Fossil stands alongside other brands and retailers who have hired chief marketers recently. Last October, Under Armour appointed Massimo Baratto as its first chief consumer officer to oversee its international marketing, retail and e-commerce operations following the departure of its chief marketer Alessandro de Pestel. Over the past few months, Nordstrom , Kohl’s and Lowe’s have named chief marketers, too.
In Fossil’s announcement, Pillette expressed her enthusiasm for telling Fossil’s story, a heritage brand with “a strong focus on innovation and craftsmanship.”
“Lisa has tremendous depth and breadth of marketing experience with iconic brands, an innovative lens on what marketing of the future looks like, and a compelling track record of delivering insight-led solutions,” Holly Briedis, executive vice president and chief digital officer, said in a statement. “Pairing her distinctive expertise with our global digital capabilities allows us to think holistically about the consumer experience.”
Pillette’s appointment follows the departure of Chad Cornstubble , who previously was the vice president of e-commerce, marketing technology and digital operations at Fossil. Carhartt hired Cornstubble in May as the company’s new senior vice president of direct-to-consumer.
Brands are hiring CMOs as they restore their marketing budgets from 2021 lows. An August Gartner report found that companies’ marketing budgets rose to 9.1% of the overall revenue, a sharp uptick from 6.3% of the overall revenue in 2021. Gartner’s survey of 405 marketing executives found that 63% of retail respondents increased their offline co-op and partner advertising spending.
The appointment of Pillette follows a difficult quarter for Fossil. The company reported a 10% drop in net sales to $371 million in Q2. However, its DTC net sales rose by 5% in constant currency in Q2. Kosta Kartsotis, Fossil chairman and CEO, said in a statement that consumer sentiment will likely be “pressured” through the rest of this year, so the company has adjusted its 2022 international outlook accordingly.
“During the second quarter, global operating conditions remained challenging,” Kartsotis said in a statement. “We saw softening consumer demand during the quarter, reflecting ongoing inflationary pressure and continued pandemic-related restrictions in China. Additionally, the slowdown in consumer purchasing led to fewer inventory replenishment orders from our wholesale partners. While this macro backdrop impacted our core traditional watch category, our jewelry and leathers businesses grew at double digit rates in the quarter.”
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Disruptions from the pandemic, e-commerce and broader economic trends continue to bedevil operations for small businesses.
As the traditional mall declines, a lot is riding on how well the department store can execute its small-format, strip-center strategy. And whether it should.
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