According to Nextail’s annual study, Fashion’s Newest CEO, fashion firms in 2021 decided to employ CEOs with extensive industry understanding and leadership experience in order to build a solid foundation for development and digital transformation.
The research evaluates all of the important appointments in the industry, with the goal of highlighting the expectations for 2022. It emphasizes how firms have taken widely cautious decisions when it comes to shifting leadership in 2021. Furthermore, the appointments have been mostly made by males, and the bulk of them have operational expertise rather than design or marketing experience.
With lockdowns and limitations still in place at the start of the year, and the pandemic’s impacts felt worldwide, it appears that fashion companies have gone with the tried-and-true CEO. These seasoned CEOs can make an instant difference by stabilizing the company and resetting the underpinnings. It’s also worth mentioning that in 2021, there were 20% fewer new CEOs hired than in 2020.
Over 90% of the new CEOs had worked in the fashion industry, and over 75% had worked in the C-suite. The most often mentioned reason for employing a certain individual was to provide digital transformation and growth.