Fashion veteran named Rag & Bone executive chair
Months after acquiring the brand, Guess, Inc. has appointed an executive chair of Rag & Bone.
The company named fashion industry veteran Andrew Rosen to the position, in which he will provide strategic direction and oversight of the Rag & Bone executive team. Rosen, who held an ownership stake in Rag & Bone for many years, is also the company’s board chair.
Following an early career at Calvin Klein, Rosen co-founded Theory in 1997 and oversaw the company’s growth as CEO for over 20 years. He is currently an active investor in fashion brands that include Alice + Olivia, Veronica Beard and TWP, which launched three years ago.
In early April, Guess and global brand management firm WHP Global completed the acquisition of New York-based fashion brand Rag & Bone, which operates as an independent brand within the Guess portfolio.
Guess owns all of the Rag & Bone operating assets, and Guess and WHP Global jointly own the Rag & bone intellectual property. The full purchase price of the acquisition was not disclosed, but Guess said it contributed $57.1 million towards the deal, in addition to contributions from WHP Global.
“It’s an exciting time for both Guess and Rag & Bone as we embark on the next chapter of growth, and I believe Andrew is the ideal person to continue to lead and represent the rag & bone brand on this journey,” said Paul Marciano, Guess co-founder and chief creative officer. “I couldn’t be more excited to work with Andrew in this great opportunity together. As we look to the future, our focus is on delivering the authentic and high-quality rag & bone collections customers have come to know and love, while extending its reach to even more people around the world.”
Rag & Bone directly operates 34 stores in the U.S. and two stores in the U.K. Its merchandise, which includes both men's and women's fashions, is also available in high-end boutiques, department stores and through e-commerce globally. In 2023, the brand generated revenue of approximately $250 million.
As of Feb. 3, 2024, Guess directly operated 1,002 retail stores in Europe, the Americas and Asia. The company’s partners operated 551 additional retail stores worldwide. Also, Guess and its partners and distributors operated in approximately 100 countries worldwide.
“Andrew knows our business and industry exceptionally well, and as a true visionary and pioneer in fashion has paved the way for many other founders, designers and entrepreneurs to succeed and grow in today’s evolving and increasingly digital environment,” said Carlos Alberini, Guess CEO. “Paul and I are pleased that Andrew has joined us as a fellow shareholder of Guess.”