Marcus Wainwright becomes only CEO of Rag & Bone
loading...
Business
David Neville, one of Rag & Bone's co-chief executive officers, has announced that he will be relinquishing his day-to-day responsibilities at the 14-year-old brand in order to pursue other projects. Neville will still retain his seat on the company's board of directors, and be one of the largest shareholders of the business. The brand is projected to generate over 300 million dollars in revenue in 2016.
Neville's longtime business partner Marcus Wainwright will become Rag & Bone's only chief executive officer. The duo became co-CEO's in 2015 when former chief executive Mike Tucci left the company.
Neville and Wainwright have known each other since they were kids attending the same boarding school.
“To be able to build a brand from nothing showed an awful lot of determination, ambition, grit and trust in one another to make it happen. I think that people could always see that Marcus and I were very committed and dedicated to what we wanted to achieve,” Neville said to Business of Fashion.
David Neville steps down as co-CEO of Rag & Bone
This is major shakeup for Rag & Bone as the company, which employs over 300 people, is entering a new era as they increase the direct-to-consumer portion of their business. Sales are up 20 percent for year 2016, with a double digit increase in sales at stores open at least one year. The company's directly owned retail stores generate about 100 million dollars in revenue.
In 2008, Rag & Bone opened its first store on Christopher Street after Andrew Rosen, chief executive at Theory, joined the brand as a partner.
Currently, there are 22 Rag & Bone stores in the United States, including a new Madison Avenue location slated to open next week. They have one store in London, and plans for two more by the end of this year. They also have franchise stores in Taiwan, Hong Kong, Japan, UAE, Lebanon, and Thailand.
The company's new focus on direct-to-consumer has made them less reliant on the struggling wholesale market. Over the last few years, the company has built up their senior executive team with people like Lydia Frostmann, a fashion industry veteran who has worked at Coach & Tory Burch.
Wainwright will continue to oversee the creative side of the business. His new focus will be expanding the international side of the company's business, as international sales currently only make up 20 percent of the business. They also want to expand the brand's presence in leather goods, as bags are seen as a key opportunity for them.
Neville's post-ceo plans include supporting his wife Gucci Westman in the launch of her own brand, as well as scouting new talent in fashion. He hopes to be able to give young brands and designers the same guidance he got from Andrew Rosen when he was starting out.
photo via Rag & Bone website