The summer was a tumultuous one for Vince. First, both CEO Jill Granoff and Chief Creative Officer Karin Gregersen departed suddenly. Then, the company's second fiscal quarter earnings revealed decreasing sales — a first for Vince since it went public in 2013.
The brand announced Thursday that it had found a replacement for Granoff in Brendan L. Hoffman, who joins as CEO and has also been appointed to the Board of Directors. Interim CEO Mark Brody, who has served on Vince's board since 2008, will remain through the transition. Hoffman was most recently CEO and President of the regional department store company, Bon-Ton Stores, until August 2014. Before that he held the same position at Lord & Taylor and Neiman Marcus Direct, where he oversaw NeimanMarcus.com and launched BergdorfGoodman.com.
Perhaps his wholesale experience will prove beneficial. Even though the brand has been trying to rely less on department stores since 2014 by opening more stand-alone stores, sell-throughs and reorders in that division were smaller than expected — down 21.6 percent to $58.3 million according to its most recent earnings report. Overall, net sales declined 10.4 percent year-over-year to $80 million in the second quarter.
Vince decided not to fill Gregersen's role, hiring instead Livia Lee as SVP of Merchandising to lead and reorganize the merchandising team across all categories.