RTW Retailwinds announced the extension of its highly successful collaboration with actress and style icon Eva Mendes. This successful partnership is now in its 6th year. The Eva Mendes collection marked the Company's first celebrity offering. Eva Mendes sales approximated $40M in FY18 with seasonal collections delivered four times a year, providing customers with a full array of day into evening outfits. Based on the success of this celebrity collaboration, RTW followed with exclusive collaborations with Gabrielle Union and Kate Hudson. Each of these brands are exclusive to New York & Company.
RTW Retailwinds announced the appointment of Traci Inglis as President, Chief Marketing and Customer Officer, effective June 10, 2019, reporting directly to Gregory Scott, CEO of RTW Retailwinds, Inc. In this newly created position, Inglis will be responsible for the entire customer journey including acquisition along with utilizing customer and digital analytics to strengthen all aspects of the company's customer, marketing, and digital initiatives. Gregory Scott, RTW Retailwinds, Inc. CEO, stated, "We are pleased to welcome Traci to the RTW Retailwinds executive team. Traci has demonstrated an innate ability to translate analytics and insights into innovative, customer-first strategies. Traci joins us at an important time in our multi-brand evolution and in this newly created role, she will develop and guide an elevated customer journey with a focus on driving new and engaging existing customers across our brand portfolio. Her experience will be incredibly important to our portfolio of brands as we work to reinvent the way we market and deliver experiences to our customers across all channels. We have recently introduced two digitally native brands, Happy x Nature and Uncommon Sense, which combined with the ongoing success of our Fashion to Figure brand and the strength of our core New York & Company business will benefit from Traci's deep expertise in leveraging data and customer analytics to drive profitable growth. I look forward to working with her on building for the future of RTW Retailwinds and transforming our customer journey across our portfolio of brands."
RTW Retailwinds downgraded to Neutral from Buy at Roth Capital. Roth Capital analyst Dave King downgraded RTW Retailwinds to Neutral from Buy and lowered his price target for the shares to $2.50 from $6.50. The analyst says his sales growth thesis is "looking less certain." He sees limited near-term visibility into the underlying business and notes its outlook calls for further margin pressures. Further, RTW faces challenges in growing the e-commerce business and acquiring new customers, King tells investors in a research note.
RTW Retailwinds announced a streamlining of key management roles in which president and COO John Worthington will depart the company effective immediately. Sheamus Toal, currently executive VP and CFO, is being promoted to executive VP, COO and CFO. Toal will continue to be responsible for all areas of finance, real estate, logistics, and corporate planning, and will add responsibility for IT, sourcing, and store operations.
New York & Company (NWY) announced that it will be changing its name to RTW Retailwinds (RTW) effective Monday, November 19, 2018. The company's common stock will begin trading under the new name on the New York Stock Exchange as of the opening of trading on Tuesday, November 20, 2018. In celebration, RTW Retailwinds is scheduled to ring the Opening Bell at the NYSE. In connection with the name change, the company's ticker symbol for its shares of common stock will change to "RTW" and the CUSIP number for the company's common stock will change to 74980D 100, each as of the effective time.