NEW YORK -- Joseph Cicio, chairman and chief executive officer of I. Magnin, is planning to resign from the San Francisco-based specialty chain in about a month, it was learned Monday.
Cicio could not be reached for comment and Myron E. Ullman, chairman and chief executive of R.H. Macy & Co., said Monday afternoon, "He hasn't told me." Cicio's departure could be a big blow to the upscale division. Under his leadership, I. Magnin has been solidifying designer and bridge offerings, drawing new customers and coming closer to profitability.
Nonetheless, speculation that the chain will be sold has persisted, although rumors of a liquidation have been quelled. Since parent Macy's went bankrupt in January 1992, five I. Magnin stores have closed, but two were opened and renovations were completed in the remaining 10 units.
In an interview last April, Cicio said, "The hardest part of Chapter 11 was settling the market down so I could build relationships going forward, and getting people off questions like, 'Are you going to close?' or, 'When are you liquidating?"'
At the time, Cicio, a 20-year veteran of Macy's, spoke optimistically about the chain's prospects, even though sources have said that living on the West Coast has been difficult for him because it has forced him to spend too much time away from his three-year-old son, Christopher, who lives in New York.
He took the helm at I. Magnin in September 1992, succeeding Rose Marie Bravo, who became president of Saks Fifth Avenue. At the time, Cicio was R.H. Macy's senior vice president of fashion direction and creative resources. The appointment was a surprise, since Cicio's talents are in visual merchandising and store design, not with numbers.
While in the corporate offices of Macy's, he was credited with creating some of the most visually striking department stores in the industry. One of his favorites is The Mall of America unit in Minneapolis. Its 90-foot escalator ride affords broad views of the three-level, 280,000-square-foot store and its soaring atrium.
R.H. Macy operates Macy's and Bullock's department stores, and I. Magnin, Aeropostale and other specialty stores.At Magnin's, some of Cicio's bold moves have apparently paid off. He launched the Edge, a department featuring younger and more forward designer lines such as State of Montana, Byron Lars, Issey Miyake, CK Calvin Klein and DKNY. He also expanded the catalog business, cut out marginal vendors and reduced expenses.
SA sources contacted recently said they believe that the chain, which has never been profitable under Macy's ownership, is turning around.
Cicio's departure will be the latest in a string of high-level resignations at Macy's.
Donald Eugene, secretary to the board of directors since February and a 27-year veteran of Macy's, handed in his resignation to the board Monday. Eugene had been president of I. Magnin for two years. Prior to that, he was executive vice president of finance and control for Macy's Northeast, since renamed Macy's East.
Earlier this month, A. David Brown, R.H. Macy's top human resources executive and a 26-year veteran of the corporation, joined Korn/Ferry International, an executive search firm.
Steven Kornajcik, senior vice president and director of creative services at R.H. Macy & Co., also resigned.
Since entering Chapter 11 bankruptcy in January 1992, Macy's has been streamlining its corporate office here and other operations as well.
Etro’s show, titled “The Tree of Life,” was a celebration of the house’s 50th anniversary. “My father founded the company in 1968, which was the year of counterculture and psychedelia. It’s really a show that celebrates that and the paisley design of India and its origin,” said Veronica Etro. #wwdfashion #mfw #ss18 (📷: @delphineachard)
For @msgm’s spring 2018 show, creative director @massimogiorgetti said “Words, sounds, colors. Synthesis and therapy of a collection,” were the inspirations behind the collection, showing today. Read the rest of Milan spring 2018 inspirations on WWD.com. #mfw #wwdfashion #ss18
For her first solo album in over 10 years, Fergie tapped Carine Roitfeld, Mert and Marcus, Giovanni Bianco and more to create a fashion-focused video approach for the record, Double Dutchess. "Giovanni really helped me get back in touch with my tomboy side, my hardside," said the singer. #wwdeye #wwdfashion ( : @slovekinpics)
“Volumes and Graphic Art of the Nineties are the main inspirations of the new Aquilano.Rimondi SS 2018 collection,” said cocreative directors Tommaso Aquilano and Roberto Rimondi. #wwdfashion #mfw #ss18