True Religion on Wednesday said that Farla Efros, who has been serving as a consultant to the company, is taking over from Chelsea Grayson as its interim CEO, according to a company press release.
Efros is president of HRC Retail Advisory and "has worked closely with True Religion's leadership team in recent months," the company said. She has more than 20 years of experience working with retailers and CPG companies, including almost 10 years at HRC. She will continue there while taking on the interim CEO role.
Grayson, who previously served as CEO at American Apparel, is a True Religion board member who last November was appointed in the interim following CEO John Ermatinger's retirement. She is "resigning to pursue other opportunities," according to the release.
True Religion exited its 2017 bankruptcy with less debt and a leaner footprint.
That Chapter 11 process didn't even take four months, and there have been positive signs since. In its release, the company noted "positive comps and trends this year in direct-to-consumer and ecommerce sales," and said that it is seeing growth in international markets.
But an apparel company must do more than adjust its financial picture, and True Religion is facing stiff competition in its core denim segment, as Levi's stays strong, Madewell rises and American Eagle takes share. Those rivals are grabbing consumer attention with steps to boost sustainability, customization and sizing inclusivity.
In his statement, Board Chairman Eugene Davis pointed to Efros' operational and financial expertise as the "valuable assets and advantages that complement our iconic brand."