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Simplified structure designed to drive cost savings and add and fuel marketing and merchandising focus Long-term profitable growth
The Company has announced the dismissal of Vera Bradley Brand President, Chief Creative Officer and Chief Revenue Officer and the resignation of Pra Vida Co-Presidents Goodman and Toll.Remain in a consulting role
Hiatt has been named to a new post at Vera Bradley, Inc.chief marketing officer
FORT WAYNE, Ind., Jan. 24, 2023 (GLOBE NEWSWIRE) — Vera Bradley, Inc. (Nasdaq: VRA) (“VRA” or the “Company”) today announced new streamlining designed to drive cost savings. announced a new corporate structure. Position the company for consistent top-line and bottom-line growth with an increased focus on marketing and merchandising.
As part of the reorganization, the company has eliminated the roles of Vera Bradley Brand President, Chief Creative Officer and Chief Revenue Officer. As a result, her three members of Vera Bradley Brand’s management team (President Darren Hull, Chief Creative Her Officer Beatrice McCabe, and Chief Revenue Officer Mary Bestraipath) left the organization. Jackie Ardley, President and CEO of VRA, commented: “Individually, each has made a significant impact on Vera Bradley and the company we are today. Their impact will be with us for years to come.
“These decisions are being made to ensure that our management team and cost structure are right-sized for the size of our business, are best positioned to address the continuing challenging macro environment, and achieve our long-term strategic plans. it was done.”
The Company has added Vera Bradley to the position of Senior Vice President of Merchandising and Design, responsible for merchandising. Product development; design; merchandise, plans and assignments will be reported to that new post. We are currently searching.
Pura Vida co-presidents Griffin Thall and Paul Goodman have decided to leave the company effective January 28, 2023. The Company will acquire from Thall and Goodman his remaining 25% interest in Pura Vida on January 30, 2023 for his $10 million. Ardrey says: We are very optimistic about the future opportunities for Pura Vida. A search for the president of Pura Vida is currently underway. Meanwhile, Sujay Shah, Pura Vida’s Vice President of Finance, will take over his day-to-day oversight of Pura Vida and will report directly to Ardrey. While Thall will be away from day-to-day operations, he will continue to serve in a consulting role, supporting the team in marketing and branding direction.
Alison Hiatt joined as Chief Marketing Officer, overseeing digital marketing, customer data and e-commerce. Vera Bradley’s brands and creatives her marketing, retail stores, and retail brands her experience her team also reports to her Hiatt. “As we continue to increase our focus on branding and deliver seamless digital and store commerce experiences to our customers, Alison is a perfect fit to add her extensive background to VRA,” said Ardrey.
Hiatt is an accomplished consumer and marketing leader with a proven track record of versatile and deep success for several industry-leading brands. Most recently, he was Chief Marketing Officer at Salt and Straw. Over the past four years, she has played a key role in transforming a unique ice cream company from a regional brand to an emerging national brand through innovative marketing, digital and e-commerce initiatives and strategic partnerships. rice field. Prior to joining Salt and Straw, she was Chief Marketing Officer at Banfield Pet Hospitals, a division of Mars, Inc. Previously, she held marketing-related and other retail positions at REI, Starbucks, and Amazon.
Ardrey says: These latest organizational changes will result in more than $2 million in annual savings, in addition to the previously identified $25 million cost savings that were largely realized in fiscal 2023, which will enable us to: can become a stronger and more agile organization.
“Three months on board, I am more confident than ever in the great potential of both brands and am very excited about the future of Vera Bradley, Inc. Outstanding loyalty and dedication. Amazing multi-generational customers, amazing brand recognition; solid balance sheet; will continue, but I am confident that we will become an even stronger company.”
About Vera Bradley
Vera Bradley, Inc. operates two unique lifestyle brands, Vera Bradley and Pura Vida. Vera Bradley and Pura Vida are complementary businesses, both with dedicated, emotionally connected and multi-generational female customer bases. Casual, comfortable, affordable and fun brand integrity. Positioning as a “gift” and a socially connected brand. A strong entrepreneurial culture. We focus on community, charity and social awareness. A multi-channel distribution strategy; a talented leadership team working together to ensure the long-term success of your brand.
Based in Fort Wayne, Indiana, Vera Bradley is a leading designer of women’s handbags, luggage and other travel, fashion, home accessories and unique gifts. Founded in her 1982 by friends Barbara Bradley Beggard and Patricia R. Miller, the brand is known for its innovative designs, iconic patterns, and vibrant colors that set it apart from other brands in the global market. is different, it inspires and connects women.
In July 2019, Vera Bradley, Inc. acquired a 75% stake in Creative Genius, Inc. Creative Genius, Inc. also operates under the name Pura Vida Bracelets (“Pura Vida”). Pura Vida is a digitally native and highly engaging lifestyle brand based in La Jolla, California, founded in 2010 by friends Paul Goodman and Griffin Thall. Pura Vida differentiates and expands its range of bracelets, jewelry and other lifestyle accessories.
The Company has three reportable segments: Vera Bradley Direct (“VB Direct”), Vera Bradley Indirect (“VB Indirect”), and Pra Vida. The VB Direct business operates through Vera Bradley’s full-line and factory outlet stores in the United States, vera Bradley.com, verabradley.ca, Vera Bradley’s online outlet site, and Vera Bradley’s annual outlet sale in Fort Wayne. It consists of the sale of Bradley products. , Indiana. The VB Indirect business sells Vera Bradley products to approximately 1,700 specialty retailers throughout the United States, as well as select department stores, national accounts, third party e-commerce sites, and third party inventory clearing houses. License agreements relating to the Bradley brand. The Pura Vida segment consists of sales of Pura Vida products through the Pura Vida website. www.puravidabracelets.com, www.puravidabracelets.euWhen www.puravidabracelets.ca; Through distribution of products to wholesale retailers and department stores. Through Pura Vida retailers.
Vera Bradley Safe Harbor Statement
Certain statements in this release are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect our current expectations or beliefs regarding future events, and are subject to various influences. Risks and uncertainties that could cause actual results to differ materially from our expectations. This includes: Inability to anticipate changes in consumer demand and respond in a timely manner. the potential loss of key management or design personnel, or the inability to attract and retain the talent needed for our business; We may not be able to maintain and strengthen our brands. We may not be able to successfully implement our long-term strategic plans. the possibility that new store openings, covered store closures and/or current store operations will not be successful as planned; Additional tariffs or adverse changes in raw materials and labor used to manufacture our products. adverse effects that may result from material disruptions in our distribution facilities; or business disruptions caused by COVID-19 or other pandemics. Risks, uncertainties and assumptions include the possibility that benefits from the acquisition of Pura Vida may not materialize as expected or that Pura Vida’s business may not perform as expected. For more information about potential factors that may affect our financial results, see “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our public reports filed with the SEC. section from time to time. Company Form 10-K for the fiscal year ended January 29, 2022.
contact address:
Investor:
Julia Bentley, Vice President of Investor Relations and Communications
jbentley@verabradley.com
(260) 207-5116
media:
mediacontact@veraradley.com
877-708-Bella (8372)
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