- Kristopher Fraser |
New York - Major executive changes have happened at Vince. Jill Granoff, who led the company through their IPO in 2013, will be stepping down from her role as CEO. In addition to Granoff, Karin Gregersen, Vince's President and Chief Creative Officer, will also be stepping down from her role. Granoff is expected to remain with the company as the board of directors seeks a replacement for her, but, they don't intend to replace Gergersen.
Vince has been working on shifting its business more toward retail instead of wholesale, as department store buyers are becoming increasingly more conservative. While Vince saw sales growth of 12 percent last quarter, their signature sweaters didn't see the usual sales numbers they have in the past, which was seen as a major fumble for them. To solve that problem, Vince has hired a new SVP of Merchandising: Livia Lee, who has stints at Lacoste, Diesel, and Victoria's Secret on her resume.
Lee will be overseeing merchandising across all categories, including men's, women's, retail, wholesale, e-commerce, and accessories. These new changes mean we could be looking at a whole new Vince soon. How Vince's investors will take to this news will be reflected in the stock market.