Exclusive: Designer Brands Names Laura Denk as DSW President
Designer Brands Inc. has tapped Laura Denk as president of DSW Designer Shoe Warehouse and EVP of Designer Brands, effective July 24.
Denk joins DBI after serving in several posts at Michaels Stores, Inc., culminating in her role as chief merchandising officer and EVP. She left the retailer in 2022, according to her LinkedIn account. She also held merchandising leadership roles at Claire’s Stores, Inc. and Macy’s Inc.
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In her new role at DBI, Denk will oversee DSW’s nearly 500 store locations across the U.S. as well as its e-commerce channel. She will also help DSW bolster its portfolio of owned and national brands and will report to DBI CEO Doug Howe, who previously served as DSW president until being promoted to CEO in April.
“I am thrilled to be joining DSW at such an exciting time in DSW’s journey to becoming a brand builder, while leveraging its strong footprint of stores and omni-channel platform,” Denk said in a statement. “The opportunity to partner with the DSW team to transform and reimagine the customer experience, especially by shining a light on Designer Brands’ unique Owned Brands within DSW will help us build value for our customers and our shareholders.”
DBI last year outlined a goal to double sales from owned brands and Camuto Group national owned and licensed brands to almost one-third of total sales by 2026. Owned Brand penetration in Q1 grew to 26.7%.
Howe said in a statement that he believes Denk can help DSW grow its owned brand profile, while maintaining its roster of national brands as well.
“Our 30 million loyalty customers can expect an exciting future ahead for DSW, with Laura’s expertise driving us to the next phase of growth, while maintaining our position as a leader in the footwear space,” Howe said.
Overall, DBI in June posted weaker-than-expected sales in the first quarter. Net sales for the DSW-parent company decreased 10.7 percent to $742.1 million, short of analysts’ expectations of $754.28 million. Comparable sales decreased by 10.4 percent and adjusted net income was $14.3 million, with an adjusted diluted EPS of $0.21, which also fell short of analysts’ expectations.
Given the weaker than expected results, DBI lowered its full-year 2023 outlook and now expects net sales growth, excluding contributions from Keds, to be down in the mid- to high-single digits for the year, compared to previously issued guidance of down in the mid-single digits. Diluted EPS is expected in the range of $1.20 to $1.50, compared to a previously issued guidance of between $1.65 and $1.75.
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