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  • Raf Simons exits Calvin Klein

    Raf Simons exits Calvin Klein

    Raf Simons is exiting Calvin Klein less than two years after his debut as its first chief creative officer and eight months before the end of his contract. The brand will not stage a runway show in February. The designer’s stint at Calvin Klein — coming after his turn as artistic director of women’s haute couture, ready-to-wear and accessory collections at Dior — won plaudits within the industry but failed to resonate commercially. His exit was widely expected after Calvin Klein parent PVH Corp. chief executive Emanuel Chirico last month criticised the brand’s uneven financial performance and skew toward “high-fashion” under Simons.

    “Both parties have amicably decided to part ways after Calvin Klein Inc. decided on a new brand direction which differs from Simons’ creative vision,” the company said in a statement. A representative for Simons declined to comment.

    Simons’ appointment in 2016 was met with much fanfare. The Belgian designer, as well known for his cult menswear label as his well-regarded stints at Jil Sander and Dior, was given a multi-million-dollar salary and the title of chief creative officer, with oversight over all aspects of marketing and design for the American megabrand, a degree of control he did not have at Dior.

    From the start, hiring a high-concept fashion designer for a brand best known to consumers for its denim, underwear and provocative marketing was a risky move. But PVH leadership saw competing businesses like Ralph Lauren stagnating for lack of creative innovation, while European stalwarts like Gucci soared after radical creative overhauls.

    With Simons, Calvin Klein hoped to not only generate a halo effect for its lower-priced products, but transform the label’s high-end ready-to-wear business, renamed 205W39NYC, from a marketing expense into a commercial powerhouse.

    But from the very beginning of Simons’ tenure, there was a disconnect between his personal aesthetic and the needs of a multi-billion-dollar, multi-tiered brand, driven less by high design and more by mass marketing, an area in which Simons had no experience. His first advertising campaign for the ready-to-wear collection, received mixed feedback. Shot by longtime collaborator Willy Vanderperre, it was arty and bloodless; far from the sexualised minimalism for which the brand was so well known.

    Yet there was plenty of industry praise for Simons’ catwalk shows. And in the first season alone, doors selling 205W39NYC jumped from 30 to 300. What’s more, Simons seemed committed to the cause of translating his designs into mass sales, visiting with Macy’s executives and hiring the Kardashian family to pose for underwear and denim advertisements.

    As recently as March, PVH appeared committed to the partnership as well, with Chirico touting the “credibility” that 205W39NYC would bring to the brand’s other lines. But PVH’s patience began to wear thin over the course of 2018, as the buzz generated by Simons failed to translate into consistent revenue growth.

    In September, a runway concept that required Simons to show off-site (recent catwalks have been held on the ground floor of the company’s headquarters) was scrapped due to budgetary constraints. Then, according to multiple sources, PVH expressed concerns that Calvin Klein’s extensive partnership with the Andy Warhol Foundation — which included merchandise — was too arty and high-brow for a mass audience.

    PVH, which also owns Tommy Hilfiger, missed sales projections in its most recent quarter. And Chirico last month called out the 205W39NYC ready-to-wear collection’s failures, adding that Calvin Klein’s recent denim collection had been a “fashion miss.” The brand’s revenue grew just 2 percent in the third quarter to $963 million. PVH shares are down 35 percent this year.

    “We will cut back on a number of these planned investments in the 205 collection business, and as we move forward, we will [be taking] a more … commercial approach to this important business,” Chirico said after PVH released financial results in November, adding that Calvin Klein will shift the focus of its marketing campaigns from high-fashion to more affordable items targeting a more mainstream audience.

    In recent months, the company had begun to dial back on some of Simons’ responsibilities, installing L’Oréal veteran Marie Gulin-Merle to be Calvin Klein’s new chief marketing officer, reporting not to Simons but to the brand’s chief executive Steve Shiffman.

    Simons earned multiple awards from the Council of Fashion Designers of America during his time at Calvin Klein and his absence will be keenly felt at New York Fashion Week, where he was one of the few designers who could command true international attention.

    “Raf brought a unique point of view to American fashion and the CFDA wishes him future success,” said CFDA chief executive Steven Kolb. “Calvin Klein is an iconic American brand that will continue to flourish under new creative direction.”

