Source: The Business of Fashion
Summary
Kendra Scott, the American fashion accessories brand, has named Mike McMullen, a former executive at multi-level marketing company Stella & Dot, as its new Chief Financial Officer (CFO). Meanwhile, Tapestry, the parent company of Coach, Kate Spade, and Stuart Weitzman, has appointed Matt Madrigal to its board of directors. Madrigal has previously held senior roles at companies including VF Corporation and Levi Strauss & Co.
Our Reading
The trend returns with a new name.
As Kendra Scott brings in McMullen, it’s a nod to the ever-blurring lines between traditional retail and direct sales. The move echoes the rise of MLMs in the early 2000s, which brought a new wave of entrepreneurship to the fashion industry. Meanwhile, Tapestry’s appointment of Madrigal signals a continued focus on seasoned industry expertise. It’s a familiar play: bring in the veterans to navigate the choppy waters of fashion retail. The look feels familiar because it is.
MLMs Make a Comeback
The appointment of Mike McMullen as CFO of Kendra Scott marks a significant shift in the company’s strategy. McMullen’s experience in the multi-level marketing (MLM) space could signal a new direction for the brand.
The Rise of the Seasoned Executive
As the fashion industry continues to evolve, companies are turning to seasoned executives to navigate the changing landscape. Matt Madrigal’s appointment to Tapestry’s board of directors is a prime example of this trend.
The Blurring of Lines
The distinction between traditional retail and direct sales is becoming increasingly blurred. Kendra Scott’s appointment of McMullen is just one example of this trend, which is likely to continue in the coming years.
A Familiar Play
The appointment of Madrigal to Tapestry’s board of directors is a familiar play in the fashion industry. Bringing in seasoned executives to navigate the challenges of fashion retail is a tried-and-true strategy.
The Look Feels Familiar
As the fashion industry continues to evolve, it’s clear that some things remain the same. The appointment of McMullen and Madrigal is just the latest example of the industry’s tendency to repeat itself.
Author: Evan Null
