Wolverine Worldwide CEO Brendan Hoffman sheds light on the company's decision to shed Keds, and how he thinks about prioritizing brands.
to invest in Keds, so I think the outcome of selling the brand to DBI [Designer Brands Inc] was terrific. It has also been terrific for Doug [Howe, CEO of DBI] and I think there are great lessons for the company in some of these tough choices we have to make.”
Asked further about his leadership style, Hoffman went back to prioritizing — something he said he learned early on in his career. “Any success I’ve had in my career is possessing the ability to prioritize,” the executive said. “And as I’ve grown into leadership positions along the way, I’ve also learned to empower people — hoping that I’m surrounding myself with smarter people than me — and allowing them to not be afraid to fail.
As for the state of retail, Hoffman noted that the industry is going through a shift dictated by inventory levels and raising prices. “I think there is a confusing picture out there now, especially with some of the discounting activity,” Hoffman noted. “But from a product standpoint, when you bring out newness and innovation, customers will react. The ability to present new items in an exciting way is important.
As for its own inventory issues, Hoffman admitted that Wolverine Worldwide is investing in tools to try to make sure it is much more balanced with inventory management. “Certainly, the world is changing in terms of the way the retailers are placing goods and in terms of how forward they want to look versus how much they want to react,” the CEO said. “So I think there still will be a learning curve. But no, it’s certainly not our intent to be to be scrambling for inventory.
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