  • Vietjet CEO becomes first Vietnamese Bloomberg game changer

    Vietjet CEO becomes first Vietnamese Bloomberg game changer

    Nguyen Thi Phuong Thao is in Bloomberg’s list of 50 people who’ve been business game changers in 2018. Thao is the first Vietnamese citizen to be named in the Bloomberg list, which highlights key players in all fields, from finance to fashion, media to manufacturing, banking to biotech, politics to philanthropy, entertainment to energy. The founder and CEO of budget carrier Vietjet Air wants to take on regional giants like Indonesia’s Lion Air and Malaysia’s AirAsia Group Bhd.

    The carrier has forecast that the number of passengers it serves this year will rise 40 percent to 24 million, as it begins to tap into Vietnam’s growing middle class by expanding overseas routes.

    The expansion further changes the face of Vietnam’s aviation market that has been long dominated by state-owned Vietnam Airlines JSC, as VietJet offers millions of Vietnamese customers who have never flown the chance to buy a cheap ticket, Bloomberg says.

    Thao, 48, has extensive experience in doing business in Vietnam and abroad in many fields, including finance, banking, aviation, realestate, and retail.

    She launched Vietjet in 2011. The airline now leads the domestic market with a 45 percent share. It operates 385 flights daily within Vietnam and to Japan, Hong Kong, South Korea, Taiwan, Singapore, mainland China, Thailand, Myanmar, and Malaysia.

    The carrier made an IPO on the Ho Chi Minh City Stock Exchange on February last year, becoming the first airline in Vietnam to list publicly.

    Thao also has interests in banking and real estate, which includes owning three beach resorts.

    Bloomberg says it comes up with the list by utilizing its worldwide resources, including the work of 2,400 journalists and unique, proprietary data and analytics.

    Also on the list this year are Jerome Powell, the U.S. Federal Reserve chairman, Amy Hood, chief financial officer at Microsoft Corp, and Ryan Coogler, director of Maverl’s movie Black Panther.

    Just last week, Thao was named the 44th most powerful woman in the world byForbes, up 11 places from last year.

    Forbes estimated the richest woman in Vietnam to have a net worth of around $2.6 billion.

  • Lazada Group appointed new CEO

    Lazada Group appointed new CEO

    Lazada Group has announced its second new CEO this year, with group executive president Pierre Poignant taking the role immediately. Incumbent Lucy Peng, who took over the role nine months ago after moving from major investor Alibaba, will remain with the business, assuming the title executive chairwoman.

    In a media statement, Lazada described the change as “succession planning”.

    Poignant, who was appointed president in August, will lead the company’s strategic development into new growth pillars, while continuing to manage Lazada’s operations in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam, working closely with country CEOs and regional functional team leaders.

    “Pierre is a well-respected Lazada co-founder, who has contributed tirelessly to the company for the past six years,” said Peng. “He and the team of other co-founders had the vision to build our logistics network from the ground up back in the days when no one in Southeast Asia believed in e-commerce – this valuable asset has now set us apart from the competition. Over the years, Pierre has consistently delivered beyond his call of duty and excelled in every role he has taken up.”

    Poignant said Lazada has benefitted from the Alibaba ecosystem, from the technological prowess to the logistics network.

    “This year is a turning point for Lazada. We have improved and evolved and now come out stronger, more efficient, and more agile than the start of the year. Our transformation has just begun and I am confident next year will be another watershed year,” said Poignant.

  • Glossier’s president and CFO quits

    Glossier’s president and CFO quits

    One of Glossier’s earliest executives is leaving. Henry Davis, president and chief financial officer, is exiting the direct-to-consumer beauty brand after almost five years to pursue his own entrepreneurial opportunities. This comes weeks after Davis’ position changed from chief operating officer to chief financial officer, a role the company has been trying to fill since former vice president of finance Matthew Weiler departed the company earlier this year.

    In addition to Davis and Weiler, former creative director Helen Steed left Glossier a year ago to join New York-based branding and design agency Aruliden as vice president and creative director. Glossier confirmed Davis’ departure. His last day will be December 31.

    “Henry has been my partner since the earliest days of Glossier. He was one of the first people to understand the opportunity to build a new kind of company — one that leverages technology to create in collaboration with its customers,” Emily Weiss, founder and chief executive, told BoF. “I’m excited for him as he begins his own entrepreneurial journey.”

