US: Cache names Margolis CEO as Reinckens resigns
Women's wear retailer Cache has appointed Jay Margolis as its chairman and chief executive officer, replacing Thomas Reinckens who has stepped down.
Margolis most recently served as president and CEO at Limited Brands' apparel group. He previously held various positions at Reebok International, Esprit and Liz Claiborne, which has since changed its name to Fifth & Pacific Companies.
"Jay is a highly accomplished merchant with proven success in strengthening assortments, growing revenues, increasing store productivity and driving product sales in new channels, all of which is expected to position our company for sustained long term profitability and growth," said outgoing CEO Reinckens. "We are confident that Jay is the perfect choice for this important role."
In addition, Margolis will invest US$1m in newly issued shares of Cache in connection with the $8m rights offering announced by the company yesterday (6 February), which is subject to shareholder approval. The proceeds of the rights offering will be used to provide enhanced liquidity to Cache, the company said.
Separately, the retailer expects to post a fourth-quarter pre-tax loss of $4.8-$5.1m, compared to a pre-tax profit of $2.4m the year before. Sales are expected to fall 3.3% to $60.8m, while comparable store sales are seen edging down 0.7%.
Given their rapid evolution over recent years, it is difficult to predict where ERP and PLM will be a few years from now. Increased compatibility, cloud-based systems, social media mining, and on-dema...
Women's wear retailer Cache has appointed Anthony DiPippa as its new chief financial officer and executive vice president, replacing Margaret Feeney who has resigned from the company....
Limited Brands (now operating under a new temporary name L Brands) has lifted its full-year earnings guidance after posting a 14.4% increase in first-quarter net profit....
L Brands, the new, temporary name for Limited Brands, is to relocate its La Senza distribution centre operations from Montreal, Canada to its Columbus, Ohio base in the US to "better meet customer dem...
- US fashion firms share their sourcing strategies
- Cost biggest barrier to Bangladesh RMG remediation
- Bad sourcing blamed for pressure on retail margins
- Trump’s China tariff a self-serving sound-bite
- How apparel retailers should react to Brexit
- Ten key trends in apparel and footwear markets
- Bangladesh firm comes top in World Textile Awards
- Columbia rain jacket a milestone in sustainability
- Primark continues US expansion with third store
- $360m logistics investment to benefit Bangladesh
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Primark Stores Limited: Retailing - Company Profile & SWOT Analysis
- Clothing & Footwear Retailing in Indonesia– Market Summary & Forecasts
- Clothing & Footwear Retailing in China – Market Summary & Forecasts
- Nike Inc in Apparel and Footwear (World)