(Filed Under wholesale Hosiery News). The replacement of its CEO by a long time company executive were among several changes at Fogal, the Swiss hosiery firm, that were confirmed in an email message to BODY.
Doris Armellini, who has been a product director at the firm for over a decade, will start as CEO on February 1. She succeeds Franziska Gsell.
CMK Distinctive Brands handles distribution and marketing services for the firm in the U.S. Fogal, which was founded in 1921, was purchased by an investment firm, Group Gaydoul, in 2009. At the time of the acquisition, Fogal operated 23 of its own stores and claimed to sell its products in high end retailers in about 22 countries. In the years following its purchase, Gaydoul, which owns the luxury brands Navyboot and Jet Set among a variety of other properties, nearly doubled the number of Fogal retail shops. Recently Gaydoul has been adjusting its approach to the market as well as its store profile, and closed five larger Fogal stores. The total now stands at 35 — 10 in Switzerland and 25 in cities around the world. According to a source, Fogal is focusing on smaller shops in the future.
While there were once three Manhattan boutiques, a recent closure in Soho leaves just one in the U.S., a Fogal shop on Madison Avenue. (The brand is also sold here in Saks, Barney’s and a variety of other high end retail shops).
According to Gaydoul, its moves have resulted in a 3% rise in comparable store sales.
The company confirmed to BODY that it recently opened two stores in Moscow and plans to also open one this month in Hong Kong. In addition, Gaydoul confirmed that the company has expanded Fogal’s distribution in high end department stores in Europe and that EBITDA (earnings before interest, taxes, depreciation and amortization) grew by 44% in the first nine months of 2014 compared to the same three quarters in 2013.
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