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Daily Newsletter

07 August 2023

Daily Newsletter

07 August 2023

The Children’s Place names former Macy’s exec Sheridan as sourcing chief

Mary Beth Sheridan joins The Children’s Place in the new role of chief merchant alongside Maegan Markee as brand president, and Sheamus Toal as chief operating officer and chief financial officer.

Isatou Ndure August 04 2023

In her new role at The Children's Place, Sheridan is expected to play a pivotal role in identifying growth opportunities and developing collaborative strategies to engage millennial and Gen Z customers.

Sheridan most recently served as chief merchandising officer at Anthropologie, prior to that, she held executive roles at Macy's for over seven years and spent more than two decades with Lord & Taylor.

President and CEO Jane Elfers of The Children’s Place said: “I have worked with Mary Beth previously, and I’m confident that she has the experience and skill set necessary to quickly identify growth opportunities on both the top and bottom lines and to develop collaborative, cross-functional strategies to achieve them.”

Elsewherse, Meagan Markee was named brand president and will oversee all customer-facing activities across The Children's Place Family of Brands and will have oversight for design, sourcing, merchandising, marketing, planning, allocation and the company’s wholesale and international businesses.

With over 13 years of experience within the company, Markee has a track record of successful marketing transformations. Elfers continued: “Maegan’s deep digital expertise and her cross-functional leadership throughout the Company’s strategic transformation make her the ideal executive to lead the growth of our brands.”

Meanwhile, Sheamus Toal, who previously served in various senior finance and operational positions at New York & Company, has been promoted to the expanded role of chief operating officer and chief financial officer.

Toal's experience and appreciation for the company's digital transformation will be invaluable as he takes on additional responsibilities for IT, logistics, distribution, and store operations alongside his current responsibilities for finance, accounting, investor relations, real estate and legal.

Elfers added: “Sheamus’ extensive speciality retail operating experience makes him particularly well suited to take on these additional operating responsibilities and the combination of finance and operational oversight under one leader provides important synergies as we transform to a more agile and nimble digital-first model.”

Value apparel has gained appeal amid high inflation

Per latest GlobalData estimates, the global value apparel market was valued at $228.8bn in 2022, exceeding pre-pandemic levels and outperforming the other apparel price positions. This was partly due to consumers trading down to more affordable brands as they faced inflationary pressures, but also due to the rapid rise of fast fashion player Shein, which has leapt into the market leading position. Between 2022 and 2027, the global value apparel market is forecast to achieve a CAGR of 3.2%. Gen Z is a key target audience for value apparel players, due to their usually limited disposable incomes and high purchasing frequencies as a result of wanting to follow rapidly changing trends meaning they often prefer cheaper brands. As fashion is of high importance to this demographic, they are also less likely to cut back on spending on clothing and footwear amid inflationary pressures. However, value players are under pressure to reduce their environmental footprints amid changing consumer perceptions and evolving regulations regarding sustainable business practices. Supply chain disruptions and higher production costs continued to impact value brands in 2022 due in part to the outbreak of the war in Ukraine and lasting COVID-19 restrictions in China, which is highly detrimental to value players due to their already thin profit margins and their low price business models.

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