    After Weiss, Davis was the most public face of the business. He was one of the first executives hired by Weiss and joined the brand in June 2014, three months before launching in October of that year.

    Previously, Davis worked at Index Ventures, an early investor in Glossier that also led, along with Institutional Venture Partners, a $52 million Series C round of funding in February.

    A changing of the guards in upper management follows a handful of new hires including Marie Suter, who left Condé Nast after a 13-year tenure to join Glossier as creative director in March.

    Facebook alum Maykel Loomans is now head of digital product design, and Kym Davis, formerly of Fenty Beauty, is leading product development.

    Ashley Mayer, who came from Silicon Valley-based venture firm Social Capital, is head of communications, and former head of communications, Amy Snook, recently became chief of staff.

    The company, which has almost 200 employees, has raised $86 million and, according to a source close to the company, is on track to do over $100 million in revenue this year.

    In November, Glossier opened a flagship location in New York City that by customer accounts was one of the most bustling stores in the area.

    To date, the brand has only sold its range of skincare, cosmetics and body care through direct channels, an anomaly for direct-to-consumer lines that have begun to rely on retail partnerships to scale. Since inception, Weiss’ mission has been to retain complete control of its brand experience by creating a direct retail network to support the digital first line.

    And even though this may have resulted in the brand not yet scaling to the size of many other heavily funded startups, Weiss’ — and by extension Glossier’s — influence is outsized. Weiss has stayed true to her direct roots and in doing so has managed to build a cult following and community of engaged consumers willing to buy anything put forth by the brand, from its best-selling Boy Brow grooming pomade to its Milky Jelly Cleanser.

    The brand’s most engaged consumers have become ambassadors that are treated like influencers — some unpaid and others receive cash and shopping credits for their efforts in spreading the word.

    Weiss has been thoughtful about international expansion. Despite global demand from the onset, she took three years to sell outside the US. Glossier started selling in Canada and the UK last year and this year entered Ireland, Sweden, Denmark and France. The brand now sells across seven countries.

    “This team has proven that building a business alongside your customers is the future — not only in the world of beauty, but for all internet-first brands,” Davis said. “I couldn’t be more bullish about Glossier’s future as I embark on founding my own company.”

    Nabil Mallick, a partner at Thrive Capital and Glossier board member, will serve as interim CFO. A search for a full-time CFO is underway.

  • Indonesia’s Traveloka Co-Founder Resigns

    Indonesia’s Traveloka Co-Founder Resigns

    Indonesian unicorn startup Traveloka announced the resignation of its co-founder, Derianto Kusuma, from his position as chief technology officer on Tuesday. Derianto was one of three persons involved in the establishment in February 2012 of the online ticketing and hotel booking service, which has since become one of the leading tech companies in Southeast Asia.

    “Deri has played an unparalleled role in Traveloka’s development and success by building, scaling, and making not only sustainable technology capability and systems but also a sustainable organization,” said Ferry Unardi, chief executive and co-founder of Traveloka.

    Following his exit from the company, Derianto took to online publishing platform Medium to write about his journey. In his post, he wrote about what drove him to start the company and the actual implementation of different business models throughout the nearly seven years since Traveloka was founded.

    He also touched on why he decided it was best for him to leave.

    “A few years ago, the battle started to show trends towards being more commercially than innovation-driven, predatory than productive, perception-oriented than fundamentals-oriented,” Derianto wrote.

    With these new trends, Derianto felt that his duty – building the technological foundation – had been fulfilled.

    “Two years ago, I ensured Traveloka had strong technological, organizational foundations built for scale and sustainability, and put in place a solid senior team that can take them forward,” Derianto wrote.

    Though Derianto wrote that he would be spending more time with family and friends after resigning, he said he “yearns” to develop a new venture in a noncompeting category, a technology that would “fundamentally transform society.”

    “I’m glad that we have finally reached this milestone where I believe it’s a win-win for everyone involved,” Derianto wrote.

