Abercrombie & Fitch Promotes Chief Merchandiser to CEO
Abercrombie & Fitch announced that Fran Horowitz, its merchandising head, is now the company’s chief executive. Horowitz replaces Michael Jeffries, who stepped down in 2014 after over two decades as CEO of the teen apparel retailer. Abercrombie halted its search for a new CEO in 2015 as a team led by executive chairman Arthur Martinez managed day-to-day operations. Horowitz joined Abercrombie & Fitch as chief merchandising officer in 2015 from the company’s Hollister brand.
Total Retail’s Take: Abercrombie has been struggling as of late. The retailer’s sales have fallen for 15 straight quarters as teen shoppers increasingly move towards “fast-fashion” chains such as Zara and Forever 21. Abercrombie hasn’t had a true CEO in almost two years, so this may be the leadership change it needs to get itself back on track.