Dive Brief:
- The Vitamin Shoppe appointed Mike Forbes its chief strategy officer, effective Tuesday, the nutritional retailer announced Wednesday.
- In his newly created position, Forbes manages the company’s e-commerce, marketing, customer loyalty, business development and strategic partnerships, including mergers and acquisitions.
- Forbes has more than 20 years of experience at companies like MaryRuth Organics, Alter Eco Foods and Safely. He most recently served as the co-CEO of MaryRuth Organics, according to the announcement.
Dive Insight:
Forbes’ hiring comes as The Vitamin Shoppe forges ahead under new private equity ownership.
Last year, The Vitamin Shoppe’s former parent company, Franchise Group, filed for Chapter 11 bankruptcy. The company sold the nutritional retailer to Kingswood Capital Management and Performance Investment Partners for $193.5 million as part of that process and exited bankruptcy in June with approval from its creditors and key business partners.
Under new management, Sharon Leite rejoined The Vitamin Shoppe as CEO in May, a role she previously held between 2018 and 2023.
The company’s new owners have allocated “significant resources” to enhancing The Vitamin Shoppe’s digital capabilities, growing the reach of its private brand portfolio and enhancing its marketing, per the press release. These efforts will be furthered by Forbes’ new position.
“The creation of the Chief Strategy Officer role reflects our commitment to maximizing innovation and unlocking new avenues of growth across digital, retail, and strategic partnerships,” Leite said in a statement. “Mike’s deep experience with consumer brands and retail will be invaluable as we chart the next chapter for The Vitamin Shoppe and our customers.”
Prior to bringing on a chief strategist, The Vitamin Shoppe introduced a new shop-in-shop concept in select stores. In March, the retailer debuted Hometown Stores, a format highlighting local, popular brands. The retailer initially launched the shops in five locations: Los Angeles; Houston; Sandy, Utah; Frisco, Texas; and Paramus, New Jersey, with more to come this year.
