Lands’ End appointed Charlie Cole, whose executive experience has been dominated by technology-focused roles, as CEO. He takes the post July 13, the apparel brand said Tuesday.
Cole’s most recent stint was six months as interim chief digital officer at direct-to-consumer bedding brand Thuma. He replaces Andrew McLean, who has been Lands’ End CEO for three years.
The move comes less than six months after brand management firm WHP Global took a controlling stake in the struggling apparel brand for $300 million.
Lands’ End needs “the right leader for every stage of its evolution,” and Cole’s record of “transforming iconic consumer brands by combining disciplined operating execution with technology-enabled innovation” will help the retailer with its turnaround, Lands’ End board chair Josephine Linden said in a statement.
The brand, which for years has labored to stem declines, had been exploring strategic options in the months before WHP Global’s investment earlier this year, though Linden on Tuesday said that McLean made progress in the turnaround during his tenure.
In its most recent quarter, net revenue tumbled more than 8%, approaching $240 million, though the company said that, taking away disruption from a new warehouse management system, net revenue would have risen by low single-digits. That disruption also hurt gross margin, which contracted by about 410 basis points to 46.7%, as did a new royalty structure set up by its joint venture with WHP Global and ongoing tariff headwinds, the company said in an earnings release last month.
Lands’ End has handed over its intellectual property and related assets, including its licensing business to WHP Global.
Thanks to WHP Global’s infusion, the company swung into the black in Q1, reaching net income of over $330 million, from last year’s $8.3 million net loss.
