LVMH, the parent company of luxury fashion labels such as Louis Vuitton, Dior, and Givenchy, has named a new CFO.

Jill Pemberton is the new chief financial officer of LVMH North America, Inc. starting August 1. She will be reporting to CEO Anish Melwani and takes over the role previously held by Elisabeth Desvignes, senior vice president of finance at LVMH Inc. Desvignes will now be reporting to LVMH group CFO Jean-Jacques Guiony for a special assignment.

The ongoing coronavirus pandemic has put a dent in fashion industry and the main focus is how to survive from it. Bain & Company had predicted a contraction of 20 to 35 percent for the global luxury goods market in 2020.