Co-founders return to leadership role as backpack seller says goodbye to CEO John Hoerauf
Vancouver backpack maker and seller Herschel Supply Co., which has been one of B.C.'s biggest retail success stories, has parted ways with CEO Jon Hoerauf.
Herschel did not put out a press release, but when contacted by BIV, it confirmed that Hoerauf is no longer with the company. It waited to open Herschel-branded stores in North America until it was able to own them corporately, and not through partners. Before it opened Herschel-branded stores in North America, its products were available in that region via resellers, such as the Hudson's Bay Co. That remains true today, and Herschel did not comment on whether it would stop providing its products through that wholesale channel.
DIG360 retail analyst David Gray agreed. Herschel does, however, have to up its game when it comes to its own physical stores, he added. In 2019, the company sold a minority stake in itself to a consortium of private-equity investors. The value of that sale was not released but the Wall Street Journal reported that one of the consortium's investors, Eurazeo Brands, said its investment was US$60 million.Retail Insider Media Inc. owner and retail consultant Craig Patterson said many other companies are also trying to increase direct-to-consumer sales because it boosts profit margins.
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