In a significant leadership transition, Joseph Altuzarra, the founder of the renowned fashion house, is set to take over as CEO, marking a new chapter for the brand known for its sophisticated and feminine designs. The announcement comes as current CEO Shira Sue Carmi will step down on December 31, 2024, after five impactful years at the helm. This strategic shift aims to align the brand’s creative vision with its operational direction, as Altuzarra partners closely with newly promoted President Marta Lastra.
Since launching his eponymous ready-to-wear label in 2008, Joseph Altuzarra has built a reputation for crafting exquisite garments that resonate with contemporary femininity. Under his leadership, the brand has flourished, expanding globally and diversifying its offerings. Previously, Shira Sue Carmi joined the company in 2020, transitioning from Mansur Gavriel, and has overseen substantial growth in a challenging retail environment.
In thanking Carmi for her contributions, Altuzarra acknowledged the significant strides the company made under her guidance, stating, “The brand has expanded substantially, and I am excited to continue to lead its growth as CEO in close partnership with Marta.” Lastra, who has been instrumental in the company’s operations, will now broaden her responsibilities to encompass distribution and marketing as they tackle the next phase of growth together.
The timing of this leadership change coincides with Altuzarra’s recent announcement of a minority investment from P180, a venture capital firm led by former Vince CEO Brendan Hoffman and Christine Hunsicker. This investment strategy is designed to enhance Altuzarra’s visibility and profitability while bolstering its direct-to-consumer operations. The partnership will shift its e-commerce operations to CaaStle, a B2B e-commerce platform that enables brands to manage inventory effectively, thereby allowing Altuzarra to concentrate on expanding retail partnerships and diversifying its product assortment.
Altuzarra has expressed optimism about this arrangement, stating, “In a lot of ways, this feels like a great partnership because it really allows us to focus on other aspects of the business, