Apple has hired Paul Deneve, the CEO of haute couture fashion house Yves Saint Laurent. The news was first reported by Bloomberg and confirmed by AllThingsD. Deneve was actually a sales and marketing manager at Apple Europe from 1990 to 1997, so this will mark his second stint with the company. After he left Apple in the late '90s, Deneve was also the CEO of Lanvin and Nina Ricci before joining Yves Saint Laurent.
When the news broke that Deneve was returning to Apple, many assumed his role would be overseeing Apple's retail store operations. However, Apple then released a statement saying, "We're thrilled to welcome Paul Deneve to Apple. He'll be working on special projects as a vice president reporting directly to Tim Cook."
So what could the role be for a new VP at Apple who is working on "special projects" and reporting directly to Tim Cook? Given his fashion and luxury goods background, immediate speculation suggests Deneve maybe working on the fabled iWatch, or perhaps other wearable tech.