Dive Brief:
- Wayne Miller will step down as the chief operating officer of G-III Apparel Group as of July 1, according to a company press release.
- Miller will become a senior strategic adviser to the company, where he will assist in the transition of his daily duties and counsel the company on corporate strategy.
- Miller will continue to report to CEO Morris Goldfarb. The company has not announced who will fill the COO role.
Dive Insight:
Miller has been with G-III Apparel for 23 years, and in the COO position since 2003 when the company first introduced the role.
As COO, Miller oversaw the company's operations in the areas of new business development, distribution, finance and information technology. Prior to that position, Miller served as the company's chief financial officer since 1998. In 2003, he continued to maintain the CFO duties as he took on the new COO role.
"Wayne has been instrumental in the acquisition and development of many of the businesses we currently have," Goldfarb said in a statement. "I am pleased that Wayne will stay on as a key strategic advisor and continue to assist us in charting our path towards success and prosperity."
G-III Apparel, which has a portfolio consisting of over 30 licensed and proprietary brands including DKNY, Calvin Klein and Tommy Hilfiger, recently reported its first quarter earnings. Net sales for the time period were $520 million, an increase of 28% year over year. The boost in first quarter sales was driven by the company's wholesale segment, where net sales were $512 million, up 35% year over year, Goldfarb said on a call with analysts discussing the results.
Last year, the company said it was restructuring its retail operations, which included liquidating all Wilsons Leather and G.H. Bass stores. At that time, the company announced its intent to shift its focus further into wholesale.
