Gould Named President of Giorgio Inc.
Michael Gould, who resigned last month as chairman and chief executive of the J. W. Robinson department store chain, will become president and chief operating officer of Giorgio Inc. in Beverly Hills, effective May 5.
He will succeed Fred J. Hayman, founder and co-owner of the private company that operates the Giorgio boutique on Rodeo Drive and a fragrance boutique in Manhattan. The company also manufactures a fragrance known as Giorgio, Beverly Hills. Hayman will continue as chief executive and assumes the newly created position of chairman.
Hayman said Gould’s appointment points to a new direction for Giorgio, which had 1985 sales of about $115 million--$100 million from the fragrance and $15 million from the Rodeo Drive store.
“We’re growing and intending to be a very big company,” Hayman explained in a telephone interview. “We have many future projects, which include developing another fragrance.” Giorgio also is considering a move into the licensing, catalogue and skin treatment business, he added.
“We need a man like Michael who can help expand beyond what we’re doing now,” Hayman said. During Gould’s tenure at Robinson’s, the chain became the exclusive department store outlet in Southern California for the Giorgio fragrance.
Robinson’s sold about $12 million of the fragrance in 1985, according to Hayman.
Gould, who had served as chairman of Robinson’s since December, 1980, left the Los Angeles subsidiary of Associated Dry Goods late last month amid considerable criticism from the parent company. Gould had increased Robinson’s sales, with its market share rising to 20% from 14%, but the chain had disappointing profits last year.
In a telephone interview, Gould acknowledged that “profits were below plan but still very strong” and that expenses were higher.
Gould said he has received a number of job offers but decided last Friday to join Giorgio. “The time and my age is right to try something different. I was on one side of the business, retailing, now I’m on the other side, in manufacturing, distribution. I felt it was a unique opportunity.”