Another era has concluded at Lands’ End.
The multichannel retailer announced Monday that Federica Marchionni resigned from her position as chief executive, effective immediately. Marchionni joined Lands’ End in February 2015 from Dolce & Gabbana, where she’d served as the label’s U.S. president since 2011.
Lands’ End’s board of directors has named Joseph Boitano and James Gooch as co-interim CEOs until a replacement is found. Boitano currently serves as executive vice president and chief merchandising and design officer, while Gooch is EVP and chief operating and financial officer. Global executive search firm Heidrick & Struggles has been selected by the board to search for a permanent CEO.
“On behalf of the entire board, I want to thank Federica for her dedication and contributions to Lands’ End,” chairman Josephine Linden said. “Her creative vision has helped Lands’ End begin its transformation as a global lifestyle brand with a broader merchandise offering that is more relevant in today’s marketplace.”
As the retail industry continues to shift to a more digital landscape, many brands, including Lands’ End, had to redevelop their multi-dimensional strategy, to keep up with growing consumer demands and competition from omnichannel services. Although it is unclear why Marchionni departed, Lands’ End said it will continue to evolve as a brand, while still adhering to founder Gary Comer’s ambitions and principles.
“Joe and Jim are seasoned retail executives with a deep understanding of and appreciation for Lands’ End’s values, customer base and growth opportunities, and we are delighted that they have agreed to expand their roles during this interim period,” Linden noted. “The board is confident that Jim’s financial and operational acumen in consumer retail, combined with Joe’s widely recognized apparel merchandising and design expertise, make them the right fit to lead Lands’ End as co-interim CEOs.”
For its second quarter ended July 29, the company’s net revenue was $292 million, down from $312.4 million in 2015. Lands’ End also reported a 4.3% decrease in retail segment sales, in addition to a 6.9% decrease in direct segment sales.