International sales increased an even faster 30%. The company also reported a record profit of $857 million during the second quarter and accelerated expansions ...
When former Lands’ End CEO David Dyer left Sears to join Tommy Hilfiger, he left as CEO of the Lands’ End apparel unit, executive vice president and general manager of Sears Customer Direct and the same position at its Great Indoors home furnishings business.
When former Lands’ End CEO David F. Dyer left Sears, Roebuck and Co. to rescue apparel company Tommy Hilfiger last month, he left a void in three positions: CEO of the Lands’ End apparel unit, executive vice president and general manager of Sears Customer Direct; and the same position at its Great Indoors home furnishings business.
To fill the gap, Sears named three executives to head a new tri-partite office of the president: Mindy Meads, who will continue in her role as executive vice president for merchandising and design for Lands’ End and executive vice president and general manager for apparel for Sears; Lee Eisenberg, who will also keep his title as executive vice president/chief creative and administrative officer of Lands’ End; and Dennis Honan, who also serves as chief operating officer of Lands’ End.
Dyer, who served as president and CEO of Lands’ End since 1998 and oversaw its sale to Sears, will try to work his magic at Hilfiger, where he will be expected to help turn around an apparel brand that reported a net loss of $513.6 million on revenue of $1.89 billion for the year ended March 31, compared to a net loss of $5.68 million on revenue of $1.88 billion a year ago.
Analysts say he’s the man for the job. “He’s very good at merchandising and he attracted new customers without alienating old ones,” says Ulysses Yannas, analyst for investment research firm Buckman, Buckman & Reid in New York. He adds that Dyer can be expected to do the same thing at Hilfiger: broaden its appeal and lure new customers without driving away its existing base. “Lands’ End used to be a staid, old-line retailer,” Yannas says. “He made it more exciting.”