Lands’ End adds Saks, J.Crew vets to exec team
Lands' End is adding two highly regarded retail veterans to an executive team led by newly appointed CEO Federica Marchionni.
The company announced that Joseph Boitano is bringing his more than 30 years of retail and wholesale experience to a new role at Lands' End as executive vice president, chief merchandising and design officer and will lead all aspects of merchandising and design.
Boitano most recently served as group senior vice president and general merchandise manager for Saks Fifth Avenue for the past 15 years bringing a deep understanding of diverse customer segments, as well as geographic markets. While at Saks, he expanded the women's fashion offering, overseeing women's apparel designer, private label, diffusion lines and contemporary collections. In addition, Boitano oversaw omni-channel implementation, working closely with Saks Direct to create synergy between the direct and full-line business.
"I am thrilled to have Joe Boitano join Lands' End and help lead our merchandising and design strategy," said Federica Marchionni, CEO of Lands' End. "We look forward to utilizing his strong expertise and extensive experience in further developing our merchandising organization. We are focusing on creating compelling and relevant merchandise incorporating greater design and innovation to benefit our current loyal customers and embrace potential new ones."
The company said Scott Hyatt will also be coming on board as executive vice president, chief supply chain officer and will lead all aspects of the sourcing organization and will also be responsible for inventory planning and logistics.
Hyatt brings more than 30 years of extensive retail and sourcing experience to this role, most recently serving as the senior vice president of manufacturing and chief sourcing officer for J.Crew Group for the past 17 years where he focused on developing global sourcing strategies, building a stronger vendor base and improving product quality by managing all technical services, including testing, compliance, technical design and fit.
"Scott Hyatt brings a wealth of knowledge and experience to our team," said Ms. Marchionni. "His extensive career in the apparel industry along with a specialized background in global sourcing and product quality is extremely valuable. I am confident that his expertise will be a great asset to us as we adapt and optimize our sourcing and distribution strategy."
On June 1, Lands' End also hired Ian Velardi as a design director. Velardi, who comes most recently from Bonobos, an online apparel company, has received many prestigious industry awards and has an extensive background as an American menswear designer.
Florida’s Sawgrass Mills to get a full-price addition
Simon is expanding the hugely successful Sawgrass Mills outlet and entertainment center in Florida by adding a new, full-price component.
The new Town Center at Sawgrass will be accessible from both Flamingo and Sunrise boulevards and will be flanked by four new sit-down restaurants and a new parking deck able to accommodate 2,000 vehicles.
At Town Center at Sawgrass, both the pedestrian and vehicular circulation patterns will be fully integrated into the Sawgrass Mills complex. When complete in the fall of 2018, Town Center at Sawgrass will add approximately 25 new full-price retailers in 118,000-sq.-ft. of space. Construction is slated to begin in early 2017.
In addition, Simon is expanding the open air Colonnade at Sawgrass for the third time, with completion scheduled for March 2016. The Oasis at Sawgrass, the dining, entertainment and retail open air component at Sawgrass Mills, will be undergoing a massive upgrade in 2016.
Lululemon proves yogawear trend is still hot
Things are looking up for yogawear retailer Lululemon Athletica Inc., which reported a large increase in revenue from online sales in the first quarter.
The company known for its yoga-inspired fashions posted revenue of $423.5 million for the first quarter ended May 3, up 10% from $384.6 million in 2014. Lululemon's profit was $47.8 million or 34 cents per share, up from $19 million or 13 cents per share a year earlier.Revenue grew to $423.5 million from $384.6 million a year earlier, topping the company’s projection for $413 million to $418 million in revenue. Total same store sales were up 6%.
Laurent Potdevin, lululemon's CEO, said: "Our team’s solid performance resulted in another improving quarter – coming in ahead of our revenue expectations. We drove positive trends in traffic, conversion, and brand engagement, along with a continued acceleration of our e-commerce business. To support our long term goals, we are intentionally striking a strategic balance between strong growth and investments within innovation and infrastructure."
For the year, Lululemon raised its earnings forecast by a penny, now calling for per-share profit of $1.86 to $1.91. The company said it expects revenue in the range of $2 billion to $2.05 billion, up from its previous forecast for between $1.97 billion and $2.02 billion.
For the second quarter, Lululemon forecast per-share earnings of 31 cents to 33 cents.