The Weekly Closeout: Deckers’ COO steps down and Swarovski names CEO

It’s been another week with far more retail news than there is time in the day. Below, we break down some things you may have missed during the week and what we’re still thinking about.

From Tuesday Morning being warned of a delisting to Old Navy facing pushback on an extended sizing decision, here’s our closeout for the week.

Advocates petition against Old Navy’s decision around reducing extended sizing

Last month Gap Inc. drastically reduced Old Navy’s months-old BodyEquality extended sizing initiative, blaming lack of demand for those items in part for its significant supply chain problems. Those issues early in the generald what is usually the conglomerate’s best performing brand. As many analysts have noted, however, Old Navy’s stumbles were also due to the brand missing style trends in all sizes, as well as to supply chain snafus affecting much of the industry.

The new policy once again makes it more difficult for customers in need of certain sizes by limiting the assortment to select stores. Customers will receive free shipping on their online orders only if they’ve determined that their local store doesn’t carry their size, according to Old Navy’s update on its policies.

Extended sizing advocates are now imploring the brand to restore its BodEquality promise, saying they fear that other brands will follow the suit. While a few years ago several retailers and brands moved to make their sizing and merchandising more inclusive, companies like Loft and now Old Navy recently have walked that back.

“We do not want BodEquality to fail,” a Change.org petition reads. “We want this launch to be given more time to get a loyal plus-size customer base, instead of becoming the scapegoat for other brands to not try to launch plus sizes.”

Deckers’ COO steps down

Deckers on June 10 announced that Chief Operating Officer David Lafitte has stepped down from his role to take on another opportunity, according to a company press release.

Additionally, the company announced that it had created the role of chief supply chain officer, and that it has promoted Angela Ogbechie to fill it, effective June 24. Ogbechie has worked with Deckers since 2008, most recently as the senior vice president of global operations and supply chain strategy.

“Our logistics network was instrumental to our record-breaking success in fiscal 2022, and we expect it will continue to play a meaningful role in our overall operations moving forward,” Dave Powers, chief executive officer and president of Deckers Brands, said in a statement.

Swarovski names first external CEO

Iconic jewelry brand Swarovski named Alexis Nasard as its new CEO effective July 4, according to a company LinkedIn post this week. This is the first CEO outside the founding family since it was created in 1895. The brand noted this is part of the transition from a family-managed to a family-owned business.

“[W]e are taking an important further step in establishing a sustainable governance model. With Alexis Nasard as the new CEO, we are very pleased to have been able to select a highly experienced and transformational leadership personality who is capable of leading Swarovski in the affirmation of its iconic luxury heritage and through its business transformation,” said Luisa Delgado, chair of the board of directors, in a statement.

The news follows an announcement in October that the brand would begin searching for an external CEO appointee, after members of the founding family Robert Buchbauer and Mathias Margreiter had stepped down from the CEO and CFO roles respectively, as reported by Women’s Wear Daily.

Tuesday Morning faces possible delisting

Nasdaq has put Tuesday Morning on notice for not complying with its requirements for trading on the stock exchange. The home retailer’s stock, which was trading around $0.30 as of press time, has traded below $1.00 for at least 30 days, prompting the delisting warning.

The company has until Dec. 5 to regain compliance with Nasdaq’s minimum bid price requirements.

Tuesday Morning relisted on the Nasdaq just over a year ago after delisting in May 2020 when it filed for Chapter 11. Last year CEO Fred Hand said the relisting “signifies the Company’s recent financial and operational achievements as we continue to build a stronger company.”

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