Business Insider/Mitch McGovern “I don’t think there is anything wrong with what we’re doing,” said Jamey Stegman, the company’s chief executive, at the time.
“We have a unique product that has a very long runway.”
But the company has struggled to attract and retain the attention of its larger, established rivals.
Its online stores have been hit hard by a recent drop in orders.
And the company is struggling to stay relevant as fashion shifts toward social media.
In a post on Twitter earlier this year, Stegmans predecessor, Richard Stetson, said: “It’s not that we’re struggling with sales, but we are.”
He said he was “excited” to leave the company and would be working at Tutti Rouge, a fashion house he had founded in 2005.
“Tuttie is our core business, and we want to continue to serve our customers with the products and services that they need,” he said.
Stetsons departure was widely speculated at the end of March.
The company said it was a voluntary decision.
As for the fashion-focused company’s other big competitors, Stetsones latest acquisition, the $1.6 billion Louis Vuitton Group, was announced this month, and is expected to be completed this summer.
Stetmans CEO, Richard Tutt, said the sale would create “significant” growth for the brand, with new employees joining from other businesses.
The new luxury brand is being built around Stets’ personal style, which he said was a key part of what made him so successful.
He described his approach to fashion as “not necessarily about what makes sense, but how do I create an environment that feels comfortable.”
“What we do in the business is to think about how to build a space where we feel comfortable and it feels like a safe place,” Stets told Forbes.
Stetsons success as a businessman led him to join the prestigious Harvard Business School in 2013, and his rise to the helm of a business that he describes as “a huge force in the world of luxury fashion.”
The brand’s website lists his job title as Vice President, Brand Management, and he has been at the helm since 2012.
The firm says its annual revenues are $40 billion and it has revenues of $4.6 trillion.
The company said Stets is focused on building “a strong and sustainable business for the long term.”
As Stets was taking the reins of the company, the stock was up about 6% to $18.69 at the close of trading.