Crocs appoints Lori Foglia as new chief product and merchandising officer
Broomfield, Colorado-based footwear company Crocs, Inc. announced on Monday that it has appointed Lori Foglia as its new senior vice president and chief product and merchandising officer, effective immediately.
In her new role, Foglia will join the Crocs senior leadership team and will report directly to brand president Michelle Poole.
The executive brings nearly 25 years of product, merchandising and commercial experience to her position at Crocs. Previously, she worked at L Brands for close to five years.
Starting in 2016, she served as EVP and general merchandising manager for L Brands-owned lingerie label, Victoria’s Secret, overseeing product commercialization for more than 1,000 stores, as well as the brand’s digital business. In 2019, she transitioned to the role of EVP and GMM at L Brands, successfully spearheading the development of the company’s new fashion marketplace.
Before this, Foglia spent over 10 years at American Eagle Outfitters, serving in a range of different roles, including general merchandise manager of the Aerie label. During her time in this position, she led the evolution of the brand’s product cycle calendar so that it would align more closely with the company’s omichannel and global growth strategies. She also brought together the team that rolled out a new store design concept across more than 200 retail locations.
Foglia holds a BS in marketing from Syracuse University and has been a member of the institution’s retail advisory board for the last six years.
“I am thrilled to welcome Lori to the Crocs team at this very exciting moment for the brand,” said Poole in a release. “Her deep DTC merchandising experience and her strategic product and digital growth mindset will be a terrific addition to the Crocs leadership team as we drive accelerated and exponential growth across key categories and distribution channels around the world.”
Foglia joins Crocs as it continues to experience rapid growth, having racked up several quarters of record gains. In the second quarter ended June 30, 2021, Crocs achieved revenue of $640.8 million, an increase of 93.3% year over year. Quarterly net income at the company was $319.0 million, or $4.93 per diluted share.
What’s more, the brand recently presented a five-year growth strategy aiming to achieve $5 billion in revenue by 2026, representing CAGR of over 17%.
On Monday, Crocs also announced that it has promoted Erik Olson to the role of senior vice president and global sourcing product execution. Olson, who joined the footwear maker in 2005, has held a range of key leadership roles at the company and led its shift to outsourced manufacturing. In his new role, he will continue to work with internal innovation teams and external factory partners in order to achieve improvements in product execution.
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