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Luxury entrepreneur Rachid Mohamed Rachid’s Alsara Investment Group — whose subsidiary Bidayat is preparing to relaunch the Walter Albini brand — has appointed a new CEO.
Former Unilever, Whirlpool India and Revlon India executive Shahzad Akhtar, who joined Alsara as chief marketing officer in December 2022, has been promoted to the top job — a newly created position — as it looks to drive growth and increase profitability across its portfolio, and acquire more brands.
The group currently owns Akoni, which produces eyewear for Valentino and Balmain (Rachid is CEO of Mayhoola, which owns the two fashion brands); Italian luxury outerwear brand Khrisjoy; soon-to-be-launched archive platform, Flyroom; design platform and talent incubator Fromm; jewellery label Azza Fahmy; handbag brand Okhtein; and investment subsidiary Bidayat.
The latter announced in May that it has acquired the intellectual property and a large part of the archives of the late Italian designer Walter Albini’s namesake brand, and plans to relaunch it later this year. Former Gucci creative director Alessandro Michele is rumoured to be in line to lead its design, although Bidayat has so far declined to comment.
An experienced marketer, Akhtar began his career as a consultant at professional services firm Accenture in the early 1990s and has held a slew of senior roles at brands. He joined Alsara from Revlon India, where he was general manager. “Shahzad Akhtar, with his considerable experience in brand building and leading businesses, will be able to work with the brand teams to drive an ambitious agenda on the existing portfolio of brands and lay the foundations for further acquisitions,” Rachid said in a statement.
“Alsara offers an exciting opportunity to build the next generation of luxury brands on the pillars of talent, great products and innovation,” added Akhtar.
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