Apparel & Accessories retailer Vera Bradley has announced executive changes going into effect in July following a revenue drop in its fiscal Q1.

The retailer’s CEO is leaving, a new chief financial officer is joining, and Vera Bradley is creating a new role of executive chairman as the current board chairman steps down. CEO Jacqueline Ardrey joined Vera Bradley in November 2022 and launched a strategic initiative to transform the retailer’s business model and brand positioning.

She thanked the board and the retailer’s associates for their support in a statement announcing her departure, adding that she looks forward to “seeing Vera Bradley’s growth journey ahead.”

In addition, Vera Bradley’s board has established a new Strategy and Transformation Committee to manage the executive changes. It will work closely with incoming leadership in shaping the retailer’s strategic direction and future growth initiatives.

Vera Bradley ranks No. 303 in the Top 2000. The database ranks North America’s largest online retailers by their annual ecommerce sales.

Vera Bradley executive changes

Ardrey is leaving Vera Bradley but will remain with the retailer through the end of July to help with its leadership transition. Ian Bickley will assume the newly created role of executive chairman, effective July 7, as current board chairman Robert Hall steps down from his role. Hall will continue to serve as a director on the board.

Vera Bradley said in its announcement that it expects the executive chairman role to be a temporary one during the CEO transition.

Bickley’s experience includes executive leadership positions with Coach and The Body Shop. He also currently serves on the Crocs and Brilliant Earth boards.

Along with director Andrew Meslow, Bickley will lead the Strategy and Transformation Committee. Meslow was previously CEO of Bath & Body Works and L Brands. He will also assume the role of lead independent director for Vera Bradley.

In addition, Vera Bradly has hired Martin Layding as its chief financial officer, effective June 12. Layding previously served in the same role for Tapestry’s Coach brand, as well as for several private equity-backed firms, including for the Supreme Brand.

Vera Bradley’s Q1 revenue

In its fiscal Q1, which ended May 3, Vera Bradley revenue fell to $51.7 million. That compares to $67.9 million in its Q1 2024. $43.1 million of that came from its Vera Bradley segment, with the remainder coming from its Pura Vida Bracelets brand.

That’s a 23.6% decrease from the $56.4 million in revenue that the Vera Bradley segment generated in Q1 2024.

On March 31, Vera Bradley Inc., the parent company, finalized an agreement to sell 100% of Creative Genius, which operates as Pura Vida Bracelets. Vera Bradley did not publicly disclose the buyer or the sale price.

Comparable sales declined 25% in the quarter, which Vera Bradley attributed to decreases in both traffic and conversion in its full-line and outlet stores. The retailer opened two full-line stores and closed two during the quarter, attributing the closings to underperformance.

Vera Bradley’s indirect sales segment revenue also declined to $8.6 million in Q1. That’s down 25.6% year over year.

Vera Bradley’s direct segment had an operating loss of $5.5 million in Q1. That compares to operating income of $4 million the prior year. At the same time, its indirect segment had an operating income of $2 million, down from $3.8 million a year earlier.

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