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Oxford Industries, Inc. has promoted Mark Maidment to chief executive officer of its struggling Ben Sherman Group. He succeeds Pan Philippou, who was let go at the end of 2012.
Maidment has been with Ben Sherman since 2002 and served as its creative director since 2005, overseeing the brand’s product design and marketing. He has also been credited with “creating a more modern identity for the Ben Sherman brand, repositioning the brand into more premium channels of distribution and developing more upscale product collections,” the company said. Maidment will report to Oxford’s ceo and president Thomas C. Chubb 3rd.
“Mark’s remarkable combination of creative vision, commercial practicality and executive acumen makes him uniquely qualified to lead Ben Sherman and its talented team,” said Chubb. “While much work remains to be done, with Mark’s appointment as ceo, we have taken a significant step on the path towards commercial success at Ben Sherman.”
At the same time, Lindsay Dunsmuir, who has been serving as Ben Sherman’s finance director, has been named chief operating officer, and will be responsible for the brand’s finance and operations.
Earlier this month, Oxford reported that in the fourth quarter, Ben Sherman’s sales dropped 4.8 percent, to $24.7 million, and its operating loss grew to $4.5 million from a loss of $254,000 in the 2011 quarter.
“We are taking specific actions to stabilize and improve this business, but the impact of these challenges is expected to continue into 2013, particularly in the first half,” Chubb said at the time. He said the company is expecting a 50 percent reduction in the brand’s operating loss in fiscal 2013 compared to fiscal 2012 and to break even from a cash flow perspective.