- Retail, brand development and merchandising expert, Carol Baiocchi
- Consumer products and retail expert, Susan Engel
- Appointments support corporate commitment to increasing shareholder value
SHERMAN OAKS, Calif., Feb. 21, 2017 (GLOBE NEWSWIRE) -- Cherokee Global Brands (NASDAQ: CHKE ), a global brand marketing platform that manages a growing portfolio of fashion and lifestyle brands, is pleased to announce the appointment of Carol Baiocchi and Susan Engel as independent directors on its board of directors, effective February 21, 2017. Ms. Baiocchi will serve as a member of the Compensation Committee, and Ms. Engel will join the Audit Committee. The Company also announced that long-term board member Timothy Ewing has stepped down as a director effective February 20, 2017.
“As we accelerate the global expansion of our high-equity lifestyle brand portfolio, Ms. Baiocchi’s track record of successfully growing consumer products and retail businesses and Ms. Engel’s private label and brand development experience will prove invaluable,” said Cherokee Global Brands’ Chairman, Jess Ravich. “We look forward to adding their extensive and diverse expertise to our board in order to accelerate our strategic and organic growth initiatives. As always, our mission is to increase long-term value for our shareholders.”
Mr. Ravich added, “We would like to thank Tim Ewing for his years of service on our board of directors. I am grateful for the many contributions he has made to Cherokee Global Brands' success and wish him the very best."
Ms. Baiocchi currently serves as a director of Two Ten Footwear Foundation, a charitable foundation that offers assistance to the footwear industry community. She formerly served as chairman and vice-chair for the foundation. Ms. Baiocchi is also co-founder of the Women in Footwear Industry (WIFI) Community Initiative and currently serves as co-director. From 2009 to 2016, Ms. Baiocchi served as senior vice president, footwear for Kohl’s Corporation. During her tenure, she led merchandising and creation for licensed brands, increasing the retailer’s penetration in fashion footwear and expanding the athletic footprint. From 1994 to 2009, Ms. Baiocchi served as vice president/divisional merchandise manager, women’s footwear at Macy’s West, a division of Macy’s Inc., where she planned and executed merchandising and product development throughout the company’s multiple store group consolidations. Ms. Baiocchi holds a Bachelor of Arts degree from Loyola University.
“I am honored to join the Cherokee Global Brands’ Board of Directors, and ready to put my expertise to work, particularly given the recent acquisition of the Hi-Tec ® and Magnum® brands,” said Ms. Baiocchi. “I’m excited to have the opportunity to work alongside my fellow directors and Cherokee Global Brands’ management team to guide the company into this new growth chapter.
Ms. Engel currently serves as an independent director at Wells Fargo & Company (NYSE: WFC ). She possesses extensive corporate board experience, having previously served as a director for nine public and private companies. Ms. Engel formerly served as chief executive officer of Portero Luxury, a New York based e-commerce company, from 2009 to 2013, where she led a restructuring initiative and oversaw the successful sale of the company. From 1994 to 2007, Ms. Engel served as president, and later as chair and chief executive officer, of Lenox Corporation (formerly Department 56), a manufacturer, designer and distributor of collectables. At Lenox, Ms. Engel led a supply chain and line extension strategy, leading the company into new channels of distribution and strategic acquisitions. Prior to Lenox, Ms. Engel served as chief executive officer and president of Champion Athletic, a division of Sara Lee Corporation. Ms. Engel holds a Masters of Business Administration from Harvard Business School, and a Bachelor of Science from Cornell University.
“I am delighted to have the privilege of serving on Cherokee Global Brands’ Board,” said Ms. Engel. “The company has already expanded to more than 100 countries and 9,000 locations, in addition to its many e-commerce partnerships. I very much look forward to bringing my years of omni-channel experience to bear as Cherokee Global Brands enters its next phase of global category and brand expansion.”
About Cherokee Inc. Cherokee is a global brand marketing platform that manages a growing portfolio of fashion and lifestyle brands including Cherokee®, Carole Little®, Tony Hawk® Signature Apparel and Hawk Brands®, Liz Lange®, Hi-Tech and Magnum®, Sideout®, Hi-Tec®, Magnum®, 50 Peaks®, Interceptor® and Flip Flop Shops®, a leading franchise retail chain, across multiple consumer product categories and retail tiers around the world. The Company currently maintains license and franchise agreements with leading retailers and manufacturers that span over 110 countries in 12,000 retail locations and digital commerce. Its retail, franchise and e-commerce platform partnerships include: Target Stores (U.S.), Kohl's (U.S.), Sears Canada (Canada), Walmart (Canada), Argos & Sports Direct (UK and Ireland), Flip Flop Shops® (US, Canada, Caribbean, Middle East and South Africa), RT-Mart (Peoples Republic of China), Pick 'n Pay (South Africa), Falabella (Chile, Peru and Colombia), Arvind Mills (India), Shufersal LTD. (Israel), Comercial Mexicana (Mexico), Nishimatsuya (Japan), Landmark Group's Max Stores (certain Middle East and North Africa countries), Reliance Trends Stores (India), Ahold (Czech Republic) and the TJX Companies (U.S., Canada and Europe).
Safe Harbor Statement This news release contains forward-looking statements regarding future events and the future performance of Cherokee. A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances and is based on currently available market, operating, financial and competitive information and assumptions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expected or projected, including, among others, risks associated with the expected benefits of the Hi-Tec Acquisition, the sale of certain assets and liabilities of Hi-Tec and its subsidiaries to new operating partners, financing undertaken in connection with the Hi-Tec Acquisition, the ability of Cherokee to convert the Hi-Tec business to a branded licensing model, the effect of global economic conditions, the financial condition of the apparel and retail industry, adverse changes in licensee or consumer acceptance of products bearing the Company’s brands, the ability and/or commitment of the Company’s licensees to design, manufacture and market Cherokee®, Carole Little®, Tony Hawk® and Hawk Brands®, Liz Lange®, Hi-Tech and Magnum® and Sideout® branded products, the Company’s dependence on a select group of licensees for most of the Company’s revenues and the Company’s dependence on its key management personnel. The risks included here are not exhaustive. Other risks and uncertainties are described in our annual report on Form 10-K filed on April 14, 2016, its periodic reports on Forms 10-Q and 8-K, and subsequent filings with the SEC we make from time to time, including the preliminary prospectus supplement that we filed in connection with the offering described herein. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Contacts: Cherokee Global Brands Jason Boling, CFO 818-908-9868 Addo Investor Relations Patricia Nir 310-829-5400
