…and sold its soul
While the standalone men’s store on Bloor Street was uninspiring, looking more like it belonged in a suburban mall than on a luxury high street, the current men’s department in the flagship just looks like an afterthought, shoved into a corner of the third floor. The men’s floor at Holt Renfrew Ogilvy in Montreal is infinitely more appealing. Let’s hope the new CEO pays some attention to the men’s market here in Toronto.
Consolidating its locations and making them all flagship stores with a comprehensive array of merchandise seems to have been a winning strategy for Holt Renfrew. I wonder though if management might have second thoughts about leaving the Edmonton market and not instead opening at West Edmonton. Or, do they feel the Calgary store is enough of destination to draw shoppers from all over Alberta, and a second store in the province would not be worth the investment?