Welcome back! Power moves on the executive level dominate this issue of The Spin, led by news about Andrew Rosen's departure from Theory. We also reveal, which fashion brand is closing its US stores, and which global sports giant has just been the victim of an alleged $20 million extortion plot. Enjoy the read and feel free to share! Best, Ulrike


Rosen's resignation. Andrew Rosen, co-founder and head of US fashion label Theory, will relinquish (paywall) the CEO position, effective April 1. He will be succeeded by Dinesh Tandon, who’s been with the company since 2013 and was named COO in 2017. Rosen will continue as founder and advisor to Theory, spending about half of his time there. A new COO has not yet been named. Rosen co-founded Theory in 1997. The company was sold to Fast Retailing in 2009.

From Vitamin Shoppe to J.C. Penney. Effective April 8, Bill Wafford will take the CFO position at J.C. Penney. The executive, who held the same position at US health chain Vitamin Shoppe, succeeds Michael Fung, who joined the Plano/Texas-based retailer as interim CFO in October. Reporting to CEO Jill Soltau, Wafford is expected to provide (press release) strategic leadership and drive operational excellence in addition to leading all aspects of the company's finance and accounting operations.

CBR needs CFO. Matthias Born, CFO and COO at CBR Group, is going to leave (paywall; translated by Google) the German fashion company on May 31 to take the CFO position at German beauty chain Douglas. At Douglas, he will succeed Michael Rauch, effective September 1. CBR, which is owned by London-based investment group Alteri, is currently looking for a successor. With fashion labels Cecil and Street One, the company runs 78 of its own stores and supplies about 8,400 locations of wholesale partners.


Pretty new thing. Fast growing British online platform Boohoo Group has acquired the brand name and intellectual property of online womenswear retailer MissPap, which was about to liquidate. The purchase price has not been disclosed. Four-year-old MissPap will be integrated into Boohoo’s portfolio of digital fashion retailers, including its namesake Boohoo as well as PrettyLittleThing and NastyGal.

Giving cloth a bad name. Meanwhile, over in the Twitter sphere, PrettyLittleThing and Topman are being accused of replacing the labels in clothing from other brands with their own names. Enraged customers have filmed themselves removing the retailers' labels to reveal those of brands like Fruit of the Loom and Eight Paris, while others show areas, where original labels have been cut out.


Extreme measures. Although Tommy Hilfiger has been performing well, the PVH-owned brand is shutting down its two US stores. The 2,000 m2 flagship on New York’s Fifth Avenue has already been closed, and the 830 m2 store on Collins Avenue in Miami Beach is scheduled to shut its doors in late April. About 90 employees are affected. In the US, Tommy Hilfiger is distributed predominantly through Amazon and Macy’s. Worldwide, there are about 1,900 full and off-price Tommy Hilfiger stores.


License to fly. UPS has partnered with autonomous delivery startup Matternet to transport medical products via drones to and from WakeMed hospital in Raleigh, North Carolina. The program uses Matternet’s M2 quadcopters (product video), which can carry loads of up to five pounds, and fly along a predetermined path. It will be overseen by the FAA and the North Carolina Department of Transportation. Although this is a significant step for drone deliveries, commercial applications are still far off.


Just don't do it. US attorney Michael Avenatti, who represented adult-film actress Stormy Daniels in her case against US President Trump (and was once considered a serious 2020 presidential candidate), is accused of trying to extort $20 million from Nike. According to prosecutors, Avenatti threatened Nike to injure the company’s reputation and cause significant financial harm by publicly revealing misconduct by Nike employees in regards to the recruitment of college basketball players. Avenatti, who is also charged with bank and wire fraud, denies the allegations.


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