lucy activewear, inc. has appointed Michael J. Edwards as president and CEO. Edwards will also join the company's board of directors and will assume his responsibilities on June 14, 2004. Edwards succeeds founder Sue Levin, who will continue to serve on the board of directors and act as a strategic advisor. Simultaneous with Edwards' appointment, lucy's investors have committed to a major financing to fund the company's future store growth.

Mike Edwards is a highly accomplished retail executive with more than 20 years of experience in retail merchandising and operations. Edwards, 43, was most recently Executive Vice President, Operations for Jo-Ann Stores, where he was responsible for store operations, real estate, loss prevention, merchandise presentation and custom business development. Upon joining Jo-Ann Stores in 2001, Edwards was part of an executive team that turned around the company's business. In the last two years, Jo-Ann Stores has become the top-performing retailer in both earnings and stock growth on the New York Stock Exchange.

Sue Levin will continue to serve on the board of directors and to work as a full-time employee at lucy, initially assisting Edwards with the leadership transition and later focusing on key strategic initiatives for the young retailer. Levin will continue to provide input on lucy's growth strategy and brand development. Sue Levin added, “Over the last several years, we have proven that lucy is an exciting new retail brand with tremendous consumer appeal. Mike's vast retail knowledge and operational strength will enable us to grow the company rapidly and profitably in the coming years. Mike is also a terrific person, and I am looking forward to working with him.”

“As a young company, lucy has great product, an engaging store environment and an extraordinary focus on the customer,” said Mike Edwards. “I truly believe this company has the potential to be among the best in the apparel industry. I am excited to work with Sue, the board, and the lucy team to take the company to the next level of growth.”

Mike Edwards began his career with the May Company in 1983. He started in the management training program and spent five years as a buyer. He then moved to Target Corporation where he worked in store merchandising. In 1990, Edwards joined CompUSA, then a seven-store chain. There, he was promoted from General Manager and Regional Manager to Senior Vice President, Operations, for the West Division, where he was responsible for 90 stores, 8000 employees and $3 billion in sales. In 1997, Mike was promoted to Senior Vice President and General Merchandise Manager for CompUSA's $2.5 billion computer software and accessories business.

Following his tenure at CompUSA, Edwards was Vice President, General Merchandise Manager of Golfsmith LP, a retailer of golf equipment, from September 1998 to May 1999. From 1999 to 2000, Edwards was Executive Vice President, Merchandising and Chief Marketing Officer at West Marine, Inc.

Mike Edwards received a Bachelor of Science in Business in 1983 from Drexel University in Philadelphia, PA. Edwards was also a director and chair of the board of iGo Corporation, a mobile technology products parts provider, from October 1999 to January 2001.