Esprit names group CEO
Hong Kong — Esprit Holdings Limited said Tuesday it has named Jose Manuel Martínez Gutiérrez as its new group CEO and executive director, effective September.
Martinez was previously group director of distribution and operations for Inditex. Prior to that, he was the country manager for the Zara brand across Scandinavia.
He succeeds Ronald Van Der Vis.
Walmart to add more detail to financial reports
BENTONVILLE, Ark. — Wal-Mart Stores Inc. will adjust its future financial reports to add more detail on legal proceedings and cyber security after U.S. regulators asked the retailer to better explain certain matters in its latest quarterly and annual filings, Reuters reported.
Wal-Mart’s correspondence with the U.S. Securities and Exchange Commission took place in June and July and was made public on Monday.
The letters include a reference to the "legal proceedings" section of Wal-Mart’s quarterly filing, an area under close scrutiny by investors since the New York Times reported an alleged past bribery scheme in Mexico on April 21.
To read the full report, click here.
Sycamore completes acquisition of Talbots; appoints former Vitamin Shoppe executive as CEO
Hingham, Mass. — Private equity firm Sycamore Partners, which has wrapped up its $391 million acquisition of The Talbots, appointed Michael Archbold, formerly president and COO of Vitamin Shoppe, as CEO and CFO of Talbots. Archbold, who also served as executive VP and CFO of Saks Fifth Avenue, replaces Trudy Sullivan, who resigned from the CEO’s job after Sycamore completed its acquisition of Talbots late last week.
“Talbots is a classic, American fashion retail brand with a strong foundation and an iconic reputation in women’s retail," Archbold stated. "By restoring the company’s focus on Talbots’ classic styling, we will be able to reconnect with the company’s historical customer base.
Sycamore also announced that Lizanne Kindler, previously executive VP of product development at Kohl’s, has been named president.
Michele Mandell, who previously served as executive VP of stores at Talbots, has rejoined the company as COO. She retired from the chain in 2008.
Talbots’ headquarters will remain in Hingham, Mass.
“We will restore the Talbots brand and the company’s heritage as a leading retailer of traditional women’s apparel, shoes and accessories,” said Stefan Kaluzny, a managing director of Sycamore Partners.