Dive Brief:
- Claire’s CEO Ryan Vero stepped down from the chief executive position, along with the company’s board of managers, according to a company press release.
- The company on Monday named Chris Cramer as interim CEO, effective immediately. Cramer will also continue to serve in the roles of chief financial officer and chief operating officer. A Claire’s spokesperson declined to comment on Vero’s next steps or plans for a permanent CEO search.
- Cramer came to the teen accessories chain last fall from lingerie retailer Parade, where he was president. Prior to that, he worked at Bath & Body Works and L Brands for over two decades where he held a number of leadership positions, including as Bath & Body Works’ chief operating officer for two years.
Dive Insight:
Vero, who was named chief executive in 2019, was at the helm when Claire’s abandoned its plans to go public a year ago.
“In light of public equity market conditions, we have decided to postpone our IPO while we continue to focus on our strategic initiatives,” Vero said at the time. “We look forward to renewing our IPO preparation when market conditions are more favorable.”
Since that time the company has not announced another IPO attempt.
Cramer, who will now hold three executive titles simultaneously, has over 25 years of retail industry experience, thus making him “the ideal executive to lead Claire’s as we move forward,” Samanatha Algaze, chairman of the Claire’s board of managers, said in a statement. "Since joining Claire's last year, Chris has demonstrated extensive operational and financial leadership and helped drive our strategic roadmap,” Algaze said.
Claire’s has been forging partnerships with other retailers in order to expand its reach. Most recently, the retailer announced dedicated displays inside over 4,400 Walgreens stores. Last year, Claire’s reportedly debuted displays in 700 Kohl’s locations. The company also expanded a partnership with Walmart in 2022, after first introducing it in 2018.
The company recently went through a visual refresh of its piercing brand that included a new logo, conversational voice and updated branding in a move to go after Gen Zalpha — the cohort of younger Gen Zers and older members of Generation Alpha.
Claire’s has over 2,750 stores in 17 countries in North America and Europe. It also has nearly 200 Icing stores in North America.
