NASHVILLE, Tenn., May 12, 2021 /PRNewswire/ -- Nashville-based
Genesco Inc. (NYSE: GCO) announced that Parag Desai has been named Genesco's senior vice
president - chief strategy and digital officer. He previously
served as senior vice president, strategy, and shared services
since December 2014.
In this newly created role, Desai will continue to provide
critical leadership in executing Genesco's footwear focused
strategy and building its shared technology, logistics and
analytics platforms. Since joining Genesco in 2014, Desai has
overseen the continued advancement of Genesco's technology and the
acceleration of our supply chain and driven critical corporate
initiatives and business development opportunities. Genesco's past
digital and supply chain investments allowed the company to take
advantage of the recent accelerated shift to online spending,
achieving record digital revenue of nearly $450 million in our last fiscal year, an increase
of almost 75% year-over-year, while also fueling record
profitability for this channel.
As chief digital officer, Desai will drive further synergies
across the company's portfolio of e-commerce businesses, continue
to integrate systems and digital best practices, and expand our
consumer insights and customer relationship management
capabilities. Desai will continue to serve as a member of the
company's management committee and work closely with executive
management and our board of directors to drive the company's
digital strategy.
"As our consumers continue to embrace new ways of shopping and
interacting with our footwear businesses, we have made meaningful
digital and people investments which have allowed us to
significantly grow our e-commerce business and digital
capabilities," said Mimi Vaughn,
Genesco board chair, president and chief executive officer.
"Looking ahead, I am confident in our competitive strengths, our
existing omnichannel capabilities and the strategic initiatives we
have underway to add to our recent digital gains. Our portfolio of
footwear businesses benefits from our shared platforms and we
continue to pursue opportunities to enhance how we leverage our
data and technology to acquire, retain and delight our customers.
Parag will lead our efforts to further digitize our stores, deepen
our consumer and market insights, and work to accelerate our
progress, ensuring that we take full advantage of the many
omnichannel opportunities the pandemic has presented. Parag has a
record of significant accomplishment at Genesco, and I am confident
he will continue to add tremendous value in his new role."
Desai brings to Genesco several decades of experience developing
strategies for businesses given changes in consumer behavior,
channels, and technology. He previously spent 14 years with
McKinsey & Company, including seven years as a partner, where
he was part of the firm's global retail leadership team and a core
member of the consumer practice both in the Americas and in
Australia. In addition, Desai held
business development and technology positions at Outpace Systems
and Booz Allen & Hamilton.
He received his bachelor of business administration degree from
George Washington University, summa cum
laude, and a master of business administration degree from Tuck
School of Business at Dartmouth
College, where he graduated as a Tuck
Scholar.
Safe Harbor Statement
This release contains forward-looking statements, including,
without limitation, those regarding our ability to drive synergies,
compete effectively, integrate systems, expand digital
capabilities, realize anticipated benefits from our investments in
data and technology and all other statements not addressing solely
historical facts or present conditions. Actual results could vary
materially from the expectations reflected in these statements. A
number of factors could cause differences, including those cited in
the "Risk Factors," "Legal Proceedings" and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" sections of, and elsewhere in,
our SEC filings, copies of which may be obtained from
the SEC website, www.sec.gov, or by contacting the
investor relations department of Genesco via our
website, www.genesco.com. Many of the factors that will
determine the outcome of the subject matter of this release are
beyond Genesco's ability to control or predict. Genesco undertakes
no obligation to release publicly the results of any revisions to
these forward-looking statements that may be made to reflect events
or circumstances after the date hereof or to reflect the occurrence
of unanticipated events. Forward-looking statements reflect the
expectations of the Company at the time they are made. The Company
disclaims any obligation to update such statements.
About Genesco Inc.
Genesco Inc., a Nashville-based
specialty retailer and branded company, sells footwear and
accessories in more than 1,455 retail stores throughout the U.S.,
Canada, the United Kingdom and the Republic of Ireland, principally under the
names Journeys, Journeys Kidz, Little Burgundy, Schuh, Schuh
Kids, Johnston & Murphy, and on internet websites
www.journeys.com, www.journeyskidz.com, www.journeys.ca,
www.littleburgundyshoes.com, www.schuh.co.uk,
www.johnstonmurphy.com, www.johnstonmurphy.ca,
www.nashvilleshoewarehouse.com, and www.dockersshoes.com. In
addition, Genesco sells footwear at wholesale under its Johnston
& Murphy brand, the licensed Levi's brand, the licensed Dockers
brand, the licensed Bass brand, and other brands. For more
information on Genesco and its operating divisions, please visit
www.genesco.com.
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SOURCE Genesco Inc.