Paul Marciano, Co-Founder and Chief Executive Officer of Guess?, Inc. (NYSE: GES), announced today that Victor Herrero will be his successor and new CEO of Guess?, Inc. in August 2015. Paul Marciano will replace Maurice Marciano as Executive Chairman of the Board and will continue serving as Chief Creative Officer. Maurice Marciano will remain a director, and has been named Chairman Emeritus by the Board of Directors.
Victor Herrero joins Guess? with over twenty years of global experience spanning Europe and Asia. Victor served as the head of Asia Pacific for Inditex Group, the world’s largest fashion retailer with brands including Zara, Massimo Dutti, Pull & Bear, Bershka, and Stradivarius. In the past 10 years, Victor was responsible for building Inditex’s multi-billion dollar business in Asia.
Victor has been with Inditex for the past twelve years after he started his career with them in Europe. Prior to Inditex, Victor was a management consultant working for Arthur Andersen in Asia. Victor has an MBA from the Kellogg School of Management at Northwestern University in Evanston Illinois. He also earned a Bachelor’s Degree in Business Administration from ESCP in Paris, France and has a Bachelor’s of Law Degree from the University of Zaragoza in Spain.
Paul Marciano commented, “Maurice and I have been working with the Board for over a year now to select the right candidate to be my successor as Chief Executive Officer of Guess?. The most important criteria in our view are the understanding of our brand, which will celebrate its 35th anniversary next year, the complexity of our business being in over 90 countries with more than 25 categories of products, and having a deep understanding of the changing environment of the retail world. We believe that Victor is the perfect top executive because, in addition to his entrepreneurial spirit, he has unparalleled experience in building a large business in Asia, he has a deep understanding of the current world of retail, and he is extremely knowledgeable in best in class sourcing and supply chain.”
Victor Herrero commented, “I am excited at the opportunity to work with Paul, Maurice, and the team at Guess? who are at the forefront of more than 90 markets worldwide. It’s a pivotal time for Guess?, and I look forward to joining a group that is poised to continue as an innovative leader in the fashion industry. I am particularly thrilled to have the opportunity to use my background and to contribute my skills in order to unlock a tremendous amount of value for our shareholders.”
Guess?, Inc. designs, markets, distributes and licenses a lifestyle collection of contemporary apparel, denim, handbags, watches, footwear and other related consumer products. Guess? products are distributed through branded Guess? stores as well as better department and specialty stores around the world. As of May 2, 2015, the Company directly operated 470 retail stores in the United States and Canada and 361 retail stores in Europe, Asia and Latin America. The Company’s licensees and distributors operated an additional 836 retail stores outside of the United States and Canada. For more information about the Company, please visit www.guess.com.
Guess?, Inc. (GUESS?), incorporated on August 3, 1993, designs, markets, distributes and licenses a collection of apparel and accessories for men, women and children. The Company’s product lines include a range of clothing, including jeans, pants, skirts, dresses, shorts, blouses, shirts, jackets, knitwear and intimate apparel. The Company operates through five segments: North American Retail, Europe, Asia, North American Wholesale and Licensing. The North American Retail segment includes the Company’s retail and e-commerce operations in North America, and its retail operations in Central and South America. The Europe segment includes the Company’s wholesale, retail and e-commerce operations in Europe and the Middle East. The Asia segment includes the Company’s wholesale, retail and e-commerce operations in Asia. The North American Wholesale segment includes the Company’s wholesale operations in North America, and Central and South America. The Licensing segment includes the licensing operations of the Company around the world. The Company’s apparel is marketed under various trademarks, including GUESS, GUESS?, GUESS U.S.A., GUESS Jeans, GUESS? and Triangle Design, MARCIANO, Question Mark and Triangle Design, a stylized G and a stylized M, GUESS Kids, Baby GUESS, YES, G by GUESS, GUESS by MARCIANO and Gc.
The Company uses direct-to-consumer, wholesale and licensing distribution channels to sell its products. The Company’s direct-to-consumer network is made up of both directly operated brick-and-mortar retail stores, as well as integrated e-commerce sites. As of January 31, 2015, the Company directly operated a total of 481 stores in the United States and Canada, and 356 stores outside of the United States and Canada, as well as 244 smaller-sized concessions in Asia and Europe. As of January 31, 2015, the Company, and its licensees and distributors operated 1,187 stores in 90 countries outside the United States and Canada. As of January 31, 2015, the Company operated retail Websites in the United States, Canada, Europe and South Korea.
The Company also sells through both domestic and international wholesale distribution channels, as well as licensee operated retail stores and concessions. In North America, the Company’s wholesale customers consist primarily of department stores, including Macy’s, Bloomingdales, Liverpool and The Bay, and specialty retailers and boutiques. Through its foreign subsidiaries and its network of international distributors, the Company’s products are also available in cities across Canada, Africa, Asia, Australia, the Middle East and Central and South America. As of January 31, 2015, the Company’s international licensees and distributors operated 831 stores located outside the United States and Canada, as well as 261 licensee operated concessions located in Asia.
