What happened
Shares of footwear giant Designer Brands (DBI 9.05%) are surging this week after the company announced that two well-regarded top executives have moved into expanded roles to support the ongoing overhaul of a key subsidiary.
As of noon EDT on Friday, Designer Brands' stock was up about 17.5% on the week.
So what
Designer Brands (DBI) said on Tuesday that its vice chairman, Debbie Ferree, has been named president of its subsidiary Camuto Group, acquired in 2018. A revamp and relaunch of the Camuto Group (which includes the Vince Camuto brand, as well as footwear licenses for Jessica Simpson and Lucky Brand) is key to DBI's post-pandemic growth plan.
Ferree had been leading the group on an interim basis since last August.
Designer Brands owns the DSW Shoe Warehouse chain as well as several footwear brands. Image source: Getty Images.
DBI also said that Bill Jordan will become its president, reporting to CEO Roger Rawlins. Jordan, who has served as the company's chief growth officer since early last year, will take on additional responsibilities around the integration of Camuto's supply chains into DBI's existing network ahead of the Vince Camuto relaunch this fall.
Now what
DBI said on May 26 that it returned to profitability in the quarter ended May 1 after a tough 2020, with revenue rising 46% from the year-ago quarter to $703.2 million on a 52% jump in same-store sales. At the time, Rawlins told apparel investors that the company will focus on growing sales of its own labels in its DSW stores, with continued integration and repositioning of the Camuto brands as a key part of that effort.