– Veteran Retail Executive Steven Goldsmith Appointed President and Chief Executive Officer/LXRandCo Co-Founder and CEO Frederick Mannella Appointed Vice-Chair and Chief Development Officer –
MONTREAL, April 12, 2018 /CNW/ - LXRandCo, Inc. ("LXRandCo" or the "Company") (TSX: LXR, LXR.WT), an international omni-channel retailer of branded vintage luxury handbags and accessories, today announced that current independent director, Steven Goldsmith, has been appointed President and Chief Executive Officer ("CEO"), with responsibility for all aspects of the Company's activities. Mr. Goldsmith, who will report to the Board of Directors, brings to LXRandCo more than 25 years of executive leadership experience in retail, merchandising and marketing across multiple distribution platforms, including retail and wholesale channels, department stores, internet, catalogue and television.
The Company also today announced that Frederick Mannella, Co-Founder and CEO of LXRandCo, has been appointed Vice-Chair of the Board of Directors and Chief Development Officer ("CDO"). In the newly created role of CDO, Mr. Mannella will be responsible for LXRandCo's business development activities, including managing relationships with key business partners, growth of the Company's e-commerce and wholesale channels, and new initiatives.
"Having, together with my co-founder, Kei Izawa, led the rapid growth of LXRandCo from start up to an international omni-channel retailer with more than 130 locations and 500 employees, it is now the right time to add experienced leadership that will enable our Company to more fully capitalize on the opportunities ahead of us and, importantly, to focus on increasing the productivity and profitability of our store network at this important time in our growth," said Frederick Mannella. "To date, Steven has been an excellent mentor as a Director, and now, as our full-time President and CEO, I am confident he will add an invaluable depth and breadth of expertise in managing and operating our growing organization. I, personally, very much look forward to working with him in our respective new roles to realize the full potential of LXRandCo."
"I am delighted to join LXRandCo as President and CEO," said Steven Goldsmith. "In such a short time, Fred and Kei have built a truly exciting business that remains uniquely positioned for long-term success within the rapidly emerging vintage luxury sector. I look forward to mentoring the incredible talent at LXRandCo to help them achieve their fullest potential and am particularly enthusiastic about this industry vertical and to helping the business grow and succeed in a disciplined and profitable manner within it."
Mr. Goldmsith joins LXRandCo from Brookstone, a U.S.-based product developer and retailer of wellness, entertainment, and travel products at more than 200 retail locations, as well as more than 2,000 locations with retail partners, where he served as Chief Executive Officer and President. Prior to joining Brookstone, from 2012 to 2016 Mr. Goldsmith served as President of The Shopping Channel, Canada's leading multi-channel retailer. From 2011 to 2012 he was Executive Vice President, Merchandising at Sears Canada Inc. Prior thereto, from 2007 to 2011 he served as Executive Vice President, Limited Brands Direct, where he led the marketing, merchandising, and eCommerce for Victoria's Secret Direct and Bath & Body Works Direct. Throughout his career, Mr. Goldsmith has held leadership positions for major brands, including Amazon, SmartBargains (now RueLaLa) and ShopNBC, where the eCommerce business increased six-fold over the two-year period he was there. After graduating in 1988 from The State University of New York, Albany, Mr. Goldsmith joined the May Department Stores Company, spending the first decade of his retail career in the Lord & Taylor, Filene's, and Foley's divisions.
The appointments are expected to be effective on or about April 30, 2018, subject to the receipt of requisite work visa approvals for Mr. Goldsmith.
LXRandCo is a rapidly growing, international omni-channel retailer of branded vintage luxury handbags and other personal luxury products. LXRandCo sources and authenticates high-quality, pre-owned products from iconic brands such as Hermès, Louis Vuitton, Gucci and Chanel, among others, and sells them at attractive prices through: a retail network of stores located in major department stores in Canada, the United States and Europe; wholesale operations primarily in the United States; and its own e-Commerce website, www.lxrco.com.
Caution Regarding Forward-Looking Statements
Certain statements in this press release are prospective in nature and constitute forward-looking information and/or forward-looking statements within the meaning of applicable securities laws (collectively, "forward-looking statements"). Forward-looking statements generally, but not always, can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "could", "would", "will", "expect", "intend", "estimate", "forecasts", "project", "seek", "anticipate", "believes", "should", "plans" or "continue", or similar expressions suggesting future outcomes or events and the negative of any of these terms. Forward-looking statements in this news release include, but are not limited to, statements concerning future objectives and strategies to achieve those objectives, including, without limitation, store openings, as well as other statements with respect to management's beliefs, plans, estimates and intentions, and similar statements concerning anticipated future events, results, outlook, circumstances, performance or expectations that are not historical facts. Forward-looking statements reflect management's current beliefs, expectations and assumptions and are based on information currently available to management, which includes assumptions about continued revenues based on historical past performance, management's historical experience, perception of trends and current business conditions, expected future developments and other factors which management considers appropriate. With respect to the forward-looking statements included in this press release, management has made certain assumptions with respect to, among other things, the Company's ability to meet its future objectives and strategies, the Company's ability to achieve its future projects and plans and that such projects and plans will proceed as anticipated, the expected growth of the Company's e-Commerce revenue, the expected number and timing of store openings in North America and internationally, entering into new and/or expanded retail partnerships in North America and internationally, the Company's ability to source products, the Company's competitive position in the vintage luxury industry, and beliefs and intentions regarding the ownership of material trademarks and domain names used in connection with the marketing, distribution and sale of the Company's products as well as assumptions concerning general economic and market growth rates, currency exchange and interest rates and competitive intensity.
Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur.
All forward-looking statements included in and incorporated into this press release are qualified by these cautionary statements. Unless otherwise indicated, the forward-looking statements contained herein are made as of the date of this press release, and except as required by applicable law, the Company does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Readers are cautioned that the actual results achieved will vary from the information provided herein and that such variations may be material. Consequently, there are no representations by LXRandCo that actual results achieved will be the same in whole or in part as those set out in the forward-looking statements.
SOURCE LXRandCo, Inc.
For further information: Audrey Lara, Chief Financial Officer, LXRandCo, +1 (514) 718-9541, [email protected]; Lawrence Chamberlain, Investor Relations, LodeRock Advisors, +1 (416) 519-4196, [email protected]