  • Safilo appoints new executive to head e-commerce

    Safilo appoints new executive to head e-commerce

    Eyewear firm Safilo has appointed Andrea Bulgarelli to the newly created role of digital transformation director, as the Dutch-owned Italian company sets its sights on renovating its e-commerce infrastructure by 2020. An e-commerce fashion veteran, Bulgarelli comes from fellow Italian firm Benetton, which he joined in 2015 as group digital business director.

    Prior to his two year stint at Benetton, Bulgarelli was pivotal in the creation of e-commerce sites at luxury fashion Max Mara from 2007 to 2015, serving as the group global digital and e-commerce director for eight years. He came to Max Mara as operations and innovation director, after two year’s experience in sales.

    He is a graduate in telecommunications engineering and has an MBA in business administration.

    In his new role at Safilo, Bulgarelli will oversee the management of all consumer-facing touchpoints including merchandising planning, direct e-commerce, digital marketing, content production and CRM – all functions that he performed, among others, at Benetton.

    His appointment underpins Safilo’s direct-to-consumer strategy currently being executed, within its industrial plan for 2020.

    “Digital initiatives are at the heart of our growth and development strategy […] thanks to Andrea Bulgarelli’s leadership, we will finally be able to accelerate our e-commerce activities and our digital transformation,” explained Safilo CEO Angelo Trocchia.

    However, Safilo’s most recent financials were far from rosy. On November 3, the group reported third-quarter revenues of €221.5 million, down 9% at current exchange rates compared to the same period in 2017.

    The situation was similar over the first nine months of the year, with revenue down 9.7% to €713.7 million, compared to €790.5 million in 2017.

    Founded in 1934 by Guglielmo Tabacchi in Pieve di Cador, Safilo Group today designs, produces and distributes prescription frames, sunglasses, sports eyewear and helmets under its own five house brands and 32 licensed brands including Dior, Fendi, Givenchy, Moschinoand Tommy Hilfiger and is owned by Hal Holdings since 2008, the Dutch investment firm which holds 37.23% of the company.

     

  • Alan Liis the new president of CBRE China

    Alan Liis the new president of CBRE China

    CBRE, the worldwide commercial real estate services and investment firm, recently announced the appointment of Alan Li as President, CBRE China, effective immediately. Alan will be responsible for CBRE’s advisory services across business lines in China, including Advisory and Transaction Services, Capital Markets, Asset Services, and Valuation and Advisory Services.

    Based in Shanghai, Alan will report to Ben Duncan, President of North Asia.

    To the newly created role, Alan brings approximately 18 years of professional experience in the China commercial real estate industry.

    He joined CBRE in 2015 and since this time has served as Managing Director of Capital Markets for Greater China.

    “The future of our brand in China will increasingly rely on our ability to further localize our business and solution offering to clients.” said Duncan.

    Alan is a member of Royal Institution of Chartered Surveyors (RICS) and a registered real estate broker. He is also a member of All-China Youth Federation and the standing committee of Shanghai Youth Federation, and Vice President of Shanghai Foreign-Invested Enterprises Youth Talent Association. He holds an MBA from Fudan University.

  • Vietjet CEO climbs Forbes list of World’s Most Powerful Women

    Vietjet CEO climbs Forbes list of World’s Most Powerful Women

    Nguyen Thi Phuong Thao has been named the 44th most powerful woman in the world by Forbes, up 11 places from last year. Thao is the only Vietnamese to make the magazine’s list of 100 most powerful women this year. Forbes estimated the CEO of budget carrier Vietjet Air and the richest woman in Vietnam to have a net worth of around $2.6 billion.

    Forbes compiles the list based on assets, impact, spheres of influence, media presence, and social media power.

    Thao has extensive experience in doing business in Vietnam and abroad in multiple fields such as finance, banking, aviation, real estate, and retail.

    She launched Vietjet in 2011. The airline leads the domestic market with a 45 percent share. It operates 385 flights daily within Vietnam and to Japan, Hong Kong, South Korea, Taiwan, Singapore, mainland China, Thailand, Myanmar, and Malaysia.

    Thao also has interests in banking and real estate, which includes owning three beach resorts.

    Topping the list of the most powerful women in the world, for an astonishing eighth year, was German Chancellor Angela Merkel.

    She was followed by British Prime Minister Theresa May, former U.S. Federal Reserve Chairwoman Janet Yellen and General Motors CEO Mary Barra.

