Since taking over as CEO one year ago, Mary-Adair Macaire is quietly transforming "fusty" Scottish clothier Pringle into a trendy, cutting-edge fashion brand. Despite the downturn, reports London's href="http://www.independent.co.uk/news/business/analysis-and-features/cuttingedge-design-a-media-blitz-ndash-just-look-at-fusty-old-pringle-now-1790302.html">Independent, she's sticking to her three-year plan to make the transition and turn a profit.
Hong Kong millionaire Kenneth Fang rescued Pringle from near-bankruptcy in 2000. One of Macaire's first priorities is to reevaluate the company's roster of 450 resale locations. "We've got some rather untidy concessions in stores where we shouldn't be and some where we should be but the concessions are not good enough."
Also topping Macaire's list is establishing new relations with prestige retailers. "My big job is to get the buyers at the stores which matter--those at Bergdorf Goodman, Neiman Marcus in New York, Corso Como in Milan, Colette in Paris, Harvey Nichols and Selfridges in London," says Macaire. "These are the places where Pringle has to be and, I hope, will be."
Last year's sales totaled £60 million, about a 25% drop from the prior year. The company employs about 150 people.
(Posted 3 Nov 2009)