Will Pursue New High Growth Potential Retail Businesses Designed to
Address Untapped Opportunities
Anne Sutherland Fuchs Joins JCPenney as Group President to Lead New
PLANO, Texas, Nov 11, 2010 (BUSINESS WIRE) --
J. C. Penney Company, Inc. (NYSE: JCP) today announced that it has
created a Growth Brands Division, which will pursue high potential
opportunities in the retail sector. These initiatives will be separate
from the Company's core JCPenney brand and will leverage its exceptional
merchandising, marketing, product development, sourcing, IT, planning
and allocation, and consumer research capabilities to create new retail
businesses and drive sales growth. The Company's pursuit of these
initiatives, which will include both digital and retail store
opportunities, reflects its Long Range Plan objective of growth
leadership in its industry.
The first two initiatives under the new division -- CLAD(TM) and
Gifting Grace(TM) -- will be launched in summer of 2011 and are both
strategic collaborations with Hearst Magazines. Anne Sutherland Fuchs, a
highly experienced brand and digital executive, has joined the Company
as Group President, Digital Ventures of the Growth Brands Division,
reporting to J. C. Penney Company, Inc. Chairman & CEO, Myron E. (Mike)
Ullman, III. The new initiatives include:
- CLAD: A complete online modern menswear resource aimed at
fashionable men ages 25 to 54, CLAD will provide a full assortment of
well-curated designer brands in a savvy digital environment. It is
headed by Will Swillie, who has joined Growth Brands having previously
been Director of Brand Management at Retail Convergence, a portfolio
of e-commerce companies including Rue
La La, where he launched the men's business, after spending more
than 15 years at top retailers.
- Gifting Grace: Targeting women ages 30 to 54, giftinggrace.com
will be a comprehensive online gifting resource offering an extensive
assortment of unique and memorable gift items, compelling content and
convenient tools for the year-round gift-giver. Effective Dec. 6, Mary
Drolet, a retail industry veteran and founder of Club Libby Lu, will
join the Growth Brands Division to lead Gifting Grace.
Mr. Swillie and Ms. Drolet will both report to Ms. Fuchs.
Mr. Ullman said, "Our objective through this new division is to
capitalize on our extraordinary retail expertise to strategically pursue
untapped opportunities to serve key customer segments. Our aim is to
generate new revenue streams consistent with our Long Range Plan mission
of being the growth leader in the retail industry.
"Our ability to attract a highly accomplished team of experienced,
visionary retailers to lead our new growth businesses speaks to the
potential we all see ahead to create the next generation of retail
industry leaders. We look forward to aggressively pursuing these and
other opportunities and providing consumers with innovative, new
shopping experiences that reflect the exceptional operational resources
that our Company can bring to bear."
Anne Sutherland Fuchs, Group President, Growth Brands Division,
Digital Ventures, is a highly experienced executive and consultant to
companies on branding and digital initiatives. She also serves as a
director of Gartner Inc., the information technology, research and
advisory company, as well as of Pitney Bowes, Inc., which provides
software and hardware for physical and digital communications channels.
Before her consulting career, she had been an executive at LVMH Moët
Hennessy Louis Vuitton, where she ran its Phillips, de Pury & Luxembourg
auction business. She began her career at The New York Times, followed
by CBS Publications and Hachette Publications and subsequently joined
Condé Nast Publications Ltd., where she served as Senior Vice President
and Director, International from March 1994 to September 1994 and as
Publisher of Vogue Magazine from January 1991 to March 1994. She then
joined Hearst Magazines as Senior Vice President and Group Publishing
Director with responsibility for many of the organization's women's
magazines, including O, the Oprah Magazine, Marie Claire and Harper's
Bazaar. She is also currently the Chair of the NYC Commission on Women's
Issues, serving as a liaison between Mayor Michael Bloomberg and the
female community of New York.
Mary Drolet, President of Gifting Grace, has spent more than 25
years in the retail industry and has worked in a wide variety of retail
environments from start-ups to large department stores. She began her
career at Neiman Marcus, then moved to Carson Pirie Scott and
subsequently to Montgomery Ward, where she held senior merchandising
positions, including General Merchandise Manager of Women's Apparel. She
then became Chief Merchandising and Marketing Officer of Claire's
Stores, before she founded Club Libby Lu in 1999. Club Libby Lu was sold
to Saks in 2004, and she ran it until 2009, at which point it had grown
to 98 locations under her leadership.
Will Swillie, President of CLAD, joins the Company from Retail
Convergence, which owns a portfolio of e-commerce businesses including
Rue La La and SmartBargains.com. Among his achievements there was
launching the Rue La La men's business earlier this year. He began his
career in the men's tailored clothing and furnishings business in 1991
and moved to positions of increasing responsibility, including buyer for
men's tailored clothing and later furnishings at Neiman Marcus. Before
joining Retail Convergence, Mr. Swillie was a senior buyer for men's
tailored clothing and furnishings at Polo Ralph Lauren.
About J. C. Penney Company, Inc.
J. C. Penney Company, Inc., traded on the New York Stock Exchange under
the ticker symbol JCP, is a Plano, Texas-based holding company with
$17.6 billion in sales. The Company has over 1,100 retail locations
throughout the United States and Puerto Rico under the JCPenney brand
name. Its Growth Brands Division, a division pursuing high potential
opportunities in the retail sector, includes both store and online
initiatives. With the largest product development & sourcing
organization in the retail industry, J. C. Penney Company, Inc.
continues to be the forerunner in retail merchandise innovation.
This release may contain forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements, which reflect the Company's current views of
future events and financial performance, involve known and unknown risks
and uncertainties that may cause the Company's actual results to be
materially different from planned or expected results. Those risks and
uncertainties include, but are not limited to, general economic
conditions, including inflation, recession, unemployment levels,
consumer spending patterns, credit availability and debt levels, changes
in store traffic trends, the cost of goods, trade restrictions, changes
in tariff, freight, paper and postal rates, changes in the cost of fuel
and other energy and transportation costs, increases in wage and benefit
costs, competition and retail industry consolidations, interest rate
fluctuations, dollar and other currency valuations, risks associated
with war, an act of terrorism or pandemic, and a systems failure and/or
security breach that results in the theft, transfer or unauthorized
disclosure of customer, employee or Company information. Please refer to
the Company's most recent Form 10-K and subsequent filings for a further
discussion of risks and uncertainties. Investors should take such risks
into account when making investment decisions. We do not undertake to
update these forward-looking statements as of any future date.
SOURCE: J. C. Penney Company, Inc.
J. C. Penney Company, Inc.
Darcie Brossart, 972-431-3400
Kristin Hays, 972-431-5500