Rent the Runway
The US online clothing rental platform Rent the Runway announced that its co-founder, Jennifer Hyman, has stepped down from her roles as Chief Executive Officer, President, and member of the Board of Directors, effective May 15. Jennifer Hyman will continue to serve the company as an advisor through January 2027 to ensure a smooth leadership transition.
Current board member Teri Bariquit, who brings 37 years of experience in the retail industry, will assume the roles on an interim basis as Acting CEO and President until a permanent successor is appointed. Teri Bariquit previously held several senior leadership positions at Nordstrom, Inc., including serving as Chief Merchandising Officer from 2019 to 2023.
Founded in 2009, Rent the Runway initially offered dress rental services for occasions such as galas and weddings. When it listed on the US Nasdaq in October 2021, the company had a market capitalisation of over $1.7 billion. However, it later encountered growth bottlenecks, recorded consecutive annual losses, and saw a sustained decline in its share price.
At present, US private equity fund CHS US Investments LLC holds a controlling stake of 59.85% in Rent the Runway, while Nexus Capital Management LP holds 12.8%. Other investors include Vanguard Group and BlackRock. Jennifer Hyman retains a minority stake.
For the fiscal year 2025 ending January 31, 2026, Rent the Runway reported revenue growth of 7.7% to $329.8 million and achieved a turnaround to profitability, posting a full-year net profit of $22.6 million. As of the close on May 19, the company’s share price fell 3.67% from the previous trading day to $3.41, bringing its latest market capitalisation to $114 million. Over the past year, its share price has declined by 44.46%.
Gap Inc.
US fashion group Gap Inc. announced a series of executive appointments:
- Michael Francis has been named Chief Customer Officer of Old Navy and will also serve as head of the group’s marketing shared services;
- Lourdes Arocho has been appointed Senior Vice President and head of licensing;
- Donald Kohler has been named Global Brand President of Gap Inc. and Chief Executive Officer of Banana Republic.
Above: Michael Francis, Lourdes Arocho, Donald Kohler
Michael Francis is a seasoned global brand and marketing executive who has held senior leadership roles across retail, entertainment, and consumer brands. He previously served as President of JCPenney, Chief Marketing Officer of Target, and Global Chief Brand Officer at DreamWorks Animation. He has also provided consulting services on brand strategy, customer engagement, and corporate transformation for major companies, including Walmart.
In his new role, Michael Francis will oversee Old Navy’s end-to-end customer strategy, strengthening brand storytelling, deepening customer engagement, and enhancing the omnichannel consumer experience. As head of marketing shared services, he will also lead Gap Inc.’s overall media strategy and execution, driving integration across the group’s brand marketing systems to improve operational efficiency. He previously served as an advisor to Old Navy and will now report to Old Navy President and CEO Haio Barbeito.
Lourdes Arocho will be based in the group’s Los Angeles office and will lead the company’s licensing business into a new phase of growth, reporting to Executive Vice President and Chief Entertainment Officer Pam Kaufman. She will oversee licensing operations across Gap Inc.’s brands, including Old Navy, Gap, Banana Republic, and Athleta. Through both internal and external partnerships, brand extensions, and direct retail collaborations, she will expand the group’s business footprint and strengthen connections with entertainment, sports, and mainstream cultural trends.
She will also help optimise the group’s end-to-end collaboration ecosystem within the entertainment industry, coordinating partnerships with major film and television studios, content creators, retailers, and brand partners to ensure more focused strategies and unified operational standards.
Lourdes Arocho brings extensive experience in brand licensing and consumer products management, having held roles at Nickelodeon and NBCUniversal. Prior to joining Gap Inc., she served at Paramount Global as Senior Vice President of Global Consumer Products and IP Licensing, where she oversaw licensing and ecosystem development for major entertainment IPs, including Teenage Mutant Ninja Turtles, SpongeBob SquarePants, Top Gun: Maverick, Yellowstone, and PAW Patrol.
Donald Kohler will be based in San Francisco and will lead Banana Republic in consolidating its growth momentum, further positioning the brand as a modern explorer lifestyle label defined by craftsmanship, creative design, and a spirit of discovery.
