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Apr-16-2008Kenneth Cole Taps Granoff for Top Spot(topic overview)
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Kenneth Cole Productions Inc. has poached Liz Claiborne's Jill Granoff as chief executive officer of the company. Granoff, who has been Claiborne's executive vice president of direct brands, will take over the day-to-day responsibilities for the 25-year-old Kenneth Cole brand, which has been trying to elevate itself for the last few years, from Kenneth Cole, who will give up his career-long title as ceo but continue as chairman and chief creative officer. [1] ATLANTA, April 15 (Reuters) - Jill Granoff, an executive vice president at Liz Claiborne Inc (LIZ.N: Quote, Profile, Research ), is leaving the apparel company to become chief executive of shoe and clothing maker Kenneth Cole Productions Inc (KCP.N: Quote, Profile, Research ), the companies said on Tuesday.[2]
NEW YORK, April 15 /PRNewswire-FirstCall/ -- Liz Claiborne Inc. (NYSE: LIZ) today announced that Jill Granoff, Executive Vice President, Direct Brands, has resigned to become Chief Executive Officer of a publicly traded company. In her role at Liz Claiborne Inc., Ms. Granoff had responsibility for Juicy Couture and Lucky Brand Jeans, as well as the Outlet business across the company. Commenting on the announcement, William L. McComb, Chief Executive Officer, Liz Claiborne Inc., said, "We have made a lot of progress towards the execution of our strategy over the last eight months, in particular by placing strong leaders in the multi-functional roles each of these companies requires to successfully expand its business.[3] Mr. Cole said, "We are extremely excited to have Jill on our team. She has a great track record of building brands, and I look forward to working with her and leveraging her strategic and operational capabilities to improve all aspects of our Company." Mr. Cole continued, "It is a new era for me and the Company. I am confident that having an executive of Jill's stature and abilities, to partner with me and our strong management team, will allow the company to achieve even greater successes in its next chapter." Ms. Granoff was most recently at Liz Claiborne Inc. where she was the Executive Vice President of Direct Brands. She was responsible for the key growth engines at Liz Claiborne with global oversight for Juicy Couture, Lucky Brand Jeans, Kate Spade and the company's Outlet stores and E-Commerce businesses.[4] The company believes that the change will allow Cole to focus on brand and product development and the company's bigger picture strategic opportunities, while Granoff runs the day-to-day business. Granoff was previously the executive vice president of direct brands of Liz Claiborne Inc. She was responsible for the key growth engines at Liz Claiborne with global oversight for Juicy Couture, Lucky Brand Jeans, Kate Spade and the company's outlet stores and E-commerce businesses.[5]
Granoff had been apparel maker Liz Claiborne's ( LIZ, Fortune 500 ) executive vice president of direct brands, responsible for the company's profitable retail brand segment, which includes Juicy Couture and Lucky Brand Jeans, as well as the company's outlet-store business.[6]
Granoff oversaw Juicy Couture and Lucky Brand jeans as well as Liz Claiborne's outlet business. At Kenneth Cole, she will be responsible for U.S. and international operations including retail, wholesale and licensing businesses. She will report to Kenneth Cole, who continues as chairman and chief creative officer at his namesake company, and will start her new job on May 5.[2]
Before joining Claiborne as group president of e-commerce in 2006, Granoff served as president and chief operating officer of Victoria's Secret Beauty. During her tenure, sales doubled from $500 million to nearly $1 billion. Prior to that, she worked at the Est'e Lauder Cos. Inc. and served as a management consultant specializing in strategic planning and organization development. Granoff will work closely with Cole, leveraging her experience with the founders of Juicy, Lucky, Victoria's Secret and Est'e Lauder. As she did at Victoria's Secret, Granoff arrives at Kenneth Cole when the company is an estimated $500 million business that she thinks has the potential to double in size.[7]
The $510.7 million New York company said Ms. Granoff will focus on the day-to-day business, allowing Mr. Cole to focus on strategic opportunities and brand development. Ms. Granoff, 46, an executive vice president at Liz Claiborne Inc., joins the company as it struggles to reposition its products amid department-store consolidation, changing consumer tastes.[8] Granoff will report to Cole and join the company's board. Granoff was most recently at Liz Claiborne Inc. (NYSE:LIZ) where she was executive vice president of Direct Brands.[9] ATLANTA, April 15 (Reuters) - Liz Claiborne Inc (LIZ.N: Quote, Profile, Research ) said on Tuesday that Jill Granoff, executive vice president for direct brands, resigned to become chief executive officer at a publicly traded company it did not name.[10] Ms. Granoff will assume primary responsibility for domestic and international operations including the company's retail, wholesale, and licensing businesses and the related support functions. Her start date will be May 5. Granoff was most recently at Liz Claiborne Inc. where she was the Executive Vice President of Direct Brands.[11]
