PacSun to have co-CEOs
A rebounding PacSun is making some executive leadership changes.
The teen apparel retailer named Alfred Chang, PacSun president, and Michael Relich, interim CEO of PSEB Group, to co-chief executive officers. PSEB Group, a division of private equity firm Golden Gate Capital, owns PacSun and Eddie Bauer. (In a separate press release, it was announced that Authentic Brands Group and SPARC Group LLC have entered into an agreement to acquire Eddie Bauer. Change and Relich will assume their new roles on the completion of the transaction, which is expected by June 1.)
Relich, who has more than 30 years of retail operations and system experience, has served as interim CEO of PSEB Group since August 2020 and previously served as PSEB’s COO.
Chang has served as president of PacSun since 2018 and has over 20 years of experience in the retail industry, including serving in multiple senior positions since joining the company in 2006.
As co-CEOs, Chang and Relich will have distinct oversight of key business functions. Chang will be responsible for setting and driving PacSun’s brand strategy, including design, merchandising, marketing, retail and e-commerce.
Relich will oversee operations, including sourcing/supply chain, distribution, planning & allocation, IT, finance, legal, and human resources. Both will serve on the PacSun board.
In other appointments, Brieane Olson, PacSun’s chief brand officer, is being promoted to president. Olson served in the role since July 2020, and previously served in multiple senior positions since joining the company in 2006.
PacSun, founded in 1980 and acquired by Golden Gate Capital in 2016, has been on a roll amid the pandemic. It was recently ranked the No.3 apparel brand with teens in Piper Sandler’s “Taking Stock with Teens Survey” – spring 2021.
The retailer generated more than $700 million in sales in 2020, representing growth over 2019, despite the COVID-19 pandemic.
Digital sales more than doubled in 2020, representing 50% of the brand’s sales. PacSun’s 2021 year-to-date sales are up 105% versus the same period last year and are up 48% as compared to the same period in 2019.
“PacSun is finding great success and resonating with consumers,” said Mike Montgomery, managing director at Golden Gate Capital. “The company’s winning brand strategy and thriving e-commerce platform has made it one of the most sought-after retailers for teens and young adults. Since acquiring the company in 2016, EBITDA has more than tripled. We are excited about the opportunities ahead for PacSun and look forward to continuing to support the team.”
Digital sales in 2021 have increased 65% versus the same period last year and are up more than 170% as compared to the same period in 2019.