Franchising, retail, business
02/02/2015
Edgar Huber, CEO of the casual clothing retailer, announces he will step down in two weeks and be succeeded by Federica Marchionni
Casual clothing retailer Lands’ End Inc said chief executive Edgar Huber would step down in two weeks and be succeeded by Federica Marchionni, the US head of luxury goods retailer Dolce & Gabbana.
Huber, who will leave on 17 February, has held the top job since August 2011 and led Lands’ End’s spin-off from struggling retailer Sears Holdings Corp last year.
Lands’ End shares fell as much as 4.4% in morning trading.
Founded in Chicago 52 years ago as a catalog business, Lands’ End has lost some of its cachet since the brand started to be sold at Sears stores. Its same-store sales in the quarter ended 31 October fell 3.1%.
“We are confident [Marchionni] will build upon the company’s legacy as a classic American brand with a keen eye toward its future as a global lifestyle brand,” the Lands’ End chairperson, Josephine Linden, said in a statement.
The company, which sells products through its stores and those within Sears, catalogs and online, did not say why Huber was resigning.
Marchionni, D&G’s US operations president since 2011, has helped boost the company revenue “significantly” and oversaw the opening of several key stores, including the 5th Avenue flagship store in New York City, Land’s End said.
Land’s End said Marchionni, who joined D&G in 2001, also strengthened D&G’s partnership with major US department stores.
Marchionni has earlier held positions with companies such as Ferrari, Samsung and Ericsson.
Land’s End, which has annual sales of over $1.5bn, was founded by entrepreneur Gary Comer in 1963 as a mail-order operation for yachting gear.
Billionaire Eddie Lampert-controlled Sears Holdings spun off Lands’ End in a bid to shed assets and turn around its own business. The spin-off was complete on 7 April.
Lands’ End’s shares were down 1.6% at $34.14 in morning trading on Monday.
Fonte:http://www.theguardian.com/business/2015/feb/02/lands-end-ceo-replaced-dolce-gabbana-marchionni