Dive Brief:
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The board of Foothill Ranch, Calif.-based Wet Seal eliminated one position and reduced board compensation by 20% in an effort to reduce costs and increase responsiveness, the company said. The move comes amid pressure to revamp the retailer’s competitiveness.
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The board earlier this year brought on Wanelo CEO Deena Varshavskaya, DoSomething.org CEO Nancy Lublin and investor Adam Rothstein to boost its tech expertise. Former Wet Seal CEO Kathy Bronstein resigned and that spot will be eliminated.
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The retailer is working to better reach its teen girl demographic and boost its online and mobile sales, which now are only 6% of its business. The company also tapped a 16-year-old fashion blogger to run a Snapchat campaign in January.
Dive Insight:
Wet Seal is taking teen girls seriously. After pressure from investors, the retailer has now stacked its board with tech and web retail experts and ran its recent Snapchat campaign with the ultimate expert in 16-year-old girls: a 16-year-old girl. The competition is stiff in this sector and increasing its e-commerce and m-commerce will be critical to Wet Seal’s survival.