Carlos Alberini has stepped down as president and chief operating officer of Guess Inc., the Los Angeles retailer and wholesaler, to become co-chief executive officer of Restoration Hardware, effective June 1.
Alberini, 54, has been at Guess since December 2000 and has agreed to remain on the board at Guess for two more years.
“I had a dream of being ceo of a company,” Alberini told WWD. He said when the Restoration Hardware position presented itself, “I decided to pursue that opportunity.”
Paul Marciano, ceo and vice chairman of Guess, the $2.13 billion diversified apparel company, said, “During his tenure with us, Carlos has made significant contributions to the growth and success of our company.…We completely support his new role in this great opportunity.”
At Restoration Hardware, Alberini, who has also been named a director, will report to chairman Gary Friedman, 52, who is currently the sole ceo. With this new appointment, Friedman and Alberini will become co-ceo’s. Friedman will lead the firm’s creative, merchandising and marketing functions, and Alberini will manage operations, finance, supply chain, inventory, information technology, stores and human resources.
“These are exciting times for Restoration Hardware, and this appointment reflects the strong performance we are experiencing as well as the significant growth potential we see before us,” said Friedman.
Restoration Hardware, which is based in Corte Madera, Calif., is owned by an investment group led by Catterton Partners, Tower Three Partners and includes Glenhill Capital and Friedman. In 2007, Catterton Partners acquired Restoration Hardware in a deal worth about $267 million. The privately held retailer, which has struggled along with the housing market, operates more than 100 retail and outlet stores in the U.S. and Canada, as well as stand-alone catalogues and e-commerce sites.
During his decade at Guess, Alberini was instrumental in transforming its focus from a wholesale-centric to retail-driven company and expanding its international presence. Today, Guess operates 432 stores in the U.S. and Canada, and 778 stores outside of North America. Alberini helped expand the company’s market value from $200 million to more than $4 billion.
When he joined Guess in December 2000, “the company was one-third the size it is today,” he said. In 2001, Guess’ earnings and revenues were deteriorating, its wholesale division was unprofitable and the brand had lost fashion relevance. Company earnings were $6.2 million on net revenues of $677.6 million in 2001.
“We went through some very challenging times. There was one year  we didn’t make any money. We increased the profitability of the company in a very significant way,” said Alberini.
Over the last seven years, Guess’ revenues have increased at a compound growth rate of 22 percent, and earnings have risen at a compounded growth rate of 59 percent, he said. During last year’s recession, the company had record earnings and revenues. For the year ended Jan. 30, Guess achieved net income of $246.3 million compared with profits of $215 million in 2008. Revenues were $2.13 billion, up from $2.09 billion.
Alberini said his most significant accomplishment was working together and assembling a team “in both good times and challenging times.”
Marciano has embarked on a search for a new chief operating officer, as well as a president of the Americas.
Before joining Guess, Alberini was senior vice president and chief financial officer of Footstar, from 1996 to 2000. Earlier, he was vice president and acting cfo of the Melville Corp. and served as corporate controller and senior vice president and chief financial officer and treasurer of The Bon-Ton Stores Inc. A native of Argentina, Alberini began his career at Price Waterhouse, where he spent 10 years.
@margotrobbie steps out onto the red carpet wearing @miumiu. The actress is nominated for “Outstanding Performance by a Female Actor in a Leading Role” in “I, Tonya” at the #SagAwards. (📷: Stewart Cook) #wwdfashion
For @massimogiorgetti of @msgm, the Nineties are his favorite decade. “They had a huge impact on my personal growth. What I like of the Nineties is that they are not so precise in terms of style as other decades…there was actually a bit of everything,” he said. As seen on MSGM’s Spring 2018 show: tie-dye and a bit of grunge, two styles that are synonymous with the decade #wwdfashion #wwddecades (📷: @kukukuba)
Breaking News: @hedislimane joins @celine as its new artistic, creative and image director. One of fashion’s preeminent image-makers and trendsetters, Slimane is to join the LVMH brand on Feb. 1 and unveil his first fashion proposition for men and women next September during Paris Fashion Week. It marks a major homecoming for Slimane, who cemented his reputation – and influenced men’s tailoring for more than a decade – as the designer of Dior Homme between 2000 and 2007. He went on to reinvent and ignite the house of Yves Saint Laurent, which he rechristened Saint Laurent, between 2012 and 2016 – all the while maintaining a close relationship with the Arnault family, which controls LVMH and Dior. Read the full exclusive story on WWD.com. Link in bio. #wwdnews #wwdfashion
“Personally I believe the Eighties have been the richest and more vivacious period for international fashion,” Giorgio Armani said when asked what his favorite decade of fashion is. It was a moment of disruption and experimentation and only thinking back to the first years of that decade is always an emotion for me, for what they have meant to me and my work.” The influence is clear in @giorgioarmani spring 2018 collection, pictured here, which was full of bright colors and unexpected prints. Read more about which decades designers loved most on WWD.com #wwdfashion #wwddecades (📷: @aitorrosasphoto)
For Lady Gaga’s only Italian show on her “Joanne World Tour,” the singer wore a range of @versace_official outfits. The standout piece: this custom-made bodysuit inspired by the brand’s spring 2018 collection. #wwdfashion (RG: @ladygaga)
@_camillaruth_ is expanding on the wellness-craze concept with @westbourne – a new NYC restaurant that’s both a healthy-minded café as well as a business that gives back to the community. Marcus works with the Robin Hood foundation to give back to The Door, a non-profit providing youth development services, and also hires employees through The Door. Read our full interview with Marcus on giving back through food on WWD.com. #wwdeye (📷: @lexieblacklock)