Lululemon
On May 21, Canadian yoga and athleisure company Lululemon announced a reorganization of its company structure to create a more unified organization. This strategic organizational change aims to support Lululemon’s short-term and long-term growth plans, accelerate product innovation, and further support its marketing strategy. Concurrently, Chief Product Officer Sun Choe will be leaving the company later this month.
Sun Choe (left), Nikki Neuburger (right)
Additionally, Lululemon plans to form a new team comprising leaders from its sales and brand functions to enhance its global and regional market entry strategies. Nikki Neuburger will assume the role of Chief Brand and Product Activation Officer, overseeing sales, footwear, and product operations in addition to her current brand leadership duties. Chief Marketing Officer Elizabeth Binder will report to Nikki Neuburger.
Furthermore, the new Global Creative Director, Jonathan Cheung, will officially take office soon, driving Lululemon’s product design and innovation roadmap while continuing to oversee design, innovation, and product development, reporting directly to CEO Calvin McDonald. Jonathan Cheung brings over 30 years of experience in senior creative leadership roles at global brands, with a proven track record of success.
Jonathan Cheung
Regarding these personnel changes, Lululemon CEO Calvin McDonald stated, “We appreciate Sun Choe’s many contributions over the past seven years. As she leaves, our company will continue to strengthen, led by dynamic leaders focused on product innovation. Looking ahead, I am confident in the strength of our design, marketing, and brand teams and excited about how our new structure will enable us to address unmet consumer needs more efficiently, uniquely, and powerfully.”
Adidas
On May 16, at the annual shareholders’ meeting of the German sports brand Adidas, the majority of shareholders approved the re-election of current Chairman Thomas Rabe for his fifth term. Adidas plans to appoint Thomas Rabe’s successor in 2025.
Thomas Rabe
Adidas stated that Thomas Rabe’s re-election will help ensure a smooth transition of the chairmanship he has held since 2020. Previously, the shareholder proxy advisory firm Institutional Shareholder Services (ISS) had recommended in April that investors vote against Thomas Rabe’s re-election due to his “excessive” number of other company appointments, including CEO positions at German broadcaster RTL Group and media group Bertelsmann.
In a letter to shareholders before the annual meeting, Thomas Rabe emphasized the importance of succession planning for the entire supervisory board and himself as chairman. Additionally, Adidas’ executive compensation was approved by shareholder vote, despite opposition from the company’s fifth-largest shareholder, Norway’s sovereign wealth fund, for the second consecutive year.
VF Corporation
American footwear, apparel, and accessories group VF Corporation announced the appointment of Paul Vogel as Chief Financial Officer, succeeding Matt Puckett, who has been with VF for over 23 years. The appointment takes effect on July 8, 2024.
Paul Vogel is a Chartered Financial Analyst with a bachelor’s degree in economics from the University of Pennsylvania. He has extensive experience in operations, financial planning, and capital markets, most recently serving as Chief Financial Officer of streaming company Spotify Technology SA since January 2020, significantly improving the company’s financial performance.
Paul Vogel
During his tenure as CFO, Spotify became an EBIT-positive company, nearly doubling its revenue, more than doubling its user base, expanding operating margins and free cash flow, and growing its business from 80 to 180 markets, with users increasing from 270 million to over 600 million. Before becoming Spotify’s CFO, he served as Head of FP&A, Treasury, and Investor Relations from 2016 to 2020, helping lead the company’s direct listing and building its investor base.
Before joining Spotify, Paul Vogel spent 20 years in the investment industry, working in equity investment and analysis. His most recent role was Managing Director and Head of Internet and Media Equity Research at Barclays from 2013 to 2016. He also worked at global asset management firm AllianceBernstein for ten years, heading the global consumer, media, and internet investment team. His career began as an analyst at Morgan Stanley and DLJ.
VF President and CEO Bracken Darrell expressed his delight at welcoming Paul to VF, emphasizing the importance of his role in realigning VF’s business and driving the growth of its brand portfolio to strengthen VF’s financial positioning and drive the company’s return to profitable growth.
PUMA
On May 17, German sportswear brand PUMA announced that 51-year-old Bas van den Bemt will replace Nina Graf-Vlachy as the new Managing Director for Central Europe, effective July 1, 2024. In his new role, Bas van den Bemt will oversee PUMA’s operations in the DACH region (Germany, Austria, and Switzerland) and the Benelux Union, reporting to Europe Managing Director Javier Ortega.
A Dutch national, Bas van den Bemt has held various management and sales positions at PUMA since 2009, most recently serving as Managing Director for PUMA UK and Ireland, and Head of PUMA Benelux for over eight years.
Bas van den Bemt (left), Lucynda Davies (right)
Javier Ortega praised Bas’s innovative approaches in elevating PUMA’s brand image, closely collaborating with wholesale partners, and connecting with consumers during his tenure as Managing Director for the UK and Ireland, and Head of PUMA Benelux.
Additionally, 47-year-old Lucynda Davies will succeed Bas van den Bemt as Managing Director for PUMA UK and Ireland. With over 20 years of experience in the sports industry, Lucynda Davies previously served as Chief Brand Relations Officer at JD Sports. She will also report to Javier Ortega.
361 Degrees
Chinese sportswear company 361 Degrees announced that Li Yuanhui will no longer serve as Company Secretary, Chief Financial Officer, and Authorized Representative, with these positions being taken over by Kuang Zhaoqiang, effective May 21, 2024.
In fiscal year 2023, 361 Degrees Group’s revenue increased by 21.0% year-on-year to RMB 8.4233 billion, and gross profit increased by 22.7% year-on-year to approximately RMB 3.4622 billion, maintaining a stable gross profit margin of 41.1%.
Hoff
Spanish sneaker brand Hoff is restructuring its leadership, recently appointing Sergio Odriozola as Managing Director to work closely with CEO Fran Marchena, leading the company’s internationalization and product development efforts. In his new role, Sergio Odriozola will focus on strengthening the company’s expansion and growth strategies, identifying new market opportunities, optimizing internal processes, and enhancing the brand’s international influence.
Sergio Odriozola holds an industrial engineering degree from the University of Navarra and has extensive experience in the fashion industry, having held executive positions at Mango, Zalando, Inditex, and Parfois. Since October 2021, he served as Head of Product at Banana Republic, a brand under the American Gap Group.
Sergio Odriozola
This appointment is part of Hoff’s ongoing development strategy, which includes expansion in domestic and international markets. Recently, Hoff opened two stores in Santiago, Chile, as part of its efforts to strengthen its presence in the Latin American market.
Founded by Fran Marchena in 2017, Hoff currently operates 18 self-owned stores in cities such as Madrid, Oviedo, Seville, and Zaragoza. According to its latest financial data, Hoff’s sales grew by 45% in fiscal year 2023, reaching €53 million. The brand aims to achieve €100 million in revenue by 2025.
| Source: Brand/Group official website and official LinkedIn, executives’ personal LinkedIn, Reuters
| Image Credit: Brand/Group official website and official LinkedIn, executives’ personal LinkedIn
| Editor: LeZhi
