More changes are coming at Altuzarra.
Designer Joseph Altuzarra, who launched the New York-based ready-to-wear label known for its sophisticated, feminine dresses in 2008, will take over as chief executive officer. Current CEO Shira Sue Carmi, who joined the label in 2020 from bucket bag-maker Mansur Gavriel, will step down on Dec. 31 and take a seat on the board of directors. Longtime chief operations officer Marta Lastra, promoted to the role of president in September, will expand her scope beyond product and operations to distribution and marketing and work closely with the designer to guide the companyâs next phase of growth, according to a statement by the brand.
âWe would like to thank Shira for playing a pivotal role in leading Altuzarra over the past few years,â said Joseph Altuzarra in the statement. âThe brand has expanded substantially and I am excited to continue to lead its growth as CEO in close partnership with Marta.â
The move comes just after Altuzarra announced it received a minority investment from venture capital firm P180, which is led by former Vince chief executive Brendan Hoffman and Christine Hunsicker, founder of B2B e-commerce platform CaaStle. The deal â aimed at providing the cash to help boost Altuzarraâs visibility, profitability and direct-to-consumer business â laid plans for Altuzarra to move its e-commerce operations to CaaStle and introduce rental. While CaaStle handles e-commerce operations and inventory management, Altuzarra will focus on growing retail partnerships and expanding the assortment. (P180, launched in May, also recently took a stake in specialty retailer Elyse Walker.)
âIn a lot of ways, this feels like such a great partnership because it really allows us as a team to not have to worry about this part of the business as much,â Altuzarra told BoF at the time of the announcement. âWeâre able to really concentrate on other aspects of the business and for me, be able to concentrate more on design.â
Carmi and Altuzarra reworked the business during the pandemic â cutting costs and trying out new categories like homeware, knitwear and products at lower price points, including accessories like its popular $545 Watermill straw handbags and Altu, a genderless line targeting younger shoppers launched in 2021, which has since ceased operations.
Altuzarraâs new dual role is aimed at helping âunify the brandâs creative and strategic direction as it enters its next chapter,â according to the statement. With the P180 partnership, reducing inventory risk and increasing full price sales will be a central focus for the brand in the year ahead.
Learn more:
Joseph Altuzarraâs Post-Kering Future
The New York label is betting on âgenderfulâ second line Altu and homeware to re-energise the business after its split with the French group in 2020.