With over 30 years of experience in premium and professional retail, Donald Kohler most recently served as CEO of PVH Americas at PVH Corp., overseeing brands such as Calvin Klein and Tommy Hilfiger, as well as the group’s retail, e-commerce, wholesale, and licensing operations across the Americas. He previously held senior roles at Burberry, Ferragamo, and Diesel. Earlier in his career, he spent more than a decade at Gap Inc., overseeing merchandise operations for Gap, GapKids, and babyGap.
True Religion
US premium denim brand True Religion has appointed Andrew Rauch as Senior Vice President of Global Digital and E-commerce. In his new role, Andrew Rauch will be responsible for scaling the business and enhancing the brand’s online presence, reporting to CEO Michael Buckley.
Andrew Rauch brings more than 20 years of experience in global digital commerce leadership. Most recently, he served at Foot Locker as Vice President of Global Digital, where he led global digital strategy and was responsible for profit and loss management across Foot Locker, Kids Foot Locker, and Champs.
Previously, he was Executive Vice President of Digital at PVH Americas under PVH Corp., and spent nine years at Urban Outfitters in various key roles. He began his career at The Children’s Place, focusing on consumer insights and strategic planning.
Wolverine World Wide
US footwear group Wolverine World Wide announced three key leadership appointments within its workwear portfolio:
- Mike Maloney has been promoted to the newly created role of Global General Manager of the Wolverine brand, where he will oversee global strategy and execution to drive growth in the work boot category. He previously served as Chief Product Officer of the workwear division.
- Ryan Drew will succeed Mike Maloney as Chief Product Officer of the workwear division, responsible for overall product strategy and development direction. He brings more than 25 years of experience in the global footwear and apparel industry, with previous roles at Under Armour, Curry Brand, and AND1 Basketball.
- Ben Harrison has been appointed General Manager of International for Cat Footwear, overseeing operations in overseas markets. A long-serving employee, he has spent more than 15 years at Wolverine World Wide, most recently as General Manager of Merrell Canada.
The group’s workwear portfolio includes brands such as Wolverine, 1000 Mile by Wolverine, Cat Footwear, Merrell Work, Bates, HyTest, and Harley-Davidson Footwear.
From left to right: Mike Maloney, Ryan Drew, Ben Harrison
Inspecs
UK eyewear frame manufacturer and distributor Inspecs announced that Interim Non-Executive Chairman Christopher Hancock will step down from his role as a Non-Executive Director at the company’s Annual General Meeting in June.
Christopher Hancock has served as Interim Chairman since June 2025, during which he led the company through multiple unsolicited takeover approaches, ultimately facilitating the optimal acquisition offer from Bidco 1125 Limited. The transaction was completed last week, and Inspecs Group is set to be taken private and delisted.
The company’s founder Robin Totterman (below) will immediately resume his role as Executive Chairman following the AGM.
Inspecs Group specialises in sunglasses, optical frames, lenses, and low-vision eyewear products, and holds licensing partnerships with brands including Barbour, Joseph, Henri-Lloyd, Liberty, Lyle & Scott, Superdry, Radley, O’Neill, Ted Baker, and Viktor & Rolf.
Jonathan Adler
Home décor, furniture, and lifestyle brand Jonathan Adler has appointed Alison Bergen as its new President. She will report to Alen Mamrout, founder and CEO of American Exchange Group.
Since December 2024, Jonathan Adler has been jointly owned by American Exchange Group and Consortium Brand Partners.
From 2018 to 2022, Alison Bergen served as CEO of Aerosoles and remained on its board until 2023. She led the sale of Aerosoles to AEG and later joined GF Capital as a part-time Operating Partner overseeing Jonathan Adler-related matters, giving her deep insight into the brand’s business model.
She has also served as Interim CEO of P448 and held key merchandising roles at Louis Vuitton, Michael Kors, and Diane von Furstenberg. She holds an MBA from Stanford University.
| Source: official press releases, FashionNetwork
| Image Credit: official press releases, personal social media accounts
| Editor: Luxeplace
