Dive Brief:
- Guess Inc. has appointed Andrew Rosen executive chairman of Rag & Bone, according to a Tuesday press release.
- Rosen, a long-time investor in the New York-based fashion brand, is also the company’s board chair. In his new position, he will be responsible for the strategic direction and oversight of Rag & Bone’s executive team and will work closely with Paul Marciano, the co-founder and chief creative officer of Guess, as well as with Guess CEO Carlos Alberini and WHP Global Chairman and CEO Yehuda Shmidman, per the release.
- In February, Guess and WHP Global announced a definitive agreement to acquire Rag & Bone, which was completed in April. Under the terms of the deal, Guess paid more than $57 million toward the purchase, in addition to contributions from WHP Global, per a press release. Guess now owns all of Rag & Bone’s operating assets, while Guess and WHP Global own the company’s intellectual property through a joint venture.
Dive Insight:
Rosen has a long history as both an executive and an investor in the fashion industry.
In addition to Rag & Bone, Rosen has invested in women’s contemporary fashion brands including Alice + Olivia, Veronica Beard and TWP, per the release, and he co-founded contemporary fashion brand Theory in 1997. Rosen was Theory’s CEO for more than 20 years before leaving the role in 2019 and transitioning to a founder and advisory position. In 2009, Theory was fully acquired by Uniqlo’s parent company Fast Retailing.
“I have been involved with rag & bone since 2006,” Rosen said in the release. “I have always been passionate about our brand and the opportunities that lie ahead. This new relationship now cements that ambition by providing an incredible platform for us to leverage our potential globally.”
Rag & Bone, which will operate as an independent fashion brand under the Guess portfolio, is the first acquisition for Guess in its 43-year history.
“It’s an exciting time for both Guess? and rag & bone as we embark on the next chapter of growth, and I believe Andrew is the ideal person to continue to lead and represent the rag & bone brand on this journey,” Marciano said in the release.
Alberini said Rosen was well-versed in both the business and the industry, calling him “a true visionary and pioneer in fashion.”
“[He] has paved the way for many other founders, designers and entrepreneurs to succeed and grow in today’s evolving and increasingly digital environment,” Alberini said in the release.
In July 2023, Marcus Wainwright, who co-founded Rag & Bone in 2002 with David Neville, stepped down from his role as chief brand officer. The company currently has more than 50 retail stores and an e-commerce site.