    The list comprises business leaders, politicians, investors, scientists, philanthropists, and people who are finding solutions to the world’s most difficult problems or have the most global impact.

  • GEOX appointed new leader for Asia Pacific

    GEOX appointed new leader for Asia Pacific

    Geox is a leading brand in the International lifestyle footwear Market. The success of Geox is due to the constant focus on the application of innovative solutions and technologies on the product that guarantee both impermeability and breathability. Geox technology is protected by over 60 different patents registered in Italy and extended internationally.

    Over 65% of its turnover is achieved abroad in more than 110 countries worldwide. Geox distributes its product through around 10,000 multi-brand selling points and a network of 1.157 mono-brand shops worldwide.

    Effective from today, Fillipo Gori, former CEO APAC at Roberto Cavalli, will lead the Asian expansion of the brand.

    Filippo Gori is a fashion professional with a finance and consulting background. After having worked 3 years in management consulting he joined GE Energy where he worked 3 years in FP&A. Soon after he began his journey in fashion, working for Emilio Pucci (Retail Controller), Gucci (Greater China CFO) and Replay (CEO APAC).

    In 2016 Filippo joined Vip.com as BD Director for international brands and established a profitable business in less than one year.

    In 2017 Filippo joined Roberto Cavalli, in one year and a half he opened in 3 new markets and increased the store network from 2 to 20 across Asia. In 2019 most of Asia markets will be reopened either through DOS or franchisee partnerships.

  • Samsung Electronics gives stability a try

    Samsung Electronics gives stability a try

    The CEOs of Samsung Electronics semiconductors, smartphones and consumer electronics divisions all kept their jobs in the company’s annual corporate reshuffle announced Thursday. Kim Ki-nam, head of Samsung’s device solutions division, which includes semiconductors, retained his position but has been promoted from president to vice chairman. Samsung’s semiconductor business has seen operating profit grow for the past 11 quarters as of September.

    The other two division heads – Koh Dong-jin of IT and mobile communications and Kim Hyun-suk of consumer electronics – were reappointed as CEOs and will retain their current president job titles.

    Roh Tae-moon of the IT & mobile communications division was promoted from vice president to president and will continue to head the smartphone development team. Roh has been at the core of technology development for Samsung’s Galaxy smartphone brand since the range was first introduced.

    For a company well known for rapidly exchanging executives based on performance, the minor superficial changes at the top made this year suggest that Samsung is shifting instead to put more weight on stability rather than expansion next year.

    The company already went through a major generation change last year when it laid off older executives to replace them with younger ones. A total of 14 top executives were reshuffled at the time. Samsung said in a statement on Thursday that it “re-appointed business executives from last year to realize ‘innovation within stability.’”

    The drive for stability also comes at a time when Samsung faces several uncertain factors that analysts say will halt this year’s rally of record profits. The global chip market, which has been on an unusually long supercycle over the last few years, is anticipated to slow down in 2019.

    Outlooks on the global economy are also grim due to the remaining risk of the United States and China continuing their trade war.

    Samsung also stuck to its performance-based HR strategy by heavily compensating executives and managers in the device solutions division, including CEO Kim Ki-nam.

    Kim has been heading the semiconductor business at Samsung since December 2014. Under his lead, the company celebrated the last two years as the No. 1 chip manufacturer in the world. Chips were also a major contributor to Samsung’s record-high quarterly profits this year.

    Kim wasn’t the only one to be rewarded. Among a total of 158 senior executives promoted at Samsung, including those below president, 80 were from his division.

    Samsung employees in the device solutions division will receive bonuses between 300 to 500 percent of annual wages. Even external partners and suppliers for the division will reap incentives this year of up to 89.7 billion won ($79.8 million) in total.

    Meanwhile, this was the first time in three years that Samsung Electronics has released annual reshuffle results at the year’s end – a sign that Samsung is getting back on its feet after Vice President Lee Jae-yong’s return from prison in February.

    There were no annual reshuffles at all in 2016 when Lee was investigated for bribery charges regarding former President Park Geun-hye. It was only in October last year that the company announced a reshuffle plan among top executives.

    Other Samsung affiliates announced annual reshuffle results on Thursday. Samsung C&T Vice President Kim Myeong-soo was promoted to president. He was in charge of the task force in charge of improving competitiveness in engineering, procurement and construction.

