Banana Republic chief transfers to Chanel

Chanel Inc, the US arm of French luxury goods company Chanel, has appointed Maureen Chiquet president and chief operating officer, effective 2005. She is set to take over from Arie L Kopelman, who will become vice chairman and remain on Chanel Inc's management board after his retirement at the end of 2004.

Chiquet is currently president of Gap Inc-owned fashion brand Banana Republic. She will join Chanel this summer, before moving to France in September for a year to become acquainted with Chanel's business, the company said .