More changes at the top for fashion retailer Vince
July 14, 2015 05:02 PM
The CEO of multichannel fashion retailer Vince LLC, Jill Granoff, will leave the company but remain in the role during a transition period, according to a company statement.
"Jill has been a tremendous steward for the Vince brand for the last three years," chairman of the board Marc Leder said.
Granoff’s departure marks the third time in two months that a member of Vince’s executive suite has stepped down. Karin Gregersen, president and chief creative officer, has decided to leave the company and her job will not be filled at this time, the company said Monday. Late last month, the company announced that Lisa Klinger resigned from her position as chief financial officer and was replaced on an interim basis by Mark Brody.
Vince on Monday announced it has hired Livia Lee as senior vice president of merchandising, effective July 20 and reporting to the CEO. Lee previously worked for such fashion brands as Lacoste, Diesel, Ralph Lauren, Victoria's Secret and Gap.
The changes come after the e-retailer posted double-digit net sales growth in the first quarter of fiscal 2015 and prepares to update its e-commerce offerings. On the retailer’s Q1 earnings call in June, Granoff told analysts that Vince will launch a new digital operating platform later this year, hoping to capitalize on “significant (web) traffic increases” year over year during the quarter, though she did not specify the traffic jump or the changes to the e-commerce site.
“We believe that the new platform will provide us with enhanced capabilities to drive accelerated e-commerce growth as well as support our international expansion,” Granoff told analysts on the call, according to a transcript obtained from Seeking Alpha. “We feel that our digital marketing initiatives are really working as well. We’re seeing increased momentum in brand interest; the traffic was up quite significantly online.”
Vince, No. 619 in the Internet Retailer 2015 Second 500 Guide, does not break out online sales but reported comparable sales, which includes e-commerce, grew 9.7% year over year. Vince reported net sales of $59.8 million during the first quarter of 2015, up 11.8% year-over-year from $53.5 million during the same period in 2014.
Top500Guide.com data shows that Vince’s online sales have grown steadily over the past five years, going from an Internet Retailer-estimated $8 million in 2010 to $16.8 million in 2014 for a compound annual growth rate of 16%.