SOURCE: Alex and Ani, LLC

Alex and Ani, LLC

May 14, 2013 10:15 ET

Alex and Ani CEO Says Lack of Complete Name Change Was Fatal Flaw for J.C. Penney's Ron Johnson

It's All in the Name

PROVIDENCE, RI--(Marketwired - May 14, 2013) - Giovanni Feroce, CEO of Alex and Ani, LLC, one of America's fastest growing privately owned companies, insists a critical step in the transformation of J.C. Penney was missed. "I do not necessarily think Ron Johnson [former CEO] was going in the wrong direction," said Feroce, "I do however, think he missed the most critical of steps, which was renaming J.C. Penney entirely."

Feroce noted that the former Apple Store CEO was on a path to transform J.C. Penney into a boutique department store, such as El Corte Inglés, Spain's largest department retailer, which features top brands selling at shop-within-a-shop environments. He stressed, "A brand like Alex and Ani would not be a good fit in J.C. Penney's current environment but would potentially be a fit in a properly named environment."

J.C. Penney, known to millions as a discount retailer, lacks the attractiveness for today's well-known brands to create a proper branded experience. "I am confident," said Feroce "if J.C. Penney was completely renamed by Ron Johnson, the model could have worked."

Feroce is among other CEOs and media resources to publicly provide advice to an American icon that has been in a steady decline for the past few decades and who, in response to its recent fall, has returned to the past for its leadership. When asked about the leadership change, Feroce politely responded without comment. Feroce, a University of Pennsylvania, The Wharton School and University of Rhode Island alumnus, former Rhode Island state senator and combat army veteran is a 'Generation X' CEO who is leading Alex and Ani's rapid growth expansion plans both domestically and internationally. Known for his military leadership style, Feroce believes a successful business model includes leaders who embrace change and look to the future, rather than dwelling in the past.

Alex and Ani has already begun making its own mark in history, becoming the world's fastest growing lifestyle brand. Alex and Ani currently operates 30 retail stores in 15 states and is present in over 1,100 other retailers nationwide.

About Alex and Ani

Alex and Ani, LLC offers eco-friendly, positive energy products created by Designer Carolyn Rafaelian, Founder and Creative Director. Alex and Ani is synonymous with Made in America. Its World Headquarters are located in the Greater Providence, Rhode Island area, where its products are designed, manufactured, and assembled using recycled local materials. Carolyn believes that every individual has a positive message to share with the world and that, by incorporating powerful symbolism and design into each positive energy piece, Alex and Ani provides a vehicle for wearers to express their individuality. An Inc. 500 Company, Alex and Ani has retail stores in addition to retail partners both domestically and internationally. Please visit www.alexandani.com for more information.

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