Skechers CFO John Vandemore joins Levi Strauss as CFO effective November 1
John Vandemore, who spent nearly nine years as Skechers’ chief financial officer, will succeed Harmit Singh as Levi Strauss & Co.’s CFO starting November 1. The move comes as Levi’s aims to grow to $10 billion in annual revenue, a target also matched by Skechers’ recent sales figure.
Before joining Skechers, Vandemore held finance and operations leadership roles at Mattel, The Walt Disney Company, International Game Technology, and various consulting firms. Harmit Singh, who is retiring after many years at Levi’s, will remain as an adviser until November 30. Skechers’ revenue grew from $4 billion in 2017 to $10 billion in the most recent fiscal year, while Levi’s reported that direct‑to‑consumer sales accounted for just over half of its revenue in the latest quarter, rising 11% year‑over‑year.
“Mr. Vandemore previously served as the CFO of Skechers for 9 years, helping the company become one of the world’s largest footwear brands with over $9 billion in revenue,” Tom Nikic, Needham analyst said.
“John’s deep financial, operational and consumer experience, combined with his proven ability to help global brands scale and grow profitably, makes him the ideal partner to help us realize our ambition of becoming a $10 billion company,” Michelle Gass, Levi’s CEO said.
Harmit Singh announced his retirement as Levi Strauss & Co. CFO earlier this year and will stay on as an adviser until November 30. Under Vandemore’s tenure, Skechers’ revenue increased from $4 billion in 2017 to $10 billion in the most recent year, strengthening the shoe maker’s financial profile.
What we know
John Vandemore, who was Skechers’ chief financial officer for nearly a decade, will replace longtime Levi Strauss & Co. CFO Harmit Singh, effective Nov. 1.
The shoe brand’s revenues rose from $4 billion in 2017 to $10 billion last year, and that happens to be Levi’s target, too, BNP Paribas Equity Research senior analyst Laurent Vasilescu said in a Thursday research note.
“John’s deep financial, operational and consumer experience, combined with his proven ability to help global brands scale and grow profitably, makes him the ideal partner to help us realize our ambition of becoming a $10 billion company.”
In the most recent quarter, DTC provided just over half of its revenues, rising 11%, while wholesale grew 5%.
“Mr. Vandemore previously served as the CFO of Skechers for 9 years, helping the company become one of the world’s largest footwear brands with over $9 billion in revenue.”