Andrew Rosen is taking a more active role at Rag & Bone.
The longtime apparel industry veteran has stepped into the position of executive chair of the New York-based fashion brand.
Rag & Bone was acquired in February by Guess and brand management firm WHP Global and is operating as an independent entity within the portfolio. Guess owns all of the Rag & Bone operating assets and the intellectual property is owned jointly by Guess and WHP. The purchase price was not disclosed, but Guess’ portion was worth $56.5 million with an earn-out that could add $12.8 million to the price. Rag & Bone’s volume last year was $250 million.
Rosen held an ownership stake in Rag & Bone for many years and he serves as chairman of the board. When its cofounder Marcus Wainwright exited the brand last July, he worked with the remaining management team to operate the business. He was also instrumental in bringing Robert Geller on board as Rag & Bone’s head of menswear design. Tuesday’s announcement served to solidify Rosen’s position.
As executive chairman, Rosen will work with Guess’ executives Paul Marciano, cofounder and chief creative officer, and Carlos Alberini, its chief executive officer, as well as WHP’s executive chairman Yehuda Shmidman to provide strategic direction to Rag & Bone’s executive team and drive growth.
Rosen is a respected leader in American fashion whose roots run deep — both his father and grandfather were also involved in the industry. He started his career at Calvin Klein, cofounded Theory in 1997 and oversaw its growth as CEO for more than 20 years. He continues to be an active investor in the industry with stakes in brands including Alice + Olivia, Veronica Beard and TWP, which launched three years ago.
“It’s an exciting time for both Guess and Rag & Bone as we embark on the next chapter of growth, and I believe Andrew is the ideal person to continue to lead and represent the Rag & Bone brand on this journey,” said Marciano. “I couldn’t be more excited to work with Andrew in this great opportunity together. As we look to the future, our focus is on delivering the authentic and high-quality Rag & Bone collections customers have come to know and love, while extending its reach to even more people around the world.”
Alberini added: “Andrew knows our business and industry exceptionally well, and as a true visionary and pioneer in fashion has paved the way for many other founders, designers and entrepreneurs to succeed and grow in today’s evolving and increasingly digital environment. Paul and I are pleased that Andrew has joined us as a fellow shareholder of Guess. I am thrilled for Andrew to be a part of the Guess family and look forward to a strong partnership on the path ahead as we focus on driving value for our stakeholders.”
Rosen said he has been involved with Rag & Bone since 2006 and has “always been passionate about our brand and the opportunities that lie ahead. This new relationship now cements that ambition by providing an incredible platform for us to leverage our potential globally. Our executive team and I are excited to embark on this journey with Paul, Carlos, the entire Guess organization, as well as with Yehuda and WHP Global. The passion and opportunities they are bringing to this acquisition is exciting for all of us involved. I am confident that as part of the Guess portfolio, Rag & Bone is well-positioned to build on our success, deliver even greater collections to our customers, and provide our team members with new opportunities for years to come.”
Rag & Bone was founded by Wainwright and David Neville in 2002 and they served as co-CEOs for more than a decade until Neville stepped aside in 2016 to embark on a career in beauty with his wife, Gucci Westman, who launched Westman Atelier. In 2018, Rag & Bone named Stephanie Strack, a former Nike executive, CEO, but her tenure was short-lived. She left within eight months and Wainwright took over her duties, working with the executive management team and the board, including Rosen.
