Dive Brief:
- In a new role for the company, True Religion on Tuesday announced the appointment of Sandip Grewal as its chief financial and chief operating officer, according to a company press release. The position became effective on July 5.
- Grewal will create financial and operating efficiencies, scale the business and help the brand achieve its revenue goals, per the release. He reports to CEO Michael Buckley.
- Dave Helkey had been acting as the company’s CFO for a little over two years, according to LinkedIn. True Religion declined to comment on questions regarding Helkey's departure from the position.
Dive Insight:
True Religion has added a new position to its C-suite with a combined CFO and COO role.
Grewal has worked for three decades in positions of leadership with private and public companies. He comes to True Religion from housewares supplier Bradshaw International, where he served as the company’s CFO since 2017. Grewal helped drive revenue growth in excess of 50%, completed two acquisitions and helped with a sale of the business to Arbor Investments last year.
Grewal will help True Religion grow its business to achieve a stated $500 million revenue goal.
“Sandip’s impressive credentials and innovative thinking made him the perfect executive to take on this important new role,” Buckley said in a statement.
The appointment follows the recent hire of Scott McCabe as senior vice president of e-commerce. The former Columbia Sportswear executive has been tasked to lead True Religion’s transformation to a digital-first DTC brand.
At the end of last year, True Religion said that half of its sales are expected to come from online sales by 2025.
In 2017, the brand shed nearly $360 million in debt following a Chapter 11 bankruptcy. The company filed for bankruptcy for the second time in April 2020 and exited in October of that year.
