“With her deep retail experience spanning 40 years, she has led premium, growing brands and operated profitable businesses in a highly competitive marketplace,” said Carol Meyrowitz, executive chairman and former chief executive officer of the off-price giant.
“We see Jacki’s expertise in brand-building, marketing, supply chain, and e-commerce as an excellent complement to our board,” Meyrowitz said. “We very much look forward to working with her as we continue to grow TJX to become a $40 billion company and beyond.”
During her tenure at Ralph Lauren she led the firm’s wholesale, retail, worldwide licensing and international businesses touching design, merchandising, marketing, sourcing, manufacturing, supply chain and e-commerce.
Before that, she spent 17 years at Jones Apparel Group, rising to be president and chief operating officer from 1998 through 2002.
She comes to TJX as the off-pricer settles into its role as a key player in the industry and looks to continue its growth.
The firm’s sales tallied $30.94 billion last year and now has 3,785 doors in nine countries, including the U.S., Canada, the United Kingdom, Ireland, Germany, Poland, Austria, the Netherlands and Australia. The largest part of the business comes from T.J. Maxx and Marshalls in the U.S.
While off-pricers got their start soaking up excess merchandise from full-price retailers and selling at a discount, the channel has now grown to be an important source of direct orders for apparel producers.
TJX’s businesses are also seeing footfall while many other retailers complain that fewer people are coming into stores to shop.
“We believe we have one of the widest demographics in retail, and that the depth of our buying organization is helping us attract customers of all ages,” Herrman said. “This includes Millennial shoppers as we are offering fashions in brands relevant to them.”