AMID TALK OF AN IPO, GUESS GRABS WEISS, EYES GLOBAL RETAILING
Byline: Michael Marlow — with contributions from David Moin
LOS ANGELES — Guess Inc. is adding muscle to its executive ranks, implementing plans for global growth and scouting international store sites in a series of moves that will likely culminate in the company going public.
In its latest development, on Monday evening, Guess hired Andrea Weiss, senior vice president and director of stores at Ann Taylor, as president of retail and general manager.
In another move, Maurice Marciano, chief executive officer, confirmed that Guess is stepping up its efforts to find space for a New York flagship on Madison Avenue, Fifth Avenue or 57th Street. Guess currently operates 68 stores and 42 outlets in the United States.
Marciano said a New York location would serve as a “window to the world” for Guess — the $500 million jeans and sportswear giant — and would be even more important than its considerable Rodeo Drive presence.
Guess is highly visible on Rodeo in the heart of Beverly Hills, where the Marcianos live and own homes. Guess operates four stores on the block of 400 North Rodeo Drive, including separate boutiques for jeans and sportswear, footwear, kids and the home collection.
Internationally, Guess is close to signing deals for major stores in London, Madrid, Barcelona and Antwerp, Marciano said. In London, Guess is working with Christina Ong, the high-profile retailer who distributes Giorgio Armani, DKNY and Prada there.
“We couldn’t get a better person to represent us in London,” Marciano said.
The expansion plans and the addition of Weiss have fueled speculation that the apparel giant is adding talent to its upper management team to make it more attractive to Wall Street for a future public offering.
It’s no secret that Maurice, Paul and Armand Marciano, the brothers who own Guess, have long wanted to take Guess public.
Maurice Marciano acknowledged on Tuesday that the interest is still there, but it probably won’t happen this year: “It’s not ruled out. It’s in the future. It’s not the kind of thing you want to push. You want to feel very comfortable when you do that.”
Marciano declined to be more specific about a timetable for a public offering, but the many developments currently under way in Guess’s retail arena certainly show a company on the move. Marciano acknowledged that this is a busy time in the 14-year history of Guess.
“Everything is progressing,” he said. “We are really looking at the global expansion of Guess rather than expansion just here [in the U.S.].”
As for Weiss, Marciano described her as “a great manager and a great motivator,” noting that she would oversee the service and image of Guess in all its retail environments.
“She is going to make us stronger in the consistency of the image of the store and the service to the customer,” he said. “A Guess customer is a Guess customer, whether she is in our store or in a department store or in one of our stores overseas.”
As part of her new assignment, Weiss will develop a training program that is applicable to Guess sales associates in all of the different retail environments.
The news about Weiss confirmed a report in WWD Monday, page 2.
In an interview Tuesday, the day she resigned from Ann Taylor, Weiss said her position at Guess will involve launching “flagship” stores in New York and internationally.
However, she added: “I get the sense that it will not be an aggressive program, but one has to work to reinforce and enhance existing businesses. Guess is such a strong brand franchise that being able to have flagship stores is critical.”
She added that it would be “premature to speak about long term strategy” but acknowledged that London would be another potential flagship location.
She will report to the Guess board, which includes Paul, Maurice and Armand Marciano, and be based in New York and Los Angeles.
Her move to Guess is another setback for Ann Taylor. The troubled retailer has had at least six key executives leave since last spring and is currently seeking a chief operating officer.
“My timing is not good for Ann Taylor,” Weiss noted. “This is about a career opportunity to work with the Marcianos and nothing else. My experience at Ann Taylor was very positive. I had a tremendous working relationship with Sally Frame Kasaks,” the chairwoman. “We worked very well together.”
Weiss had been with Ann Taylor for 3 1/2 years. Prior to Ann Taylor, she was director of merchandise operations at Walt Disney Resorts.
Ann Taylor has not yet named a successor.