The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
NEW YORK, United States — Department store operator Macy's Inc said Executive Chairman and former Chief Executive Terry Lundgren would retire from the board at the end of January, completing the handover of both his roles to chief executive Jeff Gennette.
Gennette, who has been CEO of the US retailer since March, was widely expected to become chairman as part of a succession plan announced in June last year.
Shares in Macy's, which have gained about 25 percent since the holiday shopping season began at Thanksgiving, were up 2.5 percent after the bell on Friday.
Like other traditional brick-and-mortar retailers, Macy's has been struggling to fend off competition from online retailers such as Amazon.com Inc .
ADVERTISEMENT
Before he stepped down as CEO, Lundgren pioneered a sweeping turnaround at Macy's, closing underperforming stores and separating real estate assets from its retail business to better monetize its physical stores.
By Siddharth Cavale and Richa Naidu; editors: Anil D'Silva and Rosalba O'Brien
The Japanese apparel chain will be launching its sister brand GU in the US later this year, targeting younger consumers with lower prices and a curated selection of trendy wares.
Canada, France and Ireland are among the countries working with home-grown fashion talent to create uniforms for their teams at this summer’s Olympic Games. For these small labels, it’s an unprecedented opportunity to capitalise on one of sports’ largest events.
The online fashion retailer plans to update China’s securities regulator on the change of the initial public offering venue and file with the London Stock Exchange as soon as this month, a person with knowledge of the matter said.
The company, under siege from Arkhouse Management Co. and Brigade Capital Management, doesn’t need the activists when it can be its own, writes Andrea Felsted.