All-American clothier Guess announced Tuesday that co-founder Paul Marciano will be stepping down from his role as CEO in August, although he will continue on as chief creative officer, and Victor Herrero, formerly the Asia-Pacific head for Spanish apparel giant Inditex, will replace him at the helm.
Marciano will assume the responsibilities of executive chairman on the Los Angeles company’s board, succeeding his older brother and co-founder, Maurice, who has been named chairman emeritus and will remain a director.
Known as much for its risqué ads as for its denim threads, the brand turns 35 next year and Marciano revealed in a statement that he and the board spend more than a year searching for a new CEO.
“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 retailer, and he is extremely knowledgeable in best in class sourcing and supply chain,” he said.
Herrero remarked, “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.”
The denim brand could use some new blood: North American retail revenues decreased 6 percent last quarter, while total net revenue fell 8.4 percent to $478.8 million. As of May 2, Guess directly operated 470 retail stores in the U.S. and Canada and 361 locations in Europe, Asia and Latin America, while licensees and distributors ran another 836 stores overseas.