Abercrombie & Fitch Co. has recently revealed that the open CFO position will now be filled. The famous fashion retailer has reported that it appointed Scott Lipesky to take its recently vacated chief financial role.
For the past year, Lipesky has served American Signature Inc. in where he worked as the chief financial officer as well. Before being appointed as such, Lipesky has been with Abercrombie & Fitch for nine years as the COO of the company. He was also the CFO of the Hollister Brand.
Joanne Crevoiserat, the acting Chief Operating Officer, has been temporarily handling the position ever since being promoted to the COO position in the earlier periods of the current year.
“We are pleased to welcome Scott back to Abercrombie & Fitch,” Crevoiserat told reports. “Having previously spent nine successful years with us, Scott has strong relationships and an intimate knowledge of our business plan and culture that will serve him and the company well as we continue to execute aggressively against our strategic plan.”
In addition to Lipesky’s roster of experiences, he also has been with PricewaterhouseCoopers, FTI Consulting and the Goodyear Tier & Rubber Co respectively.
Middle East Expansion
Amidst of an extremely thought-provoking retail setting, Abercrombie & Fitch Co. ANF has been able to maintain its exceptional performance in which resulted to a huge improvement in its overall performance in second-quarter fiscal 2017 outcomes.
At the time being, Abercrombie is still looking to expand its franchise business throughout the Middle East with its partner Majid Al Futtaim. As a matter of fact, the company will be opening its first ever branch at the Red Sea Mall in Jeddah, Saudi Arabia. This will include comprises a shop-in-shop for the Abercrombie kids variety.
Prominently though, the Abercrombie’s retail business was principally inaugurated in Kuwait by Majid Al Futtaim, in cooperation with the 360 Mall and The Avenues in which is also the setting of the erection. Subsequently, another branch was erected at the Mall of the Emirates in December 2015 which held the first fragrance sector in the expanse. More stores were erected at Qatar, specifically at Doha Festival City and Mall of Qatar just this preceding March.
Since its earnings release, Abercrombie and Fitch was able to maintain its bullish trend up to the time being with its recent performance being heavily dominated by bulls as well. It generally added 0.36%.
As for its Relative Strength Index, it is currently overbought at it is way up high beyond the 70’s region. Specifically, it is at 78.63.
Lastly, its Coppock Curve is also positioned way too high in its recent performance. At 65.66, the fashion giant right now is not showing any signs of decline and with such performance, a buy would be advised.
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