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.
CINCINNATI, Ohio — Department store operator Macy's Inc said on Wednesday chief financial officer Karen Hoguet will retire in February next year.
Hoguet, who has been CFO since 1997, will step down before February if a successor is appointed and then carry on as an adviser until her retirement, the company said.
Macy's said that an external search for a new chief financial officer was underway.
Hoguet's departure comes at a tough time for the retailer, that has been struggling in the face of competition from Amazon.com Inc . The company has closed more than 100 stores since 2015 and slashed thousands of jobs as mall traffic plummeted and customers defected to off-price and fast-fashion sellers.
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There are signs of progress, however. The company said last month that sales at established stores could mark their first annual gain in four years, helped by its new loyalty program, higher sales of off-price products and private-label brands.
Macy's shares were down nearly a percent in after-market trading on Wednesday. The stock is down 11 percent since Hoguet took over as CFO in late October 1997.
By Siddharth Cavale; editor: Shounak Dasgupta.
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.