NEW YORK — Seven For All Mankind has lured away a high-profile executive to fill its vacant chief executive officer position.
Michael Egeck has left as president of VF Corp.’s booming outdoor segment to take the reins as ceo of the $240 million, Vernon, Calif.-based premium denim manufacturer. Egeck will assume his role on Aug. 15.
Egeck spent the last six years with VF, joining the company as president of The North Face in 2000 before being appointed president of the outdoor business, which includes the Vans, JanSport, Eastpak, Napapijri and Reef brands, in 2004. Seven noted in a statement that Egeck “directed” the acquisitions of Vans and Reef while at VF, which helped sales of the outdoor segment leap to $1.46 billion from $368 million during his tenure. Prior to VF, Egeck spent eight years with Columbia Sportswear.
“Michael has a proven track record of rapidly growing aspirational brands, and has consistently demonstrated strong leadership, strategy, product and business-development skills throughout his career,” Peter Koral, Seven For All Mankind’s chairman and president, said in a statement.
The announcement comes seven months after Andreas Kurz, another industry veteran with experience at Polo Ralph Lauren and Diesel USA, exited the ceo position after less than a year. Kurz was hired in March 2005 following the sale of 50 percent of the company to Bear Stearns Merchant Banking by Koral.
Kurz was responsible for turning the label into a global lifestyle brand and had initiated expansion into nondenim areas such as tops and outerwear. The company also partnered with other premium names, such as Great China Wall, Ron Herman and Zac Posen, to create co-branded merchandise.
At the time of his departure, sources indicated that Kurz’s exit may have stemmed from conflicts with Koral, to whom he reported. Egeck, however, will report to the board and, according to the company’s announcement, “will work closely with Peter Koral.”
Eric Beder, analyst with Brean Murray, Carret & Co., believes Seven has become a brand that is at a crossroads in its development.
“The brand, on one hand, has become ubiquitous as the premium denim player,” said Beder. “On the other, among cutting-edge fashion people, it has lost some credibility.”
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Beder characterizes Seven as a starter brand for those consumers making their first foray into the premium denim arena.
“This is kind of a safer brand,” said Beder, adding the key will be taking the brand beyond denim in a way that maintains its authenticity but ups its fashion quotient. “I think Seven has fallen somewhat behind partly because of the turmoil. I think that’s something that down the road has the potential to hurt them.”
VF promoted Dave Gatto, president of the Reef brand, as Egeck’s replacement as head of the outdoor segment. Gatto will report to Eric Wiseman, president and chief operating officer. John Wilson has been promoted to president of Reef from president of domestic sales and apparel for the brand.