Lands' End names new CEO
Lands’ End, an apparel brand known for its casual style, may be looking to go in a more luxurious direction after announcing its new CEO.
The company said its new CEO will be Federica Marchionni, who was president of Dolce & Gabbana USA Inc. She will also join the company’s board. She will succeed Edgar Huber, who is resigning from the company on Feb. 17.
Huber led the retailer through its separation from Sears Holding Corp. in April as Sears sought to focus on its core assets.
“We are delighted that Federica Marchionni is joining Lands’ End,” said Josephine Linden, chairman of the board of Lands’ End. “She is a multi-talented, visionary business leader with a complete set of creative, strategic and analytical skills to grow a multi-channel apparel brand in a highly competitive and evolving global environment. She has proven product development, retail and international experience, a tremendous passion for success, and a deep network of relationships across the fashion, consumer and retail landscapes. She also fully embraces the principles of quality, value and service on which Gary Comer founded Lands’ End in 1963. We are confident she 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 executive change at Land’s End comes less than two weeks after the company warned it expects fourth-quarter sales to decline 3% to 5% from a year ago, while net income is expected to tumble a more severe 20% to 26%. The company said it was disappointed by the performance of its cold weather gear, and also saw a mixed reaction to some of the fashionable sweaters and knits it attempted to sell to women.
“I have long admired Lands’ End’s powerful platform and I am excited to lead this iconic company,” Marchionni said. “I have great respect and appreciation for what the Lands’ End team has accomplished to date, and I look forward to leveraging Lands’ End’s strong foundation to expand the brand into new markets and channels over time while remaining true to the brand’s core values and customer base. I join the Lands’ End family with the clear goal of moving the Company forward by working with the Board to identify and pursue growth in key areas, collaborating with and inspiring our people to find new ways to delight customers, and delivering improved financial performance for our shareholders. I cannot wait to get started to take advantage of the significant opportunities ahead.”