Vera Bradley Inc. has hired Fossil Group Inc.'s global marketing
and public relations vice president as its chief marketing
officer.
The retailer, known for its cotton-quilted patterns, is
struggling to sell customers on a revamped assortment of
microfiber, leather and faux leather bags and accessories.
In March, the Roanoke, Ind., retailer offered financial
projections for the current quarter and year that were well below
the Wall Street consensus. Given sales results thus far, it said it
wouldn't meet its target of $1 billion in sales in five years.
To spur sales, it said it would ramp up its marketing spending,
open more outlets and expand partnerships with retailers to carry
its products.
Theresa Palermo, who will join Vera on June 22 and will report
directly to Chief Executive Robert Wallstrom, will be a key piece
in the company's plans. She will be based in Fort Wayne, Ind.
Shares, down nearly 47% over the past 12 months, were down 1.27%
in late trading to $13.96. The company's stock set a 52-week-low of
$13.15 on Monday.
Vera is scheduled to report first-quarter results on
Wednesday.
Write to Maria Armental at maria.armental@wsj.com
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