American fast-fashion retailer, Rue21, has appointed Laurie Van Brunt as CEO of the company. Brunt is an experienced retailer who was serving as President of Chico’s FAS-owned Soma brand that retails lingerie, sleepwear and beauty products.
Notably, while serving as President at Soma, she managed to grow the revenue of the brand to US $ 350 million in 2017 as compared to US $ 87 million in 2010. She also led the company’s charge into e-retailing.
After exiting bankruptcy back in October last year, the company has been searching for a new management and along with Van Brunt, the US-based teen retailer has also roped in Stephen Sommers (Ex. CEO, Vineyard Vines) as Chief Marketing Officer and Michele Pascoe as its Chief Financial Officer who was previously working with a private equity firm, Alvarez & Marsal as Senior Director.
Markedly, Michael Appel who served as the interim CEO of the company after exiting bankruptcy will be taking back his designated position as the Chairman of the Board. “With our increased funding in place along with our new top brass, and the usage of innovative data analytics to run our business, we as a group are expecting the brand to be better than before and deliver positive results in the time to come,” said Appel.
Reportedly, due to bankruptcy, Rue21 had to shut around 400 of its stores and appointed three different (interim) CEOs in last three years. It currently operates 753 stores in the US.
It will be a tough task for the new management to take the brand out of dire-straits, as it remains to be seen what the fresh force has to offer to the teen fashion retailer.