    Vice Chairman Lee’s sister Lee Seo-hyun was appointed as chairman of the Samsung Foundation, which conducts social welfare projects. She was formerly president of the fashion division at Samsung C&T.

  • Jeju Air co-CEO plans to depart

    Jeju Air co-CEO plans to depart

    Jeju Air said on Wednesday that co-CEO Ahn Yong-chan has expressed his intent to step down from his post, leaving the company to operate under the sole leadership of current co-CEO Lee Seok-ju. Ahn leaves Jeju Air after working under the company’s parent Aekyung Group since 1987.

    The co-CEO served in numerous positions at Jeju Air’s group affiliates such as in Aekyung Petrochemical and Aekyung Industry.

    The company said that Ahn served as CEO at the group’s affiliate companies for 23 years, and that he felt it was right to leave the company at a time when it is performing well, along with his original plan to retire at 61-years-old.

    Jeju Air has become a sizeable contender in the low-cost carrier industry in Korea. It reported 349.5 billion won ($311.6 million) in revenue in the third quarter this year, a 31 percent increase from the previous year.

    Ahn is the son-in-law of Aekyung Group’s Chairwoman, Chang Young-shin.

  • Esprit appointed new chief product and brand officer

    Esprit appointed new chief product and brand officer

    Struggling fashion retailer Esprit has tapped a former Burberry and Tommy Hilfiger executive to become its chief product and brand officer. Mia Ouakim will take up the new role – a crucial post in the brand’s turnaround plan – in February, reporting to the group CEO.  She will be responsible for managing the product creation and design of all product divisions, as well as the consistent execution of the brand strategy across all product divisions and consumer touch points, according to Esprit in a stock exchange filing.

    Ouakim’s experience spans corporate strategy, product design, merchandising, planning and development, brand and communication, and distribution gained from luxury and premium fashion brands. Her most recent role was senior VP of Tommy Hilfiger menswear and tailored, overseeing the brand’s menswear division globally. Prior to that, she served as VP at Tommy Jeans, formerly known as Hilfiger Denim (Women & Men) between 2014 and

    2017 where she had full business responsibility of the denim division globally.

    Before joining Tommy Hilfiger, Ouakim held various roles with Burberry, working in product, merchandising and design roles for childrenswear between 2006 and 2014. Before that, she was with Children Worldwide Fashion in the UK, responsible for brand, communication and public relations of various luxury and premium brands, including Burberry, Timberland, Kenzo, Nike, Elle and DKNY childrenswear.

  • Morgan Tan to lead Shiseido China region

    Morgan Tan to lead Shiseido China region

    Shiseido is boosting management of its Greater China business as part of a new strategy to boost is presence and sales in the region. Hong Kong-based Morgan Tan has been named as the senior VP of the Prestige Brands Division for the China region and will take up the new role on January 1. In her new role, Morgan will drive the growth of the prestige brands business in the China region under the new regional headquarters system.

    Morgan Tan has been with retail industry for more than 20 years, with experience in fashion, luxury and cosmetics. She started with Polo Ralph Lauren in Taipei before moving to Hong Kong in 2003 as the sales and operations director at Lane Crawford Hong Kong, gaining experience in leasing, merchandising and e-commerce. She was appointed president of Shiseido Hong Kong in 2015 and will retain that role along with her new one.

    The appointment is a key part of Shiseido’s medium-to-long-term strategy, Vision 2020, in which the company aspires to “be a global winner with our heritage” by ensuring sustainable growth in the Chinese market.

    Shiseido said in a statement that it will reinforce both the brand and corporate business structures in the China region “to enhance brand appeal to Chinese consumers and strengthen market execution”.

    Kentaro Fujiwara, as president and CEO of China region, will oversee the strategic alliances with emerging e-commerce platform companies across the region

    Newly hired Julie Chiang has been appointed chief marketing officer, overseeing Shiseido’s cosmetics brands and personal care brands.

    Other new China region appointments are Anson Yu as CFO, Julia Li as chief people officer, and Zaheer Nooruddin as senior VP, digital experience division.

