Calvin Klein CEO looking to step down from his throne
The fashion industry has once again had news of a big management shake-up. This time it is Calvin Klein announcing plans for new leadership.
CEO Tom Murry is to take a step back from his role at the PVH owned Calvin Klein brand, making the transition to become Executive Chairman, a position from which he will act as advisor to the new CEO, Steve Shiffman, before fully retiring at the beginning of 2015. Mr Shiffman, currently President and Chief Commercial Officer for Calvin Klein, is due to step into Mr Murry’s shoes on the 1st July 2014.
17 Year Legacy
Mr Murry, who has been with Calvin Klein for 17 years, will be missed. His expert leadership has seen many changes brought in and the company has experienced growth in worldwide retail sales from $2.8 billion (£1.69 billion) in 2003 to almost $8 billion (£4.84 billion) in 2013. Under Mr Murry’s careful guidance, the company has evolved to more direct operations from a licensed only model. Tom Murry also played an instrumental part in the acquisition of the company by PVH twelve years ago and the amalgamation of the underwear and jeans division of the business to operate together under the same roof.
30 Years of Retail Experience
There is no need to worry about the future of Calvin Klein, however, as the company will be placed in the skilled hands of Steve Shiffman. Mr Shiffman has more than 30 years of experience within the retail industry, 20 of which he spent with PVH, where he held a number of different posts, including Group President and Chief Operating Officer.
As well as Calvin Klein, PVH have a number of other big brands, including Tommy Hilfiger, Van Heusen and IZOD. Their roster also features licensed brands such as DKNY, Speedo, Sean John and Michael Kors.
Mr Shiffman has spent seven years with Calvin Klein, during which time he worked closely with Mr Murry. Mr Shiffman’s major responsibilities included overseeing ecommerce and retail in North America and the Latin American and AsiaPacific operations. He was also in charge of Global Licensing
and Creative Services. It is this rich and varied experience and excellent track record that make Mr Shiffman the ideal candidate to take over from Mr Murry and manage a unique brand that combines several businesses. Perhaps an indication of just how confident Mr Murry is in Mr Shiffman’s ability to take control, this move is going ahead two years earlier than was originally planned.
Looking to the Future
Mr Shiffman already has an idea as to the direction he wants the company to take under his guidance. He has plans to step up the expansion of the international Calvin Klein brand, particularly in South America, Australia, India and Asia. In addition, he will be looking into strategies to change the current brand perception, which in some parts of the world is still associated with just underwear and jeans. It is thought that the focus will be on a number of categories, including sportswear. A replacement for Mr Shiffman has not yet been announced.