Chain Store Age: Luxury fashion distributor announces second store, new CEO
February 13, 2018
There has been a change at the top at MadaLuxe Group.
The company said Adam Freede, who currently serves as MadaLuxe Group president, will assume the role of CEO, effective immediately. MadaLuxe Group's co-founder and CEO emeritus, Sandy Sholl, has been named executive chairman and will continue to oversee retail, e-commerce and marketing.
In addition, MadaLuxe Group has identified a second location in Southern California for its new, luxury off-price boutique concept, MadaLuxe Vault. The first MadaLuxe Vault opened in December 2017, in Los Angeles.
The company also announced it has signed a lease on a 9,000-sq.-ft. office in New York City, where it will open a showroom this spring.
Since 2010, MadaLuxe Group has partnered with Europe's fashion houses seeking a North American distribution strategy for excess inventory. It also imports and distributes full-price timepieces from Ferragamo, Versace and Versus Versace, and is an equity owner of Haute Hippie, the high-end, women's fashion-forward brand.
"I'm thrilled to be transitioning into the role of CEO at an exciting time in our company's history," said Freede. "The off-price sector is experiencing faster acceleration in both store count and sales than the North American retail industry overall. As the dominant distributor of off-price luxury in the wholesale market, MadaLuxe Group is uniquely positioned to modernize the off-price market by meeting the needs of the informed consumer who wants affordable, curated items with a steady flow of luxury product."
In her new role, Sandy will continue to trailblaze innovative business ventures that drive the company forward. Sholl serves on the Board of Governors of the World of Children and on the Board of Trustees of Tikva Children's Home.
"As the retail industry continues to evolve driven by tech savvy consumers, we have created a new luxury off-price boutique shopping experience with the MadaLuxe Vault," said Sholl. "As executive Chairman, I will be bringing new experiences to consumers so they can engage with the MadaLuxe brand, which will also complement our retail and brand partners, offering access to carefully curated products both in-store and online."