Dive Brief:
- Canada Goose on Tuesday said former Stella McCartney chief merchant Judit Bankus has been named senior vice president of merchandising.
- She will oversee global merchandising and pricing strategies and guide the company’s expansion of new and existing product categories, reporting to Carrie Baker, president of brand and commercial, and working closely with Creative Director Haider Ackermann.
- Bankus’ nearly two decades of experience in luxury fashion includes playing “a pivotal role in the founding of the Karl Lagerfeld brand,” the company said. Before landing at Stella McCartney, she spent eight years at Burberry.
Dive Insight:
This appointment is Canada Goose’s latest move in building up its leadership after downsizing nearly a year ago.
In March, the company laid off about 17% of its corporate workforce and consolidated some top executive roles. Then in May the company withdrew its long-term targets and tapped Ackermann as its first creative director. Naming Bankus to this role “marks a significant part of strengthening our focus on ensuring our expanding offering continues to excite and engage people around the world,” Baker said in a statement.
Canada Goose continues to struggle: In its most recent quarter, as reported in November, sales declined 4.7% year over year to 267.8 million Canadian dollars. That exceeded many analysts' expectations, and profits rose.
At that time, however, Wells Fargo analysts led by Ike Boruchow, noting “declining brand heat,” said the top-line weakness, dragged down by a 5% decline in direct-to-consumer sales, led to a gross margin miss for the second straight quarter.