  • Roger Dubuis appointed new CEO

    Roger Dubuis appointed new CEO

    Effective December 1, Nicola Andreatta will be the new Chief Executive Officer of Manufacture Roger Dubuis. Nicola comes with 20 years of experience in the management of luxury and watch industries. In 2013, Nicola was appointed Vice President and General Manager of the Swiss entities of Tiffany & Co.

    Prior to that, Nicola founded N.O.A. Watch Company in Ticino, Switzerland, which he developed during more than 10 years. And before founding his own company as an entrepreneur, Nicola held various roles in Asia in the watch and luxury industries, as Managing Director, COO and CFO, with the companies, AC Services Ltd, Harwood Investments Ltd and Art Concord Ltd, where he has started his career in 1998.

  • J.Crew’s CEO Jim Brett is leaving the firm

    J.Crew’s CEO Jim Brett is leaving the firm

    J.Crew chief executive Jim Brett is exiting the company, the retailer said, and a committee of four executives will step in to manage operations until a replacement is found. The statement said the decision had been mutual between Brett and the board of directors.

    “Returning J.Crew to its iconic status required reinventing the brand to reflect the America of today with a more expansive, more inclusive fashion concept,” said Brett. “However, despite the recent brand relaunch already showing positive results, the board and I were unable to bridge our beliefs on how to continue to evolve all aspects of the company.”

    Brett will be replaced by four executives: chief operating officer Michael Nicholson, chief experience officer Adam Brotman, chief administrative officer Lynda Markoe and Libby Wadle, president of the Madewell brand.

    Brett joined the specialty retailer in July 2017, at a time when the company was struggling with looming debt payments and declining consumer sentiment toward the brand. Over the next year and a half, he overhauled the executive team, bringing in former colleagues from West Elm — where he was CEO — and URBN — where he worked at both Anthropologie and Urban Outfitters — to revamp the brand identity and restructure the business. In 2017, the company was able to bide a bit more time to implement a turnaround, negotiating with creditors to push back the maturity of $566.5 million in debt from 2019 to 2021.

    He lowered prices, launched new brands and tried to reposition J.Crew as an inclusivity-driven, one-for-all label not so tied down by its preppy heritage, especially as it had most recently been interpreted by agenda-setting designer Jenna Lyons.

    In a sharply worded email sent to senior staffers in July 2018, he dismissed Lyons’ work, which turned polarising near the end of her tenure, while laying out his own priorities.

    “PRETTY always sells. A glen plaid jacket with a graphic tee and camouflage pants is anything BUT pretty,” he said. “The new feminist fashion movement is enjoying the POWER of femininity (see latest Dior shows) vs. the last feminist movement which was about women finding power in dressing like men. Femininity is critical — pretty is critical — femininity is powerful. These things are in starch [sic] contrast to Jenna’s masculine, sexual and overtly aggressive J. Crew.”

    While Lyons’ vision had stopped resonating with consumers, Brett’s fix was viewed by some analysts as a watering down of the product. There were too many changes at once — from the introduction of a bare-bones loyalty programme to changes in fabric suppliers to the implementation of a marketplace — all with varying impact. He also continued to discount heavily, something many of J.Crew’s competitors are trying to move away from. Talk of a decline in morale also permeated Brett’s run, with multiple corporate-level employees leaving, including one of Brett’s own hires, chief marketing officer Vanessa Holden, who recently announced her departure.

    In the second quarter of 2018, the group — which also includes Madewell — reported that same-store sales rose 1 percent from a year earlier after 15 straight quarters of decline. Star performer Madewell, which drives about a fifth of sales, saw comps jump 28 percent. Total sales at the company were $588 million, up 3 percent from the same quarter in 2017. The company still experienced a net loss of $6 million, compared to a $19 million loss during the same period last year.

    Whether the company has managed to keep up the momentum will be revealed imminently, as third-quarter earnings are expected to be released this month. The period was marked by J.Crew’s official September relaunch, including the rollout of its #meetmycrew marketing campaign. Just this past week, J. Crew launched another brand, Nevereven, which is also being sold at multi-brand retailers such as Fred Segal in Los Angeles.

    But talk of the company giving up more of its corporate office space to Facebook and Instagram — which occupies the same building — and news of a “for rent” sign in the window its popular men’s concept shop, the Liquor Store, indicates that the J.Crew is still in cost-cutting mode.