As part of its rebuilding effort following its recent bankruptcy, Fortunoff has hired former Saks Inc. executive Christopher Sim as executive vice president and chief financial officer, WWD has learned. The position had been vacant for several months.
Sim will begin his new job on May 5 and report to Charles Chinni, who became chairman and chief executive officer last month right after NRDC Equity Partners LLC, owner of Lord & Taylor and Creative Design Studio, bought Fortunoff out of Chapter 11 bankruptcy for $110 million from two equity firms. Among other strategies, Fortunoff is reestablishing relationships with vendors and planning to build up revenues by installing Fortunoff jewelry, bridal registries and home shops inside L&T units and updating systems.
“Chris’ expertise in luxury retailing will facilitate Fortunoff’s expansion into Lord & Taylor’s stores and enhance our profile in this market,” Chinni said.
Sim was senior vice president, finance, at Saks Inc., where he worked for 11 years. Earlier, he worked at Hecht’s in Washington, now called Macy’s.
Fortunoff operates 23 stores specializing in fine jewelry and home furnishings in the Tristate area, as well as fortunoff.com.
Meanwhile, at Lord & Taylor, Earl Sluss, executive vice president of stores, will retire next month. The store is searching for a successor.
“Without Earl’s leadership, drive, commitment and passion, the repositioning of our brand would not have been achieved,” said Jane Elfers, president and ceo.