Jumping the Nike Ship: Mindy Grossman Exits, Joins Barry Diller’s IAC
In another dramatic management shift at Nike Inc., Mindy Grossman has stepped down as global vice president of apparel to become chief executive officer of retailing at Barry Diller's IAC/InterActive Corp.
NEW YORK — In another dramatic management shift at Nike Inc., Mindy Grossman has stepped down as global vice president of apparel to become chief executive officer of retailing at Barry Diller's IAC/InterActiveCorp.
IAC owns the Home Shopping Network, Ticketmaster, Evite and several other interactive businesses. Grossman will be ceo of IAC Retailing, which includes HSN, Cornerstone Brands, Shoebuy and IAC's international retailing operations, and had sales last year of $3.05 billion. The online commerce company had overall sales of $5.75 billion. Grossman replaces Tom McInerney, who was promoted to IAC'S chief financial officer, and she starts in the position on May 1. The company in recent years has been making the transition from a holding company to an operating company, Diller said recently in a statement.
"Mindy has proven success in running a multbillion-dollar business and has outstanding instincts in merchandising, strategy and brand building," Doug Lebda, IAC president and chief operating officer, said in an interview Monday. "She is a leading talent in the industry."
Grossman, 48, was Nike's highest-ranking female executive, and under her direction the company has been aggressively building its apparel business, specifically its women's offerings. In the six years since she joined the Beaverton, Ore., firm, Grossman has developed and cultivated a team of executives to oversee the growth of its apparel business, which had sales in 2005 of $4 billion, accounting for 32 percent of Nike brand revenues.
Grossman is being replaced by Roger Wyett, 49, who worked in various executive positions at Nike from 1995 to 2000, when he left, only to rejoin last year. His elevation to vice president of apparel is a choice that some industry watchers said they found surprising. Since rejoining Nike, Wyett has been president and chief operating officer of the firm's Hurley International division, which is an actions sports and youth brand that has estimated sales of about $100 million.
"It's a very odd choice of a replacement since apparel is such an important of the company's growth strategy now," said John Shanley, an analyst with Susquehanna Research Group. "The whole decision on her replacement was somewhat abrupt and not normally Nike's way of doing things. They usually take a well-thought-out strategy to fill holes in their management team. Everyone is scratching their heads since no one has really heard of this guy. He doesn't have much of a track record with retailers."
“I see things on the hanger and I’m, like, ‘I never knew that color worked on me.’ It’s things you necessarily wouldn’t choose to wear, but once you put them on, you see why Janie is who Janie is." — Lily Collins on working with former "Mad Men" costume designer, Janie Bryant on creating looks for her role as Celia Brady's in Amazon series, "The Last Tycoon." 📸@jilliansollazzo #wwdeye
EXCLUSIVE: Sarah Rutson has been tapped to Build New American Fashion Group. The parent of Joie, Equipment and Current/Elliott hired the merchant to rev up its brands and expand its portfolio into designer, beauty and lifestyle categories. Read more on WWD.com, link in bio. #wwdfashion
Michael Kors' $1.3B Jimmy Choo deal has the company squaring off with Coach Inc. as both seek to build American powerhouses. Coach bought Stuart Weitzman in 2015 and Kate Spade just two weeks ago, but Michael Kors' acquisition may be putting pressure on its rival in the new push for scale. #wwdnews (📷: George Chinsee)
Meet actress Lucy Boynton, who plays opposite Naomi Watts in the recently released Netflix series "Gypsy." Boynton stopped by WWD to talk about her upcoming projects and her nomadic lifestyle. Get all the details on WWD.com. #wwdeye (📷: @dandoperalski)