Chico’s FAS CEO Molly Langenstein is leaving the company, according to a source close to KnitWell Group.
New owner Sycamore Partners, a private equity firm, has moved Chico’s brands into KnitWell, a holding company formed last year. KnitWell also includes Ann Taylor, Loft and Talbots and provides services to plus-size specialty retailer Lane Bryant.
Last week, as Sycamore announced that its deal to take over Chico’s had closed, Langenstein said that the private equity firm and apparel conglomerate “share a commitment to providing solutions, building communities, and creating memorable experiences to bring women confidence and joy.”
“We look forward to working together to reach even greater levels of success,” she also said.
Langenstein, who once led Chico’s two largest brands — Chico’s and White House Black Market — was promoted to lead the entire conglomerate four years ago, amid sliding sales. The company also runs lingerie brand Soma. It had been a tumultuous period for the conglomerate, with previous leadership shakeups and, in 2019, repeated failed attempts by Sycamore to acquire it. In 2020, along with appointing Langenstein, the company slashed costs and instituted other restructuring moves.
Now, employees have been told that Langenstein is leaving, the KnitWell source said. Previously, analysts had noted that she has been key to Chico’s success and that the Sycamore acquisition likely went forward thanks to her support.
