Cache Announces Executive Appointment
Daphne Pappas Named Executive Vice President, Chief Merchandise Officer
NEW YORK -- April 02, 2013
Cache Inc., (NASDAQ: CACH), a specialty chain of women’s apparel stores, today
announced that Daphne Pappas has joined the Company as Executive Vice
President, Chief Merchandise Officer.
Ms. Pappas brings over 30 years of retail industry experience to Cache. For
the past ten years, she served as Vice President General Merchandising Manager
for Burberry America’s where she led the Company’s women’s business. Under her
direction, Burberry America’s recorded strong sales and profitability growth
through her ability to collaborate across all business areas and develop a
focused assortment that met with increased consumer demand. Prior to this, Ms.
Pappas was the Divisional Merchandise Manager of Juniors Sportswear at Macy’s
East, a $150 million business in 82 stores. During her career at Macy’s East
she developed and implemented a strategic vision for Juniors, worked closely
with Marketing, Federated Merchandising and Store Operations to create a
differentiated statement and to achieve corporate goals. In addition, she
identified growth opportunities through a strategy that resulted in
significant overall growth and profitability.
Before Macy’s East, Daphne spent 13 years at Saks Fifth Avenue in various
roles with increasing responsibility. In her most senior role at Saks she held
the title of VP/Director, Merchandise Manager of Bridge Sportswear, Coats,
Suits, Dresses, and Evening, which generated $162 million in 62 stores. In
this role, she redirected and refocused the contemporary business in order to
establish Saks as a leading contemporary retailer that appealed to a new and
younger customer with great success. She also developed trend shops to set
seasonal direction, and created and grew a new line of business, which offered
higher levels of fashion that would differentiate Saks from its peers. Daphne
grew the Bridge business over 20% in four years and repositioned the “Real
Clothes” brand to satisfy lifestyle needs while successfully increasing gross
Jay Margolis, Chairman and Chief Executive Officer, commented, “We are excited
to attract Daphne to our leadership team as Chief Merchandising Officer given
her strong understanding of the Cache brand and business model, as well as her
unique perspective to deliver a balanced mix of price points and promotions,
and her history of creating a vision to substantially grow retail businesses.
Daphne’s proven ability to interpret a brand vision and work collaboratively
across all aspects of the business to deliver consistently strong selling
assortments will be highly valuable to us as we position Cache to become a top
destination for all of our customers lifestyle needs and to expand our
Daphne Pappas, Chief Merchandising Officer, stated, “I have long admired Cache
for its sophisticated and unique style. I am honored to apply my passion for
developing retail brands to assist Jay and the management team towards
achieving the Company’s full potential."
About Cache, Inc.
Cache is a nationwide, mall-based specialty retailer of sophisticated
sportswear and social occasion dresses targeting style-conscious women who
have a youthful attitude and are self-confident. The Company currently
operates 251 stores, primarily situated in central locations in high traffic,
upscale malls in 42 states, the Virgin Islands and Puerto Rico.
Forward-Looking Statements and Other Information
Certain matters discussed within this press release may constitute
forward-looking statements within the meaning of the federal securities laws.
Although Cache, Inc. believes the statements are based on reasonable
assumptions, there can be no assurance that these expectations will be
attained. Actual results and timing of certain events could differ materially
from those projected in or contemplated by the forward-looking statements due
to a number of factors, including, without limitation, satisfaction of the
conditions relating to the rights offering, industry trends, merchandise and
fashion trends, competition, seasonality and changes in general economic
conditions and consumer spending patterns, reliance on foreign manufacturers,
dependence on management, dependence on vendors and distributors, material
weakness in our internal controls, as well as other risks outlined from time
to time in the filings of Cache, Inc. with the Securities and Exchange
This press release does not constitute an offer to sell or the solicitation of
an offer to buy nor will there be any sale of any securities referred to in
this press release in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of such state or jurisdiction. The rights offering
will be made only by means of a prospectus meeting the requirements of the
Securities Act of 1933, as amended.
Maggie Feeney, Executive Vice President and Chief Financial Officer, (212)
Allison Malkin/Rachel Schacter, (203) 682-8225/(646) 277-1243
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