NEW YORK — Richard Cohen, former chief executive officer of St. John and Zegna’s U.S. operation, might land at Elie Tahari’s $500 million bridge sportswear company.
People close to the situation said Cohen is in talks with Elie Tahari about taking on a top executive role at the firm. Neither Tahari officials nor Cohen were available for comment Thursday.
Cohen resigned in April from St. John, the $400 million Irvine, Calif.-based apparel firm, after a tumultuous 18 months. He arrived at St. John after a 16-year tenure as ceo of Ermenegildo Zegna’s U.S. operations, where he had spearheaded the growth of that business to $175 million in sales from $15 million.
At St. John, Cohen was charged with guiding the overall corporate strategy of the women’s luxury business, and taking the brand global. Despite the company’s popularity with a loyal following of customers, St. John had begun to hit a wall, in terms of growth, and profits had slid. Cohen quickly began making changes, such as overhauling the executive ranks, including severing ties with company co-founder and designer Marie Gray. He brought in his own team, firing scores of people, and changing the product’s look and fit.
In addition, Cohen tapped Angelina Jolie, known for her edgy, unorthodox personality, as the company’s spokesmodel, replacing longtime creative director Kelly Gray, who had been a campy fixture for more than 22 years. Critics said Cohen moved too quickly in making significant changes. Part of his strategy was to entice a new level of younger customers to the brand, a plan that fell short.
Tahari, whose bridge business has been on a hot streak in recent years, is aiming to become a $1 billion brand over the next five years. This fall, Tahari launched a major accessories and men’s wear collection. The firm also is expanding its network of freestanding stores, launching into international markets such as Europe and Asia, and upgrading parts of its collection to hit higher price points.
The company sells at more than 600 doors worldwide, including Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue, Bloomingdale’s, Nordstrom and Macy’s West. It frequently is cited by department and specialty stores as one of the top sellers in the bridge area, where it often is positioned as a segue to the contemporary designers.
Tahari is using some of the money he made in selling Theory Ltd. in 2003 for his company’s expansion. However, last month, Tahari sued his former business partner in Theory Ltd., Andrew Rosen, for more than $180 million, alleging that Rosen defrauded him into selling Theory at a price that didn’t reflect the company’s true value. Rosen denied the accusation.