French fashion house Jean Paul Gaultier, currently undergoing some restructuring, has named Eric Labaume its new president. The 53-year-old executive took over officially as chairman last Tuesday.

His predecessor, 52-year-old Donald Potard, one of Gaultier's childhood friends, announced his resignation in the beginning of this month after 25 years of working with the group. Though he said he was leaving since he had accomplished his mission, the rumors were that Potard was forced out due to the house's losses in the past few years.

Labaume has an extensive experience of managing such luxury brands as Balmain, Ines de la Fressange and Mendes, the major French manufacturer, which is a part of the group that also controls Lacoste sportswear label.

"Monsieur Jean Paul Gaultier chose Monsieur Eric Labaume for the variety and quality of his experience in the luxury sector, and notably in the areas of production and distribution," the fashion house said in a statement, according to FWD.

"His competence and mastery of the fashion métiers will allow him to guide the future development of the house."

The ready-to-wear and haute couture label, who posted its first loss since 1991 two years ago, has already eliminated 31 of 160 jobs in France as part of the company's restructuring plan.