Industry Moves & Insights!
Welcome back to Virtua Weekly, where we break down the biggest stories emerging from the sports, fashion & outdoor industries each week!
Here's what you need to know:
Tara McRae is returning to PUMA Group as the SVP of Marketing and Brand Strategy for North America, effective Aug. 30. She is also a member of the Puma North America senior leadership team.
The industry veteran who spent 10 years at Puma from 2006 to 2016 and held several marketing roles with the athletic powerhouse has returned to the brand.
“Puma is a deep love of mine. It was well before I worked for the brand when I was a kid, it was while I worked at the brand, and it has never left me — even being away for eight years.”
McRae spent the last four years at Clarks , most recently serving as its Global Chief Marketing Officer and Digital Officer. Also in her career, she was the first chief marketing officer at NFL icon Tom Brady’s health and wellness brand TB12 .
In her new role, McRae will be responsible for leading and providing strategic guidance across its North American brand and marketing strategy, which includes both driving profitable growth and enhancing brand equity.
She will be responsible for creating and implementing long-term, consumer-focused brand and marketing strategies for the North American market across all channels. The company stated that she will collaborate closely with its global brand strategy team, with an additional emphasis on entertainment and basketball marketing due to their increasing significance and influence in North America.
Under Armour has appointed Franck Denglos to the role of Vice President of Commercial for EMEA, effective September 1.
In his new role, Denglos will oversee all sales channels across the EMEA region, including wholesale, distributors, e-commerce, and retail. His primary focus will be on accelerating growth and expanding the U.S. sportswear brand's presence in the region. He will be based in the company's Amsterdam office.
Bringing over 25 years of experience in the sports, lifestyle, and fashion industries, Denglos joins Under Armour from adidas , where he most recently served as President of Adidas Italy. Prior to that, he held roles as Global Vice President of Group Strategy at Speed and Global Vice President of Sales and GM at International Clearance/B2B.
“We are delighted to welcome Franck Denglos as our new VP of commercial for EMEA further solidifying our commitment to bringing in world-class talent that drives our business forward," said Kevin Ross, Senior Vice President and Managing Director of EMEA at Under Armour.
"With his proven ability to lead and his sharp understanding of our business landscape, I’m confident he’ll take our commercial success to the next level. We believe that with exceptional leaders like Franck at the helm, we are well-positioned to expand our impact in shaping the future of our EMEA operations.”
LVMH has recruited one of the luxury industry's rising stars, appointing Miu Miu CEO Benedetta Petruzzo as the new Managing Director of Christian Dior Couture , effective October 15.
In her new role, Petruzzo will report directly to Dior CEO Delphine Arnault, working closely with the brand’s executive committee, design studios, extensive communications network, and global commercial teams. "Benedetta’s talent and leadership will be invaluable assets in driving Dior’s continued growth and enhancing its international presence," Arnault said in a statement.
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Petruzzo has overseen a period of explosive growth for Prada-owned Miu Miu since being named CEO of the label in 2020. The brand’s revenues nearly doubled in the first half of 2024 on top of an eye-popping annual growth rate of 58% last year.
Petruzzo arrives at Dior as it seeks to deliver a soft landing after a period of rapid growth under designer Maria Grazia Chiuri and former CEO Pietro Beccari (who has sinced moved over to LVMH stablemate Louis Vuitton).
LVMH's decision to recruit a top executive from smaller rival Prada Group highlights the intensifying competition among luxury brands as the industry faces stagnant growth. In past downturns, the French conglomerate has leveraged its unparalleled financial strength to acquire brands, top talent, prime real estate, and, ultimately, increase its market share.
PVH Corp. this week announced the appointment of Fredrik Olsson as CEO of PVH EMEA. Olsson will join the company in Q4 2024 and report into Stefan Larsson, CEO of PVH Corp.
Olsson joins PVH from most recently being the CEO of Max Fashion MENA & SEA , one of the largest and leading Middle East fashion retailers based in Dubai. Under his leadership, Max Fashion has further strengthened the brand’s performance with strong revenue and margin growth.
Prior to his role at Max Fashion, Olsson spent over 20 years with the H&M Group , where he was a key part of the leadership team that played a pivotal role in doubling the company’s size to $22 billion in 2023, with a global presence of more than 4,500 stores.
During his tenure, Olsson held several prominent positions, including Global Managing Director of the H&M Brand, Head of Global Expansion, and Head of Global Growth for the group. He is credited with driving significant profitable growth through international expansion, digital transformation, and business innovation. Olsson also has extensive experience leading operations across various markets, particularly in Europe.
Larsson said, “Fredrik is a unique leader in our sector with a high-performance track record of driving consistent, profitable, brand-accretive growth across multiple markets globally, leading through a very strong people and partnership focus. His systematic and repeatable approach of driving growth will be important as we continue to unlock our full potential in the region and make progress towards our vision to build Calvin Klein and Tommy Hilfiger into the most desirable lifestyle brands in the world and make PVH one of the highest performing brand groups in our sector.”
Olsson said, “I am thrilled to be joining PVH during this pivotal time, as the company continues to make important progress on its long-term, brand-building growth strategy, the PVH+ Plan. I’ve always admired Calvin Klein and Tommy Hilfiger, and the strong European business they have built. I’m looking forward to working with the entire EMEA team and our key partners to unlock the region’s next growth chapter.”
Fitness and apparel brand Gymshark has named FARFETCH executive Sian Keane as its new Chief People Officer.
Keane will join Gymshark on September 9, after an 11-year tenure at Farfetch, where she spent the last six years as Chief People Officer. During her time at Farfetch, she played a key role in the company's expansion, growing the workforce from 100 to over 7,000 employees globally, and overseeing the integration of ten acquisitions.
In her new role, Keane will be responsible for the people strategy, helping to transform Gymshark into an international omnichannel company with a focus on attracting, developing and retaining world-class talent to support its “next critical stage of growth”.
Keane will report to founder and chief executive officer Ben Francis.
Francis, said in a statement: “It’s no secret that I want Gymshark to become a brand that outlives us all. To achieve this, we need the very best people driving us forward and sharing this ambition - they are comfortably our most important asset.
“It was evident from the first minute of meeting Sian that she shared this belief. When you couple that with her track record, approach and values, she is the perfect person to lead this charge and play a huge role in taking Gymshark to the next level. I can’t wait to see what she’s going to bring.”