NEW YORK (AP) -- Shoe and handbag maker Kenneth Cole Productions Inc. said Tuesday that Chief Executive Kenneth Cole will relinquish his title to Liz Claiborne Inc. executive Jill Granoff, effective May 5. [6] NEW YORK, April 15 /PRNewswire-FirstCall/ -- Kenneth Cole Productions, Inc. announced today that it has appointed Jill Granoff, an accomplished executive for both specialty retail and wholesale businesses, as the Chief Executive Officer of the Company.[4] Kenneth Cole Productions Inc. named Jill Granoff chief executive, capping a five-month search for a leader to work with the company's hands-on founder. Kenneth Cole, 54 years old, will remain chairman and chief creative officer of the footwear and apparel maker he founded a quarter century ago.[8]
SAN FRANCISCO, Apr. 15, 2008 (Thomson Financial delivered by Newstex) -- Kenneth Cole Productions (NYSE:KCP) Inc. late Tuesday named Jill Granoff as chief executive.[9]
Cole will remain chairman and chief creative officer of Kenneth Cole ( KCP ). The company said the move will allow him to focus on brand and product development and "bigger picture" strategy, while Granoff runs day-to-day operations. [6] Granoff replaces Kenneth Cole, who would continue as the chairman and chief creative officer, retaining creative control over brand positioning, product, design, and advertising.[5]
The company has also lost a few key executives: Kenneth Cole New York brand president Joshua Schulman quit in April for the top job at Jimmy Choo, and chief operating officer Joel Newman stepped down last summer after a year and a half at the firm.[7] About Kenneth Cole Productions, Inc. Kenneth Cole Productions, Inc. designs, sources, and markets a broad range of footwear, handbags, and accessories under the brand names Kenneth Cole New York; Kenneth Cole Reaction; Unlisted, a Kenneth Cole Production; and Tribeca, a Kenneth Cole Production, as well as footwear under the proprietary trademark Gentle Souls and under the licensed trademark Bongo.[4] I am particularly excited to help build upon the strong brand heritage while helping to drive new growth initiatives in the retail and international arenas." Kenneth Cole Productions is celebrating its 25th year anniversary and is recognized worldwide as a leading fashion brand of women's, men's and children's apparel, shoes and accessories.[4]
Kenneth Cole Productions has been hurt as consumers curbed spending in the face of higher gasoline and food prices. Last month, the company reported a fourth-quarter loss, cut its quarterly dividend and boosted its stock buyback program.[2]
Retail sales of company developed and licensed Kenneth Cole products are estimated at $1.5 billion globally with distribution in over 64 countries.[4]
As per the agreement, American Oriental Bioengineering makes an equity investment of $18.0 million in exchange for 30 million shares of newly-issued China Aoxing common stock, priced at US$0.60 per share, and owns approximately 38% of China Aoxing. With today's announcement, China Aoxing closed its previously announced acquisition of Shijiazhuang Lerentang Pharmaceutical Company Ltd., a China-based pharmaceutical company focused on pain-management products.[11] Earlier on April 3, the company reported a net loss for the fourth quarter of $3.1 million or $0.16 per share, compared to net income of $8.0 million or $0.39 per share in the same quarter of the earlier year.[5] Net revenue for the fourth quarter fell to $12.8 million from $15.8 million in the same quarter last year.[11] Net sales for the fourth quarter were $132.1 million, down 2.1% from $135.0 million in the comparable quarter of the prior year.[5]
Prior to joining Liz Claiborne, Ms. Granoff was President and Chief Operating Officer of Victoria's Secret Beauty. During her tenure, she helped double sales from $500 million to nearly $1 billion, making Victoria's Secret Beauty one of the leading specialty retailers of fragrances and cosmetics in the United States.[4] Granoff's career includes a stint as president of Victoria's Secret Beauty and time at Estee Lauder Cos. Liz Claiborne said it would address any changes to its organization as a result of Granoff's departure in the near future.[2]
In a statement, Liz Claiborne CEO William L. McComb said any changes in the organization stemming from the resignation will be detailed in the future. He also said the company will soon name a president of Juicy Couture.[6] Liz Claiborne Inc. designs and markets a global portfolio of retail-based premium brands including Kate Spade, Juicy Couture, Lucky Brand and Mexx.[3]
