OPERATIONS

Quiksilver CEO, CFO leave company

BY Marianne Wilson

Huntington Beach, Calif. — Quiksilver announced that its CEO, Andy Mooney, has resigned. Mooney had been CEO for just over two years and was appointed chairman in November. The company’s CFO, Richard Shields, has also resigned. The news comes almost two weeks after the company reduced guidance for the current year and finished an investigation into its revenue-accounting practices.

Pierre Agnes, president of Quiksilver and a 27-year-company veteran, has been promoted to CEO and added to the board of directors.

In addition, Greg Healy, Quiksilver’s APAC region president, has been promoted to president of the company, and Bob McKnight has been appointed chairman. All changes are effective March 27.

“On behalf of the board, I want to thank Andy Mooney for his leadership in driving the organizational changes that were essential to restoring our product design leadership and globalizing many of our key functions,” said Bob McKnight, founder and chairman of Quiksilver This work provides the foundation for the next phase of Quiksilver’s progress.”

Succeeding Richard Shields as CFO is Thomas Chambolle, Quiksilver’s EMEA region CFO. His appointment is effective April 3. Shield, who has resigned to pursue other opportunities, has agreed to serve as a consultant to the company and resource to Chambolle.

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FINANCE

Restoration Hardware Q4 beat Street; two new concepts in works

BY Marianne Wilson

Corte Madera, Calif. — Restoration Hardware Holdings Inc. (RH) reported that its profit for the fourth quarter increased a better-than-expected 25% to $42.5 million from $34.0 million in the year-ago period. The upscale home furnishings company cited the West Coast port slowdown in providing first-quarter guidance that fell short of projections. But it remained upbeat about the long-term, and disclosed that it is working on two new concepts that will be revealed later this year.

“While we have been negatively impacted by the West Coast port disruption in the first quarter of this year, we believe at this point most of the revenue and earnings … should shift forward and have a positive effect on the second quarter," said CEO Gary Friedman.

Restoration Hardware’s total sales in the fourth quarter grew 23.5% to $582.7 million.

For the year, the company reported profit of $91 million. Revenue was reported as $1.87 billion.

“RH continues to outperform the home furnishings industry by a wide margin,” said Friedman. “Fiscal 2014 marks RH’s fifth consecutive year of net revenue growth in excess of 20% — averaging approximately 25% net revenue growth during that period. After four years of at least 25% comparable brand revenue growth, RH achieved 20% comparable brand revenue growth in fiscal 2014, a milestone unseen amongst our home furnishings peers.”

The company said it expects revenue in the range of $415 million to $420 million for the fiscal first quarter, less than what had been forecast.

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STORE SPACES

Joseph Abboud flagship store opens in Manhattan; first under Men’s Wearhouse umbrella

BY Marianne Wilson

New York — Joseph Abboud has opened a flagship, the first under the umbrella of Men's Wearhouse, on Madison Avenue in Manhattan. Men’s Wearhouse acquired the Abboud brand in 2013.

The 4,300-sq.-ft. location was designed and styled collaboratively by Jeffrey Hutchison & Associates and Joseph Abboud, and is reminiscent of London's Savile Row.

The store encompasses the full breadth of Abboud's designer collection including tailored clothing made of fine Italian fabrics, sportswear, outerwear, dress furnishings, footwear, Joseph Abboud Custom, and the new Joseph Abboud fragrance.

The store features architectural details that complement the luxurious quality of the merchandise. Mixtures of menswear textile patterns in shades of sepia have been used throughout the store to complement Abboud's collections.

Decorative elements are eclectic with a mixture of vintage, classic and modern pieces such as original hand-drawn charcoal fashion illustrations by renowned artist Bill Rancitelli and a vintage terracotta bust, found by Abboud in a local antique shop in Connecticut.

An iron staircase leads up to the Joseph Abboud Custom clothing experience, one of the highlights of the store. At the top of the mezzanine level, customers encounter a wall of over 250 of the finest Italian fabrics on oversized swatches displayed on specially-made bronze hooks. A custom specialist will help customers choose from options including suit silhouette, fabric, lining, pick stitching and functioning button holes.

Designer Joseph Abboud joined Men's Wearhouse as its chief creative director in December 2012. Abboud was reunited with his namesake brand in August 2013 when Men's Wearhouse acquired JA Holding Inc., the parent company of the Abboud clothing brand.

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