Dive Brief:
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Caleres, whose portfolio includes Famous Footwear, Sam Edelman and Naturalizer, among other brands, on Monday announced that Jack Calandra will be its new chief financial officer as of Sept. 12, per a company press release.
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Calandra recently was CFO at a.k.a. Brands, serving for less than a year, and before that was in the role at Tailored Brands for three years, per his LinkedIn page. He also held leadership posts at Gap Inc. for over a decade.
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He succeeds Ken Hannah, who has been in the role for seven years. Hannah, whose departure is part of an executive leadership team shakeup, will be available as needed to support an orderly transition, the company said.
Dive Insight:
Caleres and its brands are under pressure as footwear sales slow, although fashion shoes, fashion sandals and walking shoes were the top three growth categories for the segment in the second quarter, according to the NPD Group.
“Demand for footwear remained soft in the second quarter compared to last year and a slowdown in average price increases had an adverse effect on sales revenue for the quarter,” NPD fashion footwear and accessories analyst Beth Goldstein said in a statement. “The slowdown in average price growth was likely due to increased promotional activity and a product mix shift from leisure sneakers to fashion footwear, as consumers refreshed their wardrobes for social occasions.”
A large majority of shoe company executives earlier this year said they expect weaker sales in the second half of the year, with some pausing hiring amid expectations for price declines and elevated supply chain costs.
Nearly three quarters of footwear sales are now online, according to research from PowerReviews. Caleres’s brands run nearly 1,000 retail stores as well as their branded e-commerce sites, and sell through hundreds of department and specialty stores and third-party retail websites, per its release.
In a statement, Caleres CEO Diane Sullivan hailed Calandra’s “strong business acumen and extensive industry knowledge,” adding that he “is exceptionally well-equipped to help lead the organization forward and to drive significant incremental value for our many stakeholders.”
