Guess names new CEO
Guess has hired a new CEO, which will apparently help "shake up" the brand.
The US clothing brand is best known for its denim offering and was founded by Paul and Maurice Marciano in 1981, but a huge shift has been announced. In August Victor Herrero will become the company's chief executive officer, taking over from Paul. This will be the first time a non-founder has worked in the role, and it's been suggested the move will ensure the company stays relevant.
"Somebody has to come in and shake it up, do something different," Ron Friedman, a retail expert at Los Angeles accounting and consulting firm Marcum, told Los Angeles Times.
"The brothers have been running the company for many, many years. They need to bring in new blood."
The siblings haven't rushed the decision, taking around a year to find the perfect person for the role. Victor agreed to take the role on July 7, with Maurice staying on as a director and Paul succeeding his brother as executive chairman. He will also be chief creative officer, which will allow him to focus on his favourite area of the business.
"He’s becoming me, basically,” Paul told WWD. “Being a public company, you have to spend a substantial amount of time on things related to finance and analysts and Wall Street. Now, I will not be doing that at all. I love the creative, and I’ll be able to focus on image, advertising, marketing and product."
Victor has previously worked for Inditex and Zara Greater China, and the brothers were positive about securing him because of his experience. As well as being able to multitask and understanding the retail space on a global level, he apparently strongly believes in the brand's heritage.
"In fashion companies it’s most important to find a yin and yang and this is what I’ve found with Paul. What is appealing to me about Guess is that it’s a global company, very open, dynamic and Americana. Everyone knows and loves the brand. It’s a lifestyle concept, similar to Inditex," Victor added to WWD.
Paul was quick to point out this change doesn't mean the brand is going in a new direction, as it will stay true to its core because it doesn't believe in merely following trends.