With the forthcoming announcement of a President for Juicy Couture, we are nearly complete in pairing talented designer/merchants with strong operators in each of the brands. This structure facilitates the entrepreneurial, brand-centric philosophy we are seeking to foster and allows these businesses to operate as mono-brands." Mr. McComb continued, "We thank Jill for her valuable contributions to the company during the past two years and we wish her the very best on future endeavors. While we're disappointed to see her leave, we have a deep bench of talent at the management level, and I am confident that this will be a seamless transition. Any changes to our organization resulting from this announcement will be addressed in the near future."[3]
Ms. Granoff will report to Mr. Cole and join the Company's Board of Directors. Her start date will be May 5th. This move allows Mr. Cole to focus on brand and product development and the company's bigger picture strategic opportunities, while Ms. Granoff runs the day-to-day business.[4] 'The brand is bigger than the business,' said Granoff. Granoff has her work cut out for her at Cole, which has been trying to elevate itself the last few years. The designer took his women's and men's wear lines off the runway after February 2006, and though there were plans to return the last two seasons to fete its 25th anniversary, the firm decided the collection was not yet 'runway-ready,' a spokeswoman said at the time.[7]
Previously, Ms. Granoff worked at The Estee Lauder Companies following several years as a management consultant specializing in strategic planning and organization development. Ms. Granoff commented, "I feel privileged to have the opportunity to work with Kenneth and the management team to realize the extraordinary potential of this global lifestyle brand.[4]
The namesake CEO of the shoe and handbag maker releases the title to Liz Claiborne executive Jill Granoff, effective May 5. [6] The Company also has a refined group of department store-based brands with strong consumer franchises including the Liz Claiborne and Monet families of brands, Enyce, Narciso Rodriguez and the licensed DKNY Jeans Group.[3]
The Company's products are distributed through department stores, better specialty stores, and company-owned retail stores as well as direct-to- consumer catalogs and e-commerce.[4] China Aoxing and American Oriental Bioengineering intend to collaborate on sales of China Aoxing's current product portfolio, particularly Naloxone, as well as commercialization of China Aoxing's narcotic drug development pipeline, which includes Oxycodone and Tilidine.[11]
All times are ET. : Time reflects local markets trading time. - Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. Disclaimer [12] MarketWatch, the MarketWatch logo, and BigCharts are registered trademarks of MarketWatch, Inc. Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges.[12]
The New York-based company said that Granoff would assume primary responsibility for domestic and international operations including the company's retail, wholesale, and licensing businesses and the related support functions. [5] The company also said that Granoff would report to Cole and join the company's board of directors.[5]
The company posted net interest income of US$21.1 million, up from US$17.1 million in the prior-year quarter.[5] The Panama City, Panama-based Banco's first quarter net income rose 29% to US$19.2 million or US$0.53 per share from US$14.8 million or US$0.41 per share in the year-ago quarter.[5] Net operating income was US$19.2 million, a 32% increase from an operating income of US$14.0 million in the same quarter a year ago.[5] Net operating revenue was US$28.4 million, up 32% from the first quarter 2007, reflecting strong growth in the Bank's intermediation business.[5]
Capstone Turbine Corporation is a producer of low-emission microturbine systems. Commenting on the acquisition, Richard Lux, President and Chief Executive Officer of Five Star Electric said, 'Capstone Turbine's reputation and leadership in the microturbine technology makes them an ideal partner for us. [11]
SOURCES
1. WWD.com
2. UPDATE 1-Liz Claiborne exec to become Kenneth Cole CEO | Industries | Consumer Goods & Retail | Reuters
3. Jill Granoff Departs Liz Claiborne Inc. to Assume Chief Executive Position at Public Company
4. Kenneth Cole Productions, Inc. Names Jill Granoff as Chief Executive Officer
5. RTTNews - Breaking News, financial breaking News, Positive EPS Surprises, Stock research .
6. Kenneth Cole to step down as CEO at namesake company. - Apr. 15, 2008
7. WWD.com Latest news and trends of the sportswear market from WWD
8. Free Preview - WSJ.com
9. Kenneth Cole Productions names Jill Granoff CEO; ex-CEO Cole to remain chairman
10. Liz Claiborne says Granoff leaves for CEO job | Industries | Consumer Goods & Retail | Reuters
11. RTTNews - Quick facts Articles, Positive EPS Surprises, News Analysis, Earnings, Audio News.
12. Kenneth Cole Names Liz Claibornes Granoff As Chief Executive
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