North American Retail Segment
In its North American Retail segment, the Company sells its products through a network of directly operated retail and factory outlet stores in North America, and through its online stores. As of January 31, 2015, the Company directly operated a total of 481 stores in the United States and Canada. As of January 31, 2015, the Company also directly operated 38 GUESS? branded stores in Mexico and four GUESS? branded stores in Brazil through its majority-owned joint ventures. The Company’s full-price United States and Canada GUESS? retail stores carry a range of men’s and women’s GUESS? merchandise (and women’s MARCIANO merchandise in some locations), including its licensed product categories. As of January 31, 2015, GUESS? Retail Stores occupied approximately 865,000 square feet and ranged in size from approximately 1,500 to 13,000 square feet. As of January 31, 2015, the Company had 172 GUESS? retail stores in the United States and Canada.
The Company’s United States and Canada factory outlet stores are located primarily in outlet malls generally operating outside the shopping radius of its wholesale customers and its full-price retail stores. The factory outlet stores sell selected styles of men’s and women’s GUESS? apparel and accessories at lower price points along with certain G by GUESS merchandise in select locations. As of January 31, 2015, the Company’s United States and Canada factory outlet stores occupied approximately 840,000 square feet and ranged in size from approximately 2,000 to 11,000 square feet. As of January 31, 2015, the Company had 143 GUESS? factory outlet stores in the United States and Canada. As of January 31, 2015, the Company had 72 G by GUESS stores in the United States. As of January 31, 2015, the Company’s G by GUESS stores occupied approximately 363,000 square feet and ranged in size from approximately 4,000 to 10,000 square feet.
The Company’s GUESS? Accessories store concept sells GUESS? and MARCIANO labeled accessory products. As of January 31, 2015, the Company’s GUESS? Accessories concept stores occupied approximately 101,000 square feet and ranged in size from approximately 1,000 to 4,000 square feet. As of January 31, 2015 the Company had 48 GUESS? Accessories stores in the United States and Canada. The Company’s MARCIANO stores in the United States and Canada offer women’s collection. As of January 31, 2015, the Company’s MARCIANO stores occupied approximately 132,000 square feet and ranged in size from approximately 2,000 to 6,500 square feet. As of January 31, 2015, the Company had 46 MARCIANO stores in the United States and Canada. The Company’s North American Retail segment also includes its United States and Canadian retail Websites, including www.guess.com, www.gbyguess.com, www.guessbymarciano.com, www.marciano.com, www.guessfactory.com, www.guesskids.com, www.guess.ca, www.guessbymarciano.ca and www.guessfactory.ca.
Europe Segment
In its Europe segment, the Company sells its products in 93 countries through wholesale, retail and e-commerce channels, primarily across Europe and the Middle East. The Company’s European wholesale business uses regional distributors and agents to distribute its products primarily to independent multi-brand boutiques. The Company’s products are sold directly department stores, such as El Corte Ingles, Galeries Lafayette and Printemps. As of January 31, 2015, the Company had showrooms in cities, such as Barcelona, Dusseldorf, Florence, London, Lugano, Munich and Paris. The Company sells both its apparel and certain accessories products under its GUESS? and MARCIANO brand concepts through its wholesale channel, operating primarily through two seasons, Spring/Summer and Fall/Winter. The Company’s European retail network consists of a mix of directly operated and licensee operated GUESS? and MARCIANO retail and outlet stores, GUESS? Kids stores, GUESS? Accessories stores, GUESS? Footwear stores and Gc stores. As of January 31, 2015, the Company had 265 directly operated stores and 331 licensee stores, excluding seven concessions in Europe.
Asia Segment
In its Asia segment, the Company sells its products through wholesale, retail and e-commerce channels across Asia. The Company’s Asia retail business includes both licensee and directly operated stores, including GUESS?, G by GUESS, MARCIANO, GUESS? Kids, GUESS? Accessories, Gc and GUESS? Underwear stores. At January 31, 2015, the Company 496 stores in Asia, 49 of which it operated directly and 447 of which were operated by licensees or distributors, excluding 498 jean and accessory concessions.
North American Wholesale Segment
In its North American Wholesale segment, the Company sells its products through wholesale channels in North America and to third-party distributors based in Central and South America. The Company’s North American Wholesale customers consist primarily of department stores, specialty retailers and boutiques. As of January 31, 2015, the Company’s products were sold to consumers through 926 doors in the United States and Canada, as well as through its customer’s e-commerce sites.
Licensing Segment
The Licensing segment includes the licensing operations of the Company across the world. As of January 31, 2015, the Company had 15 domestic and international licenses that included eyewear, watches, handbags, footwear, kids’ and infants’ apparel, outerwear, swimwear, fragrance, jewelry and other fashion accessories, and included licenses for the manufacture of GUESS? branded products in markets which include Africa, Asia, Australia, Europe, the Middle East, Central America, North America and South America.
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