Lands' End CEO Federica Marchionni Steps Down
September 26 2016 - 8:40AM
Dow Jones News
Lands' End Inc. Chief Executive Federica Marchionni has resigned
from her post, making her the second CEO to leave the struggling
apparel maker since its split from Sears Holdings Corp. two years
ago.
The company's chief operating and financial officer, James
Gooch, and its chief merchandising and design officer, Joseph
Boitano, will take over as co-interim CEOs, effective
immediately.
Ms. Marchionni, a former Ferrari and Dolce & Gabbana
executive, came to Land's End in February 2015. She has sought to
transform the company, known for its outdoorsy clothes, into more
of a fashion brand by adding slimmer-fitting clothes, stiletto
heels and a new line of athletic wear. So far her efforts haven't
resonated with Lands' End's core catalog shoppers.
Lands' End swung to a loss in its latest quarter and its revenue
declined due to less discounting. The company's stock, inactive in
premarket trading Monday, has fallen 33% from a year ago.
Ms. Marchionni, in a press release, said she and the board
"agreed it is time for others to bring Lands' End into the future."
She will also step down from the company's board.
Chains targeting Middle America, including Lands' End, J.C.
Penney Co. and the Gap Inc., have been squeezed on the higher end
by brands such as Michael Kors Holdings Ltd. and Coach Inc., which
sell a luxurious image at relatively affordable prices. On the
lower end, fast-fashion retailers including H&M operator Hennes
& Mauritz AB are churning out inexpensive, runway-inspired
styles.
The search for a permanent replacement will include both
internal and external candidates.
Write to Joshua Jamerson at joshua.jamerson@wsj.com
(END) Dow Jones Newswires
September 26, 2016 08:25 ET (12:25 GMT)
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