Wet Seal, Inc. | Company Profile, Marketing Contacts, Media Spend, Brands
Wet Seal Inc. is a leading specialty retailer of fashionable and contemporary apparel and accessory items. The company currently operates about 494 stores in 47 states, the District of Columbia and Puerto Rico, including 399 Wet Seal stores and 95 Arden B stores.
|Main Telephone||(949) 699-3900|
|Main Fax||(949) 583-0715|
Wet Seal, Inc. ContactsContacts (3)
|Michelle S.||Director, Store Operations||CA|
Sample of Associated Brands
|Nicole D.||Director, eCommerce||CA|
|Ryan M.||Digital Marketing Director||CA|
|Accessories For Life||*|
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Score 31 – Future Possibility: Wet Seal rehires former CEO in hopes of big turnaround
Subject: traditional, magazine, search, digital, omnichannel, social media
Company: Wet Seal, a specialty retailer of fashionable and contemporary apparel and accessory items based in Foothill Ranch, CA.
Opportunity: Has rehired its former CEO in the face of a dire need for a turnaround. Recently, the company added new executives and board members and even launched a new mobile marketing campaign, but a return on these investments has yet to come. Anyone with a creative solution to revitalize the ailing brand should approach, particularly with digital, online, mobile and social media experience. Even though Wet Seal currently only scores at 31, don’t be surprised if that number increases rapidly in light of the struggles facing the company.
Experience: It appears that in business, as in fashion, everything old is new again. Wet Seal has announced that CEO John Goodman (no, not that John Goodman) has stepped down and will be replaced by former Wet Seal CEO Ed Thomas. Thomas was the retailer’s CEO from October 2007 to January 2011 and its COO from 1992 to 2000. He is set to take over on Sept. 8. Goodman has been with the mall-centric, female-friendly clothing company for less than two years.
Just a month ago, Wet Seal appointed a new chief merchandising officer, Christine Lee. Lee began her new role on Sept. 3 (research here). Adam Rothstein will begin his tenure as chairman of the board on Oct.1, replacing Lynda Davey, who has resigned. Wet Seal also added Gregory Taxin, president of Clinton Group, to its board. Clinton Group owns a 7% stake in the company.
Sustained Struggles: The change in leadership comes after a number of disappointing quarters where the retailer seems to be hemorrhaging money. This quarter a loss of $22 million is projected, with a 12% drop in revenue. Sales for the quarter are projected at $121.2 million, with quarterly operating losses totaling approximately $23.3 million.
In an effort to cauterize its wounds, Wet Seal is closing its Arden B business and opening a number of Wet Seal Plus Size stores. Of the 54 Arden B stores that are closing, 31 are scheduled to become Wet Seal Plus stores and 23 should become Wet Seal stores.
Competitors: Competitors include H&M, Zara, Topshop, Forever 21, Charlotte Russe and Rue 21.
Media Spend: Last year, Wet Seal's media spend was just under a $1 million, largely spent on magazine and search ads.
Wet Seal, Inc.
26972 Burbank Ave.
Foothill Ranch, CA 92610
Vice President, Marketing & E-Commerce
Chief Merchandising Officer