Feb 2, 2015
names Lands' End U.S. chief as CEO Dolce & Gabbana
Feb 2, 2015
Casual clothing retailer Lands' End Inc said Chief Executive Edgar Huber would step down in two weeks and be succeeded by Federica Marchionni, the U.S. head of luxury goods retailer Dolce & Gabbana.
Huber, who will leave on Feb. 17, has held the top job since August 2011 and led Lands' End spin off from struggling retailer Sears Holdings Corp last year.
Lands' End shares fell as much as 4.4 percent in morning trading.
Founded in Chicago 52 years ago as a catalog business, Lands' End has lost some of its cachet since the brand started to be sold at Sears stores. Its same-store sales in the quarter ended Oct. 31 fell 3.1 percent.
"We are confident she (Marchionni) will build upon the company's legacy as a classic American brand with a keen eye toward its future as a global lifestyle brand," Lands' End Chairperson Josephine Linden said in a statement.
The company, which sells products through its stores and those within Sears, catalogs and online, did not say why Huber was resigning.
Marchionni, D&G's U.S. operations president since 2011, has helped boost the company revenue "significantly" and oversaw the opening of several key stores, including the 5th Avenue flagship store in New York City, Land's End said.
Land's End said Marchionni, who joined D&G in 2001, also strengthened D&G's partnership with major U.S. department stores.
Marchionni has earlier held positions with companies such as Ferrari, Samsung and Ericsson.
Land's End, which has annual sales of over $1.5 billion, was founded by entrepreneur Gary Comer in 1963 as a mail-order operation for yachting gear.
Billionaire Eddie Lampert-controlled Sears Holdings spun-off Lands' End in a bid to shed assets and turn around its own business. The spin-off was complete on April 7.
Lands' End's shares were down 1.6 percent at $34.14 in morning trading on Monday.
© Thomson Reuters 2021 All rights reserved.