Levi Strauss’ Beyond Yoga has named former Athleta CEO and longtime Gap veteran Nancy Green as its next chief executive officer. The company aims to scale beyond its modest roots and compete with industry leaders like Lululemon and upstarts like Aloyoga and Vuori.
Beyond Yoga founder Michelle Waller and chief operating officer and chief financial officer Jesse Adams are both retiring. Green will take the helm on February 1, the company announced in a news release.
The company said Waller and Adams will remain as advisors to ensure a smooth transition.
“We have reached a natural inflection point for this great brand,” Levi’s incoming CEO Michelle Gass said in a statement. “We believe Nancy has the experience to leverage Beyond Yoga’s full potential by leveraging her strong retail expertise and experience as we pursue our next phase of growth.” Masu. [Levi Strauss’] Extensive global resources and capabilities. ”
The leadership change comes as Beyond Yoga seeks to scale up and establish its own identity in an increasingly crowded sports apparel industry. Retailers like Lululemon and Nike have long dominated the category, followed by Beyond Yoga and Gap Inc.’s Athleta. But startups like Alo Yoga and Vuori are following suit and taking market share.
Lululemon customers spent 7.1% and 3% of their activity and athleisure spend on Vuori and Alo Yoga, respectively, during the December holiday shopping season, says BTIG’s Janine Stichter, Ernest Wallet Analyst This was stated in a research note quoting the words of
Meanwhile, in Levi’s most recent quarter (ending Aug. 27), Beyond Yoga sales increased 25%. In Gap’s quarter that ended Oct. 28, Athleta sales fell 18%.
As these companies compete, they have poached each other’s talented human resources. In August, Athleta named former Alo Yoga president Chris Blakeslee as its next CEO.
Now, the former CEO of Athleta has joined Beyond Yoga.
nancy green
Provided by: Beyond Yoga
Greene started her career as a stylist in New York and then spent about 25 years with Gap. According to her LinkedIn profile, she worked her way up from merchandiser to president and CEO of Athleta, a position she held for six years.
During her time at Athleta, she reimagined and innovated product lines, strengthened sustainability efforts, and grew sales from $250 million to nearly $1 billion. She also expanded Athleta’s store footprint from her 39 stores to her 175 stores. Beyond is embarking on a similar growth plan, Green has developed a set of skills that will be key to her yoga practice.
Founded in Los Angeles in 2005, Beyond Yoga began selling leggings and tops in yoga studios and gyms. After gaining a cult following, we expanded our wholesale partnerships to numerous retailers including Nordstrom, Bloomingdale’s, and Revolve.
Levi acquired Beyond Yoga in 2021 for $400 million. In fiscal year 2022, he generated nearly $100 million in revenue for the apparel retailer.
Levi’s has focused on wholesale partnerships since its founding in 1853, but under the leadership of outgoing CEO Chip Berg, the company has worked to build a direct-to-consumer channel. This strategy extends to Beyond Yoga as well. The brand opened his first store in 2022, and now he has expanded to six locations, with direct-to-consumer sales consistently showing double-digit year-over-year growth.
The company is scheduled to announce its financial results next week.
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