Apparel Online Bangladesh Magazine February Issue 2019 | Page 75
RETAIL CURRENT
JCPenney rearranges top management for
better growth
JCPenney recently announced a
series of leadership movements,
which will be taking place over
the next few months. The changes
will assemble a cross-functional
executive team that will merge the
talents and perspectives of new
and existing industry leaders to
focus on the needs of the value-
based consumers and position the
company for growth.
Mike Robbins, Executive Vice
President of private brands and
supply chain, was expected to
be appointed as Executive Vice
President, Chief Stores and Supply
Chain Officer. In his new customer-
focused role, Robbins will be
responsible for all stores, supply
chain and sourcing operations.
With a broad focus on customer
experience and ensuring timely and
innovative product delivery, he will
continue to oversee product design
and development until a new chief
merchant is identified.
Additionally, Truett Horne,
currently Associate Principal at
McKinsey & Company, will join the
company as Chief Transformation
Officer, reporting to JCPenney CEO
Jill Soltau.
“These executive changes
reflect the strength and depth
of each leader’s responsibilities
and their enormous potential
to drive changes aligned with
our customer’s needs and
expectations,” said Soltau.
play an instrumental role in
energising teams, connecting with
our customers and positioning
JCPenney for profitable
growth,” maintained Jill Soltau,
CEO, JCPenney.
Apart from the executive team, the
company is also planning to fill in
key senior management positions
and address current business
needs as it undergoes a leadership
transition.
In a separate development,
JCPenney Company has announced
that its comparable store sales for
the combined nine-week period
ending January 5, 2019, decreased
3.5 per cent on a shifted basis. On
an unshifted basis, comparable
sales decreased by 5.4 per cent.
“By appointing and recruiting
the right leaders who have
the expertise and fortitude to
accelerate a turnaround strategy,
our senior executive team will
Additionally, JCPenney will initiate
three preliminary store closings
this Spring as part of an ongoing
evaluation of its store portfolio
occurring over the next few
months. This includes assessing
locations that may not meet
required financial targets or
represent a market opportunity
to capitalise on a beneficial real
estate asset.
The three closures are part of an
ongoing evaluation of the store
portfolio occurring over the next
few months, the company said in
an announcement.
Also, a review will analyse which
stores ‘may not’ be reaching
required financial targets or
present a chance to capitalise on a
real-estate asset opportunity.
The retailer combines an expansive
footprint of over 860 stores across
the US and Puerto Rico.
Arvind Fashions aims to double up revenue in five years
Arvind Fashions Ltd., a subsidiary
of Arvind Ltd., is reportedly
aiming to double up its revenue
to Rs. 8,000 crore in the next
five years.
The company, after the demerger
from Arvind Ltd., will drive its
growth through new product
extensions, value retail and
cosmetics business. The company
is also aiming at growth in the
value retail segment through
its store chain Unlimited which
currently has 100 stores and is
expected to touch Rs.1,000 crore
revenue next year.
“Product extensions such as
innerwear and footwear are
growing dramatically, contributing
10 per cent to the overall sales.
is a vertical listing and we are not
raising any money. Independent
businesses end up creating a lot
more value and we are confident
that the business has achieved
the scale to stand independently,”
added Lalbhai.
Kidswear is another growing
segment contributing 10 per cent
to our overall sales as customers
are willing to spend money on
products which have a shelf-life for
three to four months,” maintained
Kulin Lalbhai, Executive Director,
Arvind Ltd.
Arvind Fashions is all set to be
listed individually very soon. “This
Arvind Fashions identifies
e-commerce as a growth strategy
medium as it seeds Arvind brands
in cities and towns where the
company does not have a presence.
The outlook for the future entails
tracking its online demand from
cities like Kanpur, Jalandhar, etc.
and later opening a store there.
In fact Arvind has recently started
selling Sephora products on its
website Nnnow.com, and is aiming
to turn Sephora into an over Rs. 500
crore business in three years’ time.
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