Urban Outfitters (NASDAQ:URBN) has announced the departure of Ted Marlow, CEO of the Urban Outfitters brand, who indicated his plan to retire in August during a conference call.
Marlow led the Urban Outfitters brand as its CEO two times in the past 15 years, first from 2001 to 2010, and then again from 2012 to 2015, reported Racked. His retail career includes a stint as CEO and president of Henri Bendel, as well as executive roles at Saks Fifth Avenue.
Richard Hayne, CEO of Urban Outfitters Inc., said Marlow anticipated a short second term as CEO of the Urban Outfitters brand.
"When Ted returned to the business in the spring of 2012, he told me he only wanted to work for a few additional years," Hayne said. "There is no way any of us could have anticipated how tumultuous those three years would be for the brand, but, in true Ted Marlow style, he hunkered down, fought through adversity and came out on top."
The Urban Outfitters brand saw a 5 percent comp sales increase for the first quarter of fiscal 2016. By comparison, Urban Outfitters-owned brands Free People and Anthropologie saw annual comp sales increases of 17 percent and 1 percent respectively.
Urban Outfitters has worked toward increasing its sales by expanding its physical footprint in recent months. In December, the retailer launched its largest store yet in Chicago on State Street. The new location spans three levels and is more than 19,000 sq. ft.
The retailer has also put more focus on opening physical stores on college campuses and testing concept stores in trendy neighborhoods such as Brooklyn.
-See this Racked story
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