Retail news that keeps industry pros in the know
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In May, retail C-suites saw lots of luxury moves, a few new CMOs, and a number of executive departures from retailers like Banana Republic, Petco, and Lululemon. Here are the most notable changes to know about:
- Banana Republic President and CEO Sandra Stangl left her role amid stalling sales for the retailer, as Gap Inc. President and CEO Richard Dickson said the brand aims to identify “a new leader to take Banana Republic to the next level,” per an internal memo.
- LVMH made a number of C-suite changes. The company appointed Pierre-Emmanuel Angeloglou as CEO of Fendi; he assumed the role from Serge Brunschwig, chairman and CEO of the luxury brand since February 2018. LVMH also announced that Michael Burke was leaving his role helming the conglomerate’s Fashion Group after just four months. Louis Vuitton named Megan Grant its new president and CEO of Americas. Grant was previously president of L’Oréal USA’s luxe division; Silvia Galfo filled her role last month.
- Peloton CEO Barry McCarthy stepped down from his role, which he assumed from founder John Foley in February 2022, amid a company restructuring plan that includes laying off 15% of its staff.
- Cartier owner Richemont promoted Nicolas Bos from head of its Van Cleef & Arpels jewelry brand to group CEO, replacing Jerome Lambert, who returned to the COO role he held before becoming CEO in 2018.
- Ipsy named Francine Li, former global head of marketing at Riot Games, its new CMO.
- Petco shared several executive changes. COO Justin Tichy and chief merchandising and supply chain officer Amy College are both departing, the retailer said, and it has added James Roth, formerly of Abercrombie & Fitch Co., as its chief stores officer.
- Gap tapped Fabiola Torres as its new global CMO. Torres joins from PepsiCo, where she was most recently SVP and CMO of energy drinks and PepsiCo’s Hispanic business unit, and she’s also held roles at Apple and Nike.
- Beyond, Inc. added eight new hires to its leadership team, with four C-suite additions including The Container Store’s Stacey Shively as Bed Bath & Beyond’s new chief merchandising officer, and HomePlus’s Angela Minor as the retailer’s new CMO.
- Sun Choe, Lululemon’s chief product officer, exited for another opportunity, according to the company, which will restructure its executive team to adjust to the change rather than replacing her.