Dive Brief:
- Marcus Wainwright, the British co-founder of New York City-based denim company Rag & Bone, will leave his role as chief brand officer, as confirmed by a company Instagram post. When contacted for comment, a spokesperson for Rag & Bone responded by emailing a link to previous reporting on the news.
- Rag & Bone’s chief merchandising and design officer, Jennie McCormick, who joined the brand in 2006, will oversee the brand’s womenswear, footwear and accessories programs, according to a WWD report. Meanwhile, men’s design and merchandising will be handled by Kyle Sweeney, who joined the company in 2015, and has been senior vice president of men’s design, men’s merchandising and outlet since December.
- Wainwright, who co-founded the company with David Neville in 2002, will stay on as board member, and will remain a company shareholder, per WWD. No additional changes were announced.
Dive Insight:
This is the first time since Rag & Bone’s inception that neither of its founders are directly involved in its day-to-day operations.
“I arrived in New York in 2001 with nothing but a backpack and no idea what to do with my life,” said Wainwright in the Instagram statement. “Rag & Bone began 21 years ago, and after 84 seasons, 168 collections, a completely wild ride and some of the greatest experiences imaginable, I’ve earned a bit of a break. I am incredibly proud of this brand; all it stands for and everything it has become. I am also beyond grateful to our amazing team, to David, and every single person who has contributed so much along the way. I leave in place a passionate and supremely talented group of people, who I know will continue building the company that will forever be a massive part of my life.”
In 2016, co-founder Neville stepped away from his duties as co-chief executive officer, leaving Wainwright as its sole CEO. The two had been serving as co-CEOs since the 2015 departure of Michael Tucci, who joined the brand in 2013 after a stint as Coach’s North America group president. In 2018, Wainwright stepped down as CEO and became chief brand officer, naming Stefanie Strack, formerly of Nike, to the top spot. Strack was at the company for less than a year, however, and since her departure, Wainwright has helmed the brand.
That said, he’s had help, and much of the company will remain in place after he transitions to his new role. Nicolas Vermot, who joined the company in 2019, will continue as chief operating officer. Rag & Bone’s board chair Andrew Rosen, an industry veteran who founded womenswear brand Theory, will remain involved in business operations, according to WWD. Furthermore, Rebecca Seidenstein, the company’s chief people officer, and Benjamin Harris, the chief commercial officer, will also continue on in their roles.
Since 2002, Rag & Bone has expanded past its denim origins and moved into sportswear, footwear and accessories. From its original factory in Kentucky, the brand now has 50 stores worldwide. The firm is privately held and does not release revenue figures, although some market estimates suggest annual revenues north of $300 million.
