Urban Outfitters Inc. on Friday announced that Francis Pierrel, president of Urban Outfitters Group, has left the company.
“We appreciate the contributions he made during his tenure and wish him well in his future endeavors,” the company stated in a press release.
Pierrel joined the retailer in February to oversee the brand in North America. Pierrel reported directly to Sheila Harrington, global CEO of Urban Outfitters and the Free People Group.
Prior to his time with Urban Outfitters, Pierrel was the CEO of Club Monaco. He also served as the president of stores and e-commerce for Ralph Lauren in North America and had senior roles at Lacoste and Diesel.
When he first came to the company, Urban Outfitters, Inc. CEO Richard Hayne described Pierrel as, “a seasoned omnichannel retail executive with deep experience in managing iconic brands across all channels — e-commerce, stores, and wholesale.”
Urban Outfitters did not immediately respond to further questions about Pierrel’s departure.
The company recently announced a “record Q3,” where total net sales increased 3.9% year over year. Urban Outfitters net sales for the three months were down 11.6% to $367 million.
“Urban Outfitters' customers are younger with less discretionary income and accumulated assets. And the current elevated inflation around necessities like rent, food and energy has had a greater impact on them,” Hayne said on a recent call with analysts regarding the qurarter.
“These customers are transacting less often, and when they do shop, they're looking for a deal. The [Urban Outfitters] brand in North America began the quarter with heavy inventory left over from the bullwhip effect brought on by COVID-induced supply chain issues. The brand is working through this excess inventory and is planning to be much cleaner by the end of Q4,” Hayne said.
