Ascena Retail Group Inc. has promoted Jeff Gerstel and George Goldfarb to new posts as presidents of its Dress Barn and Maurices divisions, respectively.
Both had been executive vice president and chief operating officers of their respective brands and report to David Jaffe, president and chief executive officer of Ascena. Michael Rayden has continued to serve as ceo of the Tween Brands unit, which operates the Justice brand, since Ascena’s November 2009 acquisition of the company.
Gerstel joined the Dress Barn unit five years ago as senior vice president of operations, with responsibility for stores, physical operations and lease administration, following a career in retail and investment banking. Goldfarb has been with the company since 1985 and moved up to chief financial officer of Maurices in 2003.
“This structure better positions each brand for the future and allows me more time to focus on Ascena’s growth,” said Jaffe. “George and Jeff are impressive leaders with extensive retail experience and dedication to both our customers and associates. Their expertise and commitment will ensure that our business philosophies and values remain solid but that our strategic focuses will continually drive each brand forward.”
Armand Correia, executive vice president and chief financial officer, told WWD that Ascena expects to realize growth “both organically and through acquisitions.”
Dress Barn operates 836 stores in 47 states, Maurices 797 units in 44 states and Justice 917 units in 46 states. In the fiscal year ended July 30, Ascena had sales of $2.91 billion, with Dress Barn generating $987.5 million, Maurices $776.5 million and Justice $1.15 billion in revenues.
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