Footwear giant actions Designer brands (NYSE: DBI) are booming this week after the company announced that two well-known senior executives have held expanded positions to support the ongoing overhaul of a key subsidiary.
Designer Brands shares were up about 17.5% for the week on Friday at noon EDT.
Designer Brands (DBI) announced on Tuesday that its vice president, Debbie Ferree, had been appointed president of its subsidiary Camuto Group, acquired in 2018. A revamp and relaunch of the Camuto group (which includes the Vince Camuto brand, as well as shoe licensing for Jessica Simpson and Lucky Brand) is key to DBI’s post-pandemic growth plan.
Ferree had led the group on an interim basis since last August.
DBI also said Bill Jordan would become its chairman, reporting to CEO Roger Rawlins. Jordan, who has served as the company’s chief growth officer since the start of last year, will take on additional responsibilities regarding the integration of Camuto’s supply chains into DBI’s existing network ahead of Vince’s relaunch. Camuto this fall.
DBI said on May 26 that it returned to profitability in the quarter ended May 1 after a difficult 2020, with revenues up 46% from last year’s quarter to 703.2 million dollars on a 52% increase in same-store sales. At the time, Rawlins told apparel investors that the company would focus on growing sales of its own brands in its DSW stores, with continued integration and repositioning of the Camuto brands as a key part of that effort.
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