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.
EXCLUSIVE: @tomford is opening its first-ever beauty store. The boutique, which opens November 20 in London’s Covent Gardens, was designed with the over-the-top glam Ford is known for. Read the full story on WWD.com, link in bio. #wwdbeauty #wwdnews (📷: Simon Wagner) #TomFordBeauty
New York-based DJ @harleyvnewton threw a party to celebrate the holiday collection of her dress and pajama line @hvn at the Ladurée Beverly Hills. It Girls @katebosworth, @rashidajones and more joined in on the fun, which included cocktails, croque monsieur sandwiches and a photo booth. #wwdfashion (📷: Owen Kolasinski/BFA.com)
For the holidays, @Burberry partnered with 20-year-old artist @blondeymccoy on a series of three outdoor murals in downtown Manhattan. The murals are McCoy’s interpretation of a Christmas eve party, the idea of charity and the spirit of family. His third mural, pictured here, is the most personal. The image depicts McCoy’s grandparents and father in London’s Trafalgar Square in the Seventies. “My work often features lots of sentimental objects.” #wwdeye
For spring 2018, designers applied bold colors and cartoonish motifs on everything from sneakers and belts to key chains. See all the top men’s accessories trends on WWD.com. #wwdtrends (📷: George Chinsee; Prop Styling by @rnasti; Market Editor: @luiscampuzano)
The @dior-sponsored @guggenheim international gala pre-party has a history of drawing cool-girl musical acts to serenade the crowd –– and last night was no exception. @haimtheband performed songs both new and old, and lured a star-studded audience with the likes of Rebecca Hall, Kate Mara, Mamoudou Athie and more. #wwdeye (📷: @lexieblacklock)
In a partnership between the @metopera and the @englishnationalopera, “Marnie” was born. The opera, with costumes sponsored by @mrporterlive, is an adaptation of the 1961 thriller by Winston Graham. Arianne Phillips, who created the costumes, is no rookie: She’s styled Madonna for her tours and created costumes for a myriad of films in the past. Read WWD’s interview with Phillips, where she talks about her inspiration for the opera’s costumes on WWD.com #wwdfashion
@barneysnyc took a different approach to their holiday windows this year. Instead of Christmas decor, Barneys tapped @thehaasbrothers to tell a story of positivity, gratitude and inclusivity via heartwarming silliness and humor. “It’s about kids and it’s about coming together and being family and loving each other,” said Simon Haas. #wwdfashion (📷: @joshuascottphoto)
Beauty influencer @kandeejohnson makes her foray into hair care with a collaboration with @ogx_beauty — making it the first time that OGX has teamed up for a product creation. The collab includes shampoos and conditioners in three scents. At 39 and a mom, Johnson is a different profile than the emerging social media stars, but is considered one of the pioneers of the digital beauty influencer world. Read WWD’s interview with her on wwd.com, including the strangest beauty product she’s ever tried #wwdbeauty