Who: Jill Granoff, CEO and chairman of Vince, a leading contemporary fashion brand.
Why: As CEO of a growing fashion empire, Jill knows how to get things done.
On Dec. 2, Jill Granoff, CEO and chairman of contemporary fashion brand Vince, announced that the company’s third quarter was yet another strong one. “We delivered total sales growth of 20 percent as we again achieved double-digit increases across all distribution channels,” Granoff said in a press release.
Indeed, net sales were up 20 percent from last year’s third quarter to $102.9 million, and gross profit increased 21.4 percent to $50.6 million. The earnings announcement came a year after Vince completed its $200 million initial public offering, which catapulted the company into a billion-dollar brand.
Yes, it appears that Vince is ready for its close-up, thanks to Granoff’s leadership.
Granoff joined Vince as CEO and chairman in August 2012, five months before the brand’s founders, Rea Laccone and Christopher LaPolice, exited the company. Since joining, Granoff has focused on continuing to expand Vince’s product assortment.
Vince now sells women’s, men’s and children’s apparel, women’s and men’s footwear, and handbags in more than 2,400 stores across 48 countries. In addition, the company operates 28 full-price retail stores, 9 outlet stores and an e-commerce site (VINCE.com).
Vince’s product expansion strategy has catapulted it to success, said Granoff in a recent article that appeared in Business of Fashion.
“We had our core foundation with knits and sweaters, but really were able to expand to all product classifications that would address multiple-wear occasions,” Granoff said. Over the years, Vince added pants, dresses, denim, leather, hats, scarves, belts, women’s shoes (through a license with Brown Shoe) and, in 2007, menswear.
So, how will the company continue to grow — and answer to the demands of the public market?
“The key in going public is building confidence in the company’s ability to deliver consistent, sustainable growth over time,” Granoff said. “Wall Street always likes to see that there are a number of different growth opportunities.”
To do this, Granoff outlined a six-point strategy “to win with product, maximize wholesale, accelerate [own] retail and e-commerce, expand internationally, build brand awareness, and achieve organizational and operational excellence.”
Sounds like a great plan, from a great leader.
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