Roger Farah, former executive vice chairman at Ralph Lauren has founded a new challenge at luxury fashion house Tory Burch, following his exit from former the fashion company earlier this year. Farah has been appointed co-chief executive officer at the American labeland will be reporting to Tory Burch, founder of her eponymous company, co-ceo and chairman. He is set to begin his new role from next week Monday onwards. The industry veteran was also appointed to the company's board and took an equity stake in the business.
Together the co-ceo's will set up an executive directors office (EDO), which consists of a management group of four executives including Farah, Burch, Brigitte Kleine president and Robert Isen, board member, president of business development and chief legal officer.
“Roger has so many strengths, which I'm sure we will all benefit from"
Burch is adamant that Farah experience within the industry will be a positive plus for the fashion label. “Roger has so many strengths, which I'm sure we will all benefit from. I'm very proud to show him an extraordinary team of people who have really helped me build this company over the years,” said the designer to an interview with WWD.
During his 14 year tenure at the fashion house Farah has been credited with helping quadruple sales at Ralph Lauren to 7.5 billion dollars last year, up from 2 billion dollars in 2000 whilst transforming Ralph Lauren into a global powerhouse. Farah first joined Ralph Lauren in April 200 as president and chief operating officer until November 2013, when he became executive vice chairman. Prior to joining the fashion label he was CEO and chairman of Venator Group.
When he announced his impending retirement from Ralph Lauren in May, a number of leading retailers were in search of new leaders. However when he met Burch for breakfast one day, one thing led to another.
“I really connected with Tory and we had a shared vision and sense of the future that was very consistent,” said Farah. He is a firm believer that fashion companies become stronger and succeed when the teams works together as a whole combining their complementary skills.
“With Tory as clearly the vision, what’s gone on here for the past 10 years is really unheard of - the success, the brand’s clarity and the way Tory resonates with the customers. Robert and Brigitte have been a major part of the build, and they're really set up nicely for the future. [Kleine] is the president of the company and has enormous responsibilities. We’re hoping the EDO allows us to make all the major decisions together.”
Farah's new appointment has sparked renewed rumors that Tory Burch could be preparing for an eventual initial public offering, but Burch firmly denied that plans for an IPO were being considered at the moment.
“No, I think we enjoy being a private company. I think having someone like Roger come on board really helps us to do things that we see we want to do and really have control,” added Burch, who is keen to see her company to grow on its own terms and follow its own path.