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Wednesday, January 14, 2015

Reed Krakoff Steps Down as CEO of Namesake Brand

Reed Krakoff Steps Down as CEO of Namesake Brand:

Harlan Bratcher in 2012. Photo: Mike Coppola/Getty Images for Out Magazine
Harlan Bratcher in 2012. Photo: Mike Coppola/Getty Images for Out Magazine
Business has yet to settle at Reed Krakoff. On Tuesday, the representative for the company confirmed that Harlan Bratcher, formerly of A/X Armani Exchange, has been hired as CEO. Krakoff has stepped down from the role and will remain the creative director of the brand. Bratcher will begin his role immediately.

This appointment comes after WWD reported in December that Krakoff will be giving more attention to accessories, especially lower-priced, contemporary styles -- a price range he enjoyed a great deal of success with during his 16-year tenure at Coach. (His eponymous label has focused on the luxury category to date, with bags typically costing in the range of $1,200 to $3,000.) Bratcher's experience as president and CEO of Armani Exchange, a company he first joined as president in 2001, will certainly be applicable to Krakoff's shift in price point.

Krakoff has struggled to find stability since he bought his brand from Coach in July 2013; tense negotiations made it clear Coach desperately wanted to unload the brand. Krakoff assumed even more control in February when he took on the CEO role in addition to creative director, following the departure of another president. And in November, Stacy Van Praagh, who held the role of president for only six months, left the company.

A renewed focus on accessories means that Krakoff will not show a ready-to-wear collection for fall 2015, though he will produce one. He plans to host the opening of a new SoHo store during New York Fashion week instead.

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