CFO change ahead at Hot Topic
CITY OF INDUSTRY, Calif. — Jim McGinty, CFO of teen retailer, Hot Topic, has resigned from the company, effective March 29, the company announced Monday.George Wehlitz, VP, Finance, will serve as the interim CFO.
“We are grateful for Jim’s committed service to the company over the past 12 years and wish him well in the next phase of his career,” said Lisa Harper, chairman and CEO of Hot Topic.
Wehlitz joined Hot Topic in 2008 as VP finance. From November, 2005 to January, 2008, he was CFO at Cycle Gear, a specialty retailer of motorcycle apparel and accessories.
JustFab.com to make kids fabulous
EL SEGUNDO, Calif. — JustFab, a leading fashion-subscription e-commerce site and lifestyle fashion brand, has acquired children’s fashion brand and personalized e-commerce service, FabKids.
JustFab is headed by president and creative director Kimora Lee Simmons. FabKids was launched by ShopStyle founder and serial entrepreneur, Andy Moss, and mom and actress Christina Applegate, in August 2012.
The acquisition will give FabKids access to JustFab’s manufacturing, operations and marketing infrastructure, as well as its more than 10 million members. FabKids will also be able to leverage the fully integrated supply chain from source manufacturing to the fulfillment center in Louisville, Ky. FabKids is scheduled to launch its boys clothing line in the third quarter this year, and JustFab will offer the highly requested children’s category to its members.
"What we loved most about FabKids is that it has been very successful in a category that we were interested in and their business has many of the same great attributes as JustFab," said Adam Goldenberg, co-CEO of JustFab. "FabKids has a high repeat purchasing pattern, a low attrition rate and a passionate and engaged membership base. The businesses were primed to come together and expand the fashion-subscription marketplace."
"We are thrilled to join JustFab and have great respect for the leadership position they have established in fashion-subscription commerce," said Moss. "We are very excited to bring FabKids to JustFab’s 10 million plus members, and to take the FabKids brand to new heights, especially with the launch of Boys and International in the next year."
"Children’s apparel is a natural progression of our fashion brand, which has expanded from shoes and bags into denim and jewelry most recently. The opportunities for cross promotion among the brands are vast," said co-CEO of JustFab, Don Ressler. "Many JustFab members have daughters who are mini-fashionistas and the mothers of the FabKids girls love to spoil themselves with a little glamour."
Stanley Black & Decker appoints new chair
The board of directors of Stanley Black & Decker has announced that CEO John Lundgren has been elected to serve in the additional capacity as chairman of the board, effective March 13, following the expiration of Nolan Archibald’s term as executive chairman of the board.
Archibald’s employment agreement with the company expires on March 12, at which time he will retire as executive chairman of the board and as an executive of the company.
“Nolan Archibald’s role in establishing the combined organization while guiding and supporting the management team as it drove $500 million in synergy achievement versus an original target of $350 million has been invaluable," Lundgren said. "Black & Decker shareholders prior to the merger have realized more than a 100% increase in their investment in less than the years despite the challenging macroeconomic conditions. In addition to the many achievements and milestones over his 27 year tenure with the company.”