To say that Abercrombie & Fitch underwent a bit of a transformation this year would be putting it mildly. There was the introduction of black clothes, cutting ties with the iconic logo, and the overdue inclusion of greater diversity. Today, there was another major announcement, which could change the course of the company: Its outspoken CEO Mike Jeffries has retired, effective immediately, reports Fortune.
Less than a year ago, the teen mall brand stripped Jeffries of his chairman position, a move that, in retrospect, may have made way for its new outlook in 2014. And, according to a statement from A&F, Jeffries said it “was the right time for new leadership to take the company forward in the next phase of its development.”
After the recent news of Delia's closing and, as Fortune points out, during a time when Abercrombie is seen as "out of favor and out of style" — replaced by retailers like Zara, H&M, and Forever 21 — this feels like the end of an era, complete with nostalgia for the brands millennials remember wearing in high school. (Although, we don't miss the exclusivity and cool-kids-only attitude.) Perhaps, this move puts A&F in a position to reimagine itself for a new generation of mall rats. (Fortune)