298
Fashion Jobs
L'OREAL GROUP
Assistant CRM Manager
Permanent · HONG KONG
L'OREAL GROUP
Key Account Manager
Permanent · HONG KONG
H&M
Total Rewards Manager, Supply Chain
Permanent · TSIM SHA TSUI
H&M
Accounts Specialist
Permanent · TSIM SHA TSUI
ESTÉE LAUDER COMPANIES
Assistant Demand Planning Manager
Permanent · HONG KONG
ESTÉE LAUDER - BRAND
Retail Marketing Manager, Estée Lauder
Permanent · HONG KONG
CLINIQUE
Assistant Education Manager, Clinique
Permanent · HONG KONG
CLINIQUE
Senior Marketing Manager, Clinique
Permanent · HONG KONG
TOMMY HILFIGER
Senior Manager, Creative Services, Tommy Hilfiger Asia Pacific
Permanent · HONG KONG
AESOP
Retail Consultant
Permanent · SHA TIN
NEWELL
Senior Manager, Indirect Sourcing
Permanent · HONG KONG
L'OREAL GROUP
Group Product Manager
Permanent · HONG KONG
ADIDAS
Senior Manager, Materials Availability Management
Permanent · HONG KONG
L'OREAL GROUP
Assistant Purchasing Manager (Marketing, Digital IT)
Permanent · HONG KONG
PUMA
Manager Innovation Technical Apparel
Permanent · HONG KONG
DR. MARTENS
Head of Financial Accounting, Apac
Permanent · TSIM SHA TSUI
TJX COMPANIES
Director of Sourcing, Apparel -Hong Kong
Permanent · HONG KONG
A & F
Hollister CO. - Brand Representative (Part-Time / Full-Time), Hysan Place
Permanent · CAUSEWAY BAY
A & F
Hollister CO. - Brand Representative (Part-Time / Full-Time), Yoho Mall
Permanent · HONG KONG
A & F
Abercrombie & Fitch - Brand Representative (Part-Time / Full-Time), Harbour City
Permanent · TSIM SHA TSUI
KERING EYEWEAR
Kering Eyewear Assistant Trade Marketing Manager Travel Retail
Permanent · HONG KONG
JAEGER
Training Manager
Permanent · HONG KONG
By
Reuters
Published
Jun 7, 2021
Reading time
2 minutes
Download
Download the article
Print
Text size

Activist fund Barington pushes for change at Chico's, again

By
Reuters
Published
Jun 7, 2021

Activist investor Barington Capital Group on Monday urged Chico's FAS to explore strategic options for its brands and said the apparel chain's board should add new members to help improve its lagging stock price.


Photo: Chico's FAS



The New York-based hedge fund, which first pushed for changes at the clothing company five years ago, said it wants to see directors with experience in digital commerce, merchandising and marketing and women's fashion specialty retail.

"We believe the Board has been highly deficient in these two areas for years," Barington's founder, James Mitarotonda, wrote in a letter to the board which was made public on Monday.

"The Chico's Board is largely responsible for this underperformance," he said about the company's share price, stressing that "change is needed at the Chico's Board."

The hedge fund, which said it owns roughly 2% of the shares, is urging directors John Mahoney, David Walker and Stephen Watson to step down, criticizing them for a lack of relevant expertise and for having endorsed a former chief executive's "failed strategic plan."

Mitarotonda also expressed concern about board member Kevin Mansell, citing his close ties to Watson when both men were involved at retailer Kohl's.

The company is expected to hold an annual meeting on June 24. A Chico's representative was not immediately available for comment.

While Mitarotonda praised Molly Langenstein, who was named chief executive last year, he said he wants the board to look at strategic alternatives, "that will unlock the tremendous value we see in the Soma brand in light of the pace of recovery at the Chico’s and WHBM (White House Black Market) brands."

Chico's stock price closed at $5.38 on Friday and has surged 238% since January. The last time Mitarotonda was involved, he forecast that with changes, the stock price could trade closer to $27 a share.

© Thomson Reuters 2024 All rights reserved.