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. www.apparelresources.com | FEBRUARY 2019 | Apparel Online Bangladesh 75