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June 12, 2019

Citi Trends CEO Bruce Smith to step down

Bruce Smith, CEO of US value fashion retailer Citi Trends, is resigning after 12 years at the company – but will continue to serve as CEO until a successor is in place or until 1 February 2020.

By Beth Wright

Bruce Smith, CEO of US value fashion retailer Citi Trends, is resigning after 12 years at the company – but will continue to serve as CEO until a successor is in place or until 1 February 2020.

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Smith, who started as chief financial officer, rising to chief operating officer and ultimately to chief executive officer, says: “I am proud to have contributed to the growth of this business that offers affordable urban fashion apparel and accessories for the entire family. I believe the future of Citi Trends is bright and I will be cheering for the company’s success.”

The company’s board has formed a search committee to identify its new CEO, and has appointed former Macy’s chief growth officer Peter Sachse to serve as special advisor to the CEO.

In this role, Sachse will provide strategic advice and counsel to the CEO during the transition and will assist Smith in pursuing the strategic objectives of the board and positioning the company to grow and deliver value for its customers, associates and shareholders.

Sachse has over three decades of experience at Macy’s Inc, including as chief innovation and development officer, chief stores officer, chief marketing officer and as chief executive officer of macy’s.com.

He says: “I look forward to working with the team at Citi Trends to capture the exciting opportunities in the value retail space and to ensure that this period of transition is one of forward momentum for the company.”

Related Companies

Free Report
img

Stay ahead of the European apparel market

After witnessing a dip of 21.2% in 2020, the European apparel market has seen a significant growth of 22.7% in 2021. This comes as, despite lockdowns and social restrictions in the first half of the year, mass vaccination drives meant consumers returned to their workplaces and began reattending social occasions in the latter, putting money back into apparel. However, increasing inflation and costs of living in 2022 are severely affecting consumers’ discretionary incomes. It is now crucial for European brands to understand how shopping habits are changing in order to stay ahead of their competitors. The Apparel Market & Forecasts in Europe to 2025 report will help you:
  • Explore how different subsectors and countries are performing within the European apparel market, and which offer the most growth potential
  • Understand how European consumers' shopping behaviors have changed post-COVID-19
  • Find out which retailers are making the most gains, and what they are doing to remain competitive
  • Gain insight into the key trends affecting the European apparel market
Download this report now to get ahead of your competition and formulate winning business strategies.
by GlobalData
Enter your details here to receive your free Report.

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