Report: True Religion President Details Rapid Expansion Plans
Vernon, Calif., True Religion Apparel Inc. plans to expand its store base from 15 locations to 30 by the end of 2008, according to a report by GlobeSt.com. It plans to reach a store count total of 50 in 2009.
President Michael Buckley outlined the company’s store-expansion plans and other elements of its growth strategy in a presentation at the Thomas Weisel Partners 2007 Consumer Conference in New York City, the report said.
Buckley said that the company’s sales climbed from $2 million in 2003 to $139 million in 2006 and is on track to top the 2006 number this year despite the economic downturn that has some retailers lagging, according to the report.
Finlay Enterprises to purchase 70-store chain
NEW YORK Finlay Enterprises announced today that it has agreed to purchase Bailey Banks & Biddle from Zale Corp. The fine jewelry retailer said that it will buy the 70-store chain from Zale Corp. for a purchase price of $200 million.
Finlay expects the acquisition to add $280 million to $300 million in sales for its fiscal year ending Jan. 31, 2009, which will be the first full year of operation following the expected completion of the transaction.
Arthur Reiner, chairman and ceo of Finlay Enterprises, commented, “The acquisition of Bailey Banks & Biddle represents a landmark event for our company. It fits extremely well into our strategy to grow and further diversify our business through acquisitions, and almost triples the number of stand-alone jewelry stores we operate.”
Jackson to head Best Buy’s operating groups
MINNEAPOLIS Best Buy Wednesday announced that Darren Jackson, cfo of the company, will fill the newly created position of evp of customer operating groups. In this role, Jackson leads Best Buy’s entertainment, PC mobility and home solutions operating groups and also has oversight for enterprise merchandising. Best Buy Financial Services, Best Buy For Business, Magnolia Audio Video and Pacific Sales will continue to report to Jackson.
Jackson began his retail career with Carson Pirie Scott & Co. in Milwaukee, holding various executive positions, including chief financial officer. He then spent three years with the Seattle-based Nordstrom, Inc. as vice president and chief financial officer of its full-line store division. Jackson serves on the board of Advance Auto Parts. In his new capacity, Jackson reports to Brian Dunn, Best Buy’s president and coo.
“Best Buy has benefited greatly from Darren’s leadership and insight as cfo. His deep-seated understanding of our business, coupled with his commitment to our culture and the development of our people, makes him a driving force in the next phase of Best Buy’s growth,” said Dunn. “Darren’s desire to refocus his leadership from finance to running our customer operating groups allows us to gain more clarity and accountability around the significant opportunities in front of us. Darren plays a critical role as he brings teams together to create opportunities to share expertise, create targeted solutions and ultimately drive growth by better meeting the needs of the unique customer groups within each of these brands and businesses.”