Good morning.
The “CFO plus” dynamic, when an organization appoints a finance chief to a dual role, continues. And one of the latest examples is at a retailer in business for more than 60 years that’s reinventing itself for a new era.
Chris Cramer is the new CFO and chief operating officer (COO) at Claire’s Holdings LLC, which the company will announce this morning. The brand is known as a destination for jewelry, accessories, makeup, toys, and ear-piercing services, and draws in what the company calls “Gen Zalpha” (Gen Z and Gen Alpha) consumers.
Cramer joins Claire’s from Parade, Inc., a Gen Z-focused intimate and lifestyle apparel retailer where he served as president. Before that, he spent over 20 years with Bath & Body Works, Inc. (and L Brands) in leadership roles including CFO and, most recently, COO.
How does he think the CFO and COO roles complement each other? “Finance and operations go hand in hand,” Cramer told me in an email. “And aligning financial outcomes with operating plans will bring synergy across teams within the organization.”
“With a track record of over 25 years of high-performance industry experience, Chris brings demonstrated operational and financial leadership and a passion for collaboration to our organization,” Claire’s CEO Ryan Vero said in a statement. “I’m confident he will help us continue to unlock operational efficiency and deliver the next phase of profitable growth.”
Under the leadership of Vero, who became CEO in 2019, the retailer certainly has a comeback story. Claire’s, which once filed for bankruptcy in 2018, reported revenue of $1.4 billion for the fiscal year ending Jan. 29, 2022, a 53% increase from the prior year's revenue of $910 million. This past summer, Claire’s postponed plans to pursue an IPO, due to the market conditions, according to the company.
Cramer will oversee the finance, supply chain, technology, and North America real estate teams. He’s tasked with driving the “strategic roadmap” at Claire’s.
The Hoffman Estates, Ill.-based company was founded in 1961. It has been a destination for ear piercing for more than 40 years. Claire’s is leaning into technology by creating a global, multichannel shopping experience across a network of more than 2,750 company-operated Claire’s stores. This includes standalone stores, and store-in-stores. For example, this year, Claire’s announced a partnership with Kohl’s. And in 2022, announced expansion in Walmart and a partnership with Macy’s. Claire’s also operates within more than 40 partner retailers globally, including Asda, CVS, and Galleries Lafayette, according to the company. The multichannel shopping experience also extends to the brand's e-commerce business.
“Continuing to engage consumers in a dialogue and having a fresh perspective in product, experience, and service is key to attracting and retaining customers of all generations, especially Gen Z and Alpha, whom we at Claire's endearingly call 'Zalphas,’” Cramer told me. The company has launched ShimmerVille, a gaming experience on Roblox, and created a content studio as well as a partnership with Sony Pictures Television – Kids.
Sheryl Estrada
sheryl.estrada@fortune.com
