Cherokee Inc. has appointed Henry Stupp as CEO and a member of its board of directors. He succeeds Robert Margolis, who will remain executive chairman.
Stupp is one of the original founders of Novel Teez Designs (later known as NTD Apparel), a multi-divisional fashion apparel supplier and market leader for many licensed and branded programs. During his more than 20 years with NTD, Stupp successfully identified, negotiated and introduced over 200 well-known brands and licenses, building a strong reputation as an industry leader.
“Henry’s agreement is perfectly aligned with the long-term interests of the company’s shareholders and his commitment to the company includes a purchase of $2.5 million of newly issued common stock in Cherokee Inc., including $1.5 million purchased on August 26th,” said Margolis, who founded Cherokee.
Concurrent with this announcement, the compensation committee granted Stupp an option to purchase an additional 300,000 shares of common stock, the terms of which are described below.
“Henry has presented us with new and exciting ideas that will further expand upon the company’s successful global network,” said Margolis. “On behalf of our shareholders, our board of directors and our executive team, we look forward to great success under Henry’s leadership.”
Stupp said, “This is the opportunity of a lifetime! I am proud to join the company that pioneered the 'Retail-Direct' licensing model, first in America through a successful collaboration with Target Corporation, and subsequently with premiere retailers in over 30 countries worldwide. Cherokee, established in 1973, is a top-selling 'family-lifestyle' brand that represents the authentic American lifestyle to a global audience.
The financial strength of the company provides opportunities to grow our portfolio of brands and pursue prudent acquisitions.” Stupp continued, “I especially look forward to collaborating with our retail partners and working with the outstanding management team at Cherokee, including COO Howard Siegel, and the company’s three regional presidents.”