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 ALBANY, United States — Abercrombie & Fitch Co. executive chairman Arthur Martinez is retiring, signalling that a long quest to set the clothing chain on a new course is wrapping up.
Martinez will step down on February 3 when the fiscal year ends, the company said on Monday. The 78-year-old has been chairman since 2014, the year when long-time chief executive Mike Jeffries departed and the once-hip clothing brand set out to regain its cachet with shoppers.
The company also boosted its fourth-quarter forecast on Monday, sending the shares up as much as 6.3 percent in early trading.
Abercrombie struggled for years with tumbling sales and a leadership void. It had no permanent chief executive until its chief merchandising officer, Fran Horowitz, stepped into the role last year. Since then, the company’s Hollister chain has helped fuel a turnaround at the New Albany, Ohio-based company.
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Martinez, the former chief executive of Sears Roebuck & Co., will hand the chairman role to Terry Burman, who already serves as lead independent director.
Abercrombie now expects same-store sales to grow in the high single digits, up from a previous projection in the low single digits. The company will report its results on March 7.
The stock climbed as high as $21.18 in premarket hours. It was up 45 percent last year, rebounding from six straight years of declines.
By Nick Turner; editors: Nick Turner and Lisa Wolfson.
From analysis of the global fashion and beauty industries to career and personal advice, BoF’s founder and CEO, Imran Amed, will be answering your questions on Sunday, February 18, 2024 during London Fashion Week.
The State of Fashion 2024 breaks down the 10 themes that will define the industry in the year ahead.
Imran Amed reviews the most important fashion stories of the year and shares his predictions on what this means for the industry in 2024.
After three days of inspiring talks, guests closed out BoF’s gathering for big thinkers with a black tie gala followed by an intimate performance from Rita Ora — guest starring Billy Porter.