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Chico's FAS, Inc. rejigs marketing and digital commerce
26
Apr '16
Courtesy: Chico
Courtesy: Chico's FAS, Inc
Leading American omni-channel specialty retailer of women's private branded, sophisticated, casual-to-dressy clothing, intimates, complementary accessories, and other non-clothing items, Chico's FAS, Inc. has announced a realignment of its Marketing and Digital Commerce functions, placing the decision makers directly into the Company's three brands, Chico's, White House Black Market and Soma.

The technology and analytics infrastructure and associated back office support will continue to service the brands at the corporate level to leverage scale. The realignment will further optimize marketing programmes and decrease related expenses. In total, the company expects to reduce fiscal 2016 marketing expenses by $11 million and generate annualized cost savings of approximately $14 million, it said in a press release.

Shelley Broader, President and CEO of Chico's FAS, Inc., commented, "Disbanding these previously centralized functions will result in a leaner, more simplified structure that better supports the individual brand needs and places the functions closer to the customers, while at the same time, reducing costs and complexity within the Company. By directly aligning these resources within the brands, we will enable better execution on our customer experience initiative, one of our four areas of focus that we outlined in February to drive results, enhance profitability and increase shareholder value."

In connection with the new changes announced, Miki Berardelli, President - Digital Commerce and Chief Marketing Officer, will be leaving the company. Her primary Marketing and Digital Commerce responsibilities will be assumed by the Brand Presidents.

Separately, effective in the first quarter of fiscal 2016, the company intends to present store occupancy expenses and shipping expenses in Cost of Goods Sold to align with its peers and better reflect how the business operates, as it believes that the costs represent direct costs associated with the sale of its merchandise. Store occupancy expenses and shipping expenses, which were historically recorded in Selling, General and Administrative Expenses, will now be recorded in Cost of Goods Sold.

Also, shipping revenue, which was historically recorded in Selling, General, and Administrative Expenses, will now be recorded in Revenue. These adjustments will be made retrospectively for all periods presented and have no effect on the company's reported net income, the release said. (SH)

Fibre2Fashion News Desk - India


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