PAUL STUART NAMES PAULETTE GARAFALO AS PRESIDENT AND CEO
Paul Stuart, the 78-year-old Manhattan-headquarted luxury apparel retailer with locations in Chicago, Washington, D.C. and Japan, has appointed Paulette Garafalo as president and CEO, effective June 14. Current president and CEO Michael Ostrove will be retiring from the company.
Ostrove assumed the role in 2009; during his tenure, he presided over the opening of both the second of the company’s two Chicago stores and of the new Washington, D.C. location, as well as overseeing the sale to Paul Stuart’s long-term licensee in Japan, Mitsui & Co., Ltd., in late 2012.
Garafalo, who will also assume a seat on the Board of Directors, has a long history in the luxury apparel and retail markets. Most recently, Garafalo served as President, International, Wholesale and Manufacturing at Brooks Brothers. Prior to that role she was CEO of The Americas, for Bally and CEO and Group President, Hartmarx Luxury Group, at Hickey Freeman.
“I have an affinity for heritage brands, perhaps especially for American heritage brands,” said Garafalo. “Paul Stuart has enjoyed a truly special place in that pantheon, in terms of that very particular sort of sophisticated, Anglo-American tailored clothing for which they are so widely celebrated.”
“Given the strength of our company with an exceptional group of talented people, I am sure we are able to build further success on top of the strong platform Mr. Ostrove has passed on to us,” commented Tak Shirai, chairman of the Paul Stuart board of directors. “The Board believes that Ms. Garfalo, because of her familiarity with brands such as ours, is an ideal choice for Paul Stuart at this time. We look forward to continuing to build with a new leader, ensuring both firm and sustainable growth and further enhancement of the brand value. On a personal note, allow me to say how much Michael Ostrove’s leadership and keen insight has been appreciated in more ways than I can recount. Michael personified the brand; and certainly, no one in the world better understands the essential, ineffable qualities that composed the unique persona of Paul Stuart.”
Founded in 1938, Paul Stuart continues to present a wholly unique collection of men’s and women’s tailored clothing, sportswear, furnishings and accessories. The company presently maintains four stores in the United States and over 150 points of sale throughout Japan.
