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Thursday, 28 March 2019
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03/28/19 4:34 PM
Lathi Elevated to CEO of Tailored Brands
In a widely expected move, Dinesh Lathi has officially been named to the top post of Tailored Brands, Inc. Lathi, executive chairman of the men’s wear retailer, who has been acting in the role of chief executive officer — without the title — since the retirement of Doug Ewert last September, was named president and ceo Thursday afternoon. Theo Killion, a one-time ceo of Zale, will become chairman of the board of directors. Both appointments are effective immediately. “Dinesh has demonstrated a deep commitment to building and leading a customer-obsessed company that empowers our talented employees with technology, data and the creative resources needed to exceed customer expectations and position Tailored Brands for long-term sustainable growth,” said Killion. Earlier this month, Lathi was highly critical of the company during its fourth-quarter and year-end earnings call, saying the retailer has underinvested in its business and failed to keep pace with a rapidly changing customer. He was especially hard on former management, saying the company needs to change — and quickly — to offer more personalized products and services, a better omnichannel experience and fewer promotions in favor of more “brand stories.” He reiterated that in a statement on Thursday, saying: “After spending extensive time with ourFollow WWD on Twitter or become a fan on Facebook.
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Lululemon to Repurchase 1 Million of Its Own Shares From Advent
Lululemon Athletica Inc. is on a roll now that it is reinvesting in its stock. The ath-leisure company said Thursday that it is repurchasing 1 million shares of its own common stock from private equity giant Advent International for roughly $163 million. “We appreciate Advent’s ongoing partnership and continued guidance over the years as the company has grown considerably,” said Calvin McDonald, chief executive officer of Lululemon. “Lululemon is stronger today because of our work together and we are pleased to complete this transaction in a strong financial position.” Back in 2014, Lululemon founder Dennis “Chip” Wilson sold half of his stake in the women’s yoga pants company to Advent, a private equity firm, for $845 million. That deal, which was backed by Lululemon’s board, gave Advent two seats on the retailer’s board and 20.1 million shares, or about 14 percent of the company. It was also an attempt to resolve disagreements among board members. Those disagreements revolved around Wilson, who came under fire in 2013 for criticizing “some women’s bodies” after the company was forced to recall its see-through black Luon yoga pants. Wilson stepped down as chairman the same year, but remained director. Advent, which first invested in Lululemon in 2005, hasFollow WWD on Twitter or become a fan on Facebook.
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Investors Bullish on PVH After Costly Calvin Klein Miss
PVH Corp. put the message out loud and clear this week that there are tentative signs that its quick work to fix the mistakes at Calvin Klein are beginning to take hold. “I’m pleased to report that Calvin Klein’s performance in the fourth quarter exceeded our revised expectations,” said Emanuel Chirico, chairman and chief executive officer of PVH, on a call with investors Thursday morning. “Calvin Klein’s brand health remained very strong despite some of the business challenges we faced in 2018.” The “business challenge” he was referring to was an unexpected fallout in its prized Calvin Klein business, the extent of which was revealed when third-quarter earnings were released in early December. Call it a $190 million lesson. The problem was designer Raf Simons’ high-concept overhaul of CK Jeans, which failed to connect with consumers, while his runway collection, dubbed 205W39NYC, was not returning on the tens of millions of dollars PVH had plowed into it. Calvin Klein’s financial results said it all. Earnings before interest and taxes in the third quarter decreased to $121 million from $142 million a year earlier, which the company said was “primarily attributable to an approximately $10 million increase in creative and marketing expenditures compared to the prior-yearFollow WWD on Twitter or become a fan on Facebook.
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