Chris Fuentes has been named president of Sugoi, the cycling and running apparel brand owned by Dorel Industries. He replaces Stan Mavis, who has left the company.
Fuentes has 30 years' experience in sales and marketing in the lifestyle apparel sector, working for companies like VF Corp. His most recent position at VF was VP, marketing for its Intimates Coalition, which was sold to Fruit of the Loom in late 2007. Previously, he was VP of marketing over the Nautica brand for VF.
Mavis had been president of Sugoi since early 2006. shortly after Pegasus Partners bought the Canadian apparel company from its founders, David Hollands and Carol Prantner. Mavis helped launch Pearl Izumi in the U.S.
“Stan was asked to leave,” said Rick Leckner, spokesman for Dorel Industries, in an interview. “He's a great guy but because of the plans that we have for ramping up Sugoi and ramping up apparel, we needed someone more qualified to take things to the next level.”
He noted that Dorel acquired Cannondale, which included the Sugoi brand, in February 2008 from the private equity firm with the full intention of investing in the business more than its former owners.
“PE firms traditionally buy companies for the short and medium term and although it's not always the case, they sometimes buy things and park them,” said Leckner. “We buy things for the long term and we buy things to build them.”
He said in the first year of the Cannondale acquisition, Dorel management “really had to kick the tires and shake things up in a sense to make sure we knew what all the pieces were.”
That analysis helped lead to its April 2009 announcement of the formation of Five Centers of Excellence within its bicycle division, with the lifestyle and urban apparel and footwear business being based out of Sugoi in Vancouver, B.C. Sugoi is slated to begin manufacturing apparel for all the Cycling Sports Group brands. Leckner said Dorel is also is setting up a platform to better grow its bike segment. That included a deal to acquire its U.K. distributor announced last week.
“We have very definitive plan to grow our Recreational/Leisure segment as much as our juvenile business,” said Leckner. “Dorel.is a public company but the four main principles are very much entrepreneurs.and we will looking at enhancing shareholder value, getting sales and profits up, and having some fun.”
With his strong background in sports marketing, branding and communication, Fuentes is “exactly the kind of person we were looking for,” Leckner said. His international experience was critical “because we intend to be an international company.”
Sugoi saw 8% increase in sales in the first quarter of 2009, and 9% growth in the second quarter.
