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Dive Brief:<\/h3>\n\n- Columbia named Tricia Shumavon<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span> president of its prAna brand, the company announced this week. The news came ahead of its Q2 earnings call on Tuesday, where it reported <\/span><\/span><\/span><\/span><\/span><\/span>$620.9 million in net sales<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>, a 7% increase year over year.<\/span><\/span><\/span><\/span><\/span><\/span><\/li>\n
- Shumavon will take on the role in September. She was most recently the global vice president of women\u2019s, men\u2019s and kids sportswear apparel at Adidas. She previously worked with Nike, Gap and L Brands, according to a company press release.<\/span><\/span><\/span><\/span><\/span><\/span><\/li>\n
- Columbia\u2019s hire of Shumavon is part of its plan to reposition the prAna brand for growth in future seasons, company executives said on the earnings call.<\/span><\/span><\/span><\/span><\/span><\/span><\/li>\n<\/ul>\n
Dive Insight:<\/h3>\n
Shumavon succeeds Craig Zanon, senior vice president of emerging brands at Columbia, who has held the role in an interim capacity.\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n\u201cWe are excited to have Tricia Shumavon join our team to lead the prAna brand,\u201d Zanon said in the release. \u201cTricia brings a wealth of experience to the job and a consumer-led mindset, which will help propel the prAna brand.\u201d<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\nColumbia completed its <\/span><\/span><\/span><\/span><\/span><\/span>acquisition of prAna in 2014 for $190 million<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>. At the time, prAna was fast-growing, with a 30% increase in sales over a three-year period.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\nHowever, during <\/span><\/span><\/span><\/span><\/span><\/span>Columbia\u2019s 2022 fiscal year<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>, the company took on $35.6 million in impairment charges for the brand. At the time, executives said they were <\/span><\/span><\/span><\/span><\/span><\/span>bullish on the prAna brand<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>, and referenced a \u201creset\u201d of the product, but added it was \u201ctaking longer than we anticipated and wanted to make sure that we were prepared to give ourselves the time to turn that brand around.\u201d<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\nDuring its <\/span><\/span><\/span><\/span><\/span><\/span>first-quarter earnings call<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span> earlier this year, Columbia announced it was conducting a search for the next leader of prAna. At the time, it said it was looking to reposition the brand to \u201cenergize growth.\u201d<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\nIn its most recent quarter, prAna\u2019s sales decreased 32%, which Columbia executives attributed to a decline in wholesale.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\nThe company\u2019s other brands include Columbia, Sorel and Mountain Hardwear. Sorel is also under interim leadership, after <\/span><\/span><\/span><\/span><\/span><\/span>Mark Nenow stepped down<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span> in June. The company didn\u2019t reference any leadership searches for this role on the call.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\nBy region, Columbia saw increased sales in Asia and other international markets, but sales in the U.S. lagged. Sales in the Latin America and Asia Pacific region grew 28% year over year and sales in the Europe, Middle East and Africa market grew 75%. In the United States, sales decreased 3% and Canada fell 21%.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\nColumbia decreased its guidance on its full-year projections for 2023. It now estimates sales to grow 2% to 3.5% to reach $3.53 billion, as opposed to the previous estimate of 3% to 6% growth.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n\u201cThe current environment is making it difficult to achieve the long-term growth algorithm that I believe we’re capable of,\u201d Tim Boyle, CEO of Columbia, said in the earnings call<\/span><\/span>. \u201cGiven current trends we’re seeing in the business, we are taking a more conservative approach to how we plan the second half of the year.\u201d<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<\/p><\/div>\n
Dive Insight:<\/h3>\n
Shumavon succeeds Craig Zanon, senior vice president of emerging brands at Columbia, who has held the role in an interim capacity.\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n \u201cWe are excited to have Tricia Shumavon join our team to lead the prAna brand,\u201d Zanon said in the release. \u201cTricia brings a wealth of experience to the job and a consumer-led mindset, which will help propel the prAna brand.\u201d<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n Columbia completed its <\/span><\/span><\/span><\/span><\/span><\/span>acquisition of prAna in 2014 for $190 million<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>. At the time, prAna was fast-growing, with a 30% increase in sales over a three-year period.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n However, during <\/span><\/span><\/span><\/span><\/span><\/span>Columbia\u2019s 2022 fiscal year<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>, the company took on $35.6 million in impairment charges for the brand. At the time, executives said they were <\/span><\/span><\/span><\/span><\/span><\/span>bullish on the prAna brand<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>, and referenced a \u201creset\u201d of the product, but added it was \u201ctaking longer than we anticipated and wanted to make sure that we were prepared to give ourselves the time to turn that brand around.\u201d<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n During its <\/span><\/span><\/span><\/span><\/span><\/span>first-quarter earnings call<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span> earlier this year, Columbia announced it was conducting a search for the next leader of prAna. At the time, it said it was looking to reposition the brand to \u201cenergize growth.\u201d<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n In its most recent quarter, prAna\u2019s sales decreased 32%, which Columbia executives attributed to a decline in wholesale.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n The company\u2019s other brands include Columbia, Sorel and Mountain Hardwear. Sorel is also under interim leadership, after <\/span><\/span><\/span><\/span><\/span><\/span>Mark Nenow stepped down<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span> in June. The company didn\u2019t reference any leadership searches for this role on the call.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n By region, Columbia saw increased sales in Asia and other international markets, but sales in the U.S. lagged. Sales in the Latin America and Asia Pacific region grew 28% year over year and sales in the Europe, Middle East and Africa market grew 75%. In the United States, sales decreased 3% and Canada fell 21%.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n Columbia decreased its guidance on its full-year projections for 2023. It now estimates sales to grow 2% to 3.5% to reach $3.53 billion, as opposed to the previous estimate of 3% to 6% growth.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n \u201cThe current environment is making it difficult to achieve the long-term growth algorithm that I believe we’re capable of,\u201d Tim Boyle, CEO of Columbia, said in the earnings call<\/span><\/span>. \u201cGiven current trends we’re seeing in the business, we are taking a more conservative approach to how we plan the second half of the year.\u201d<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<\/p><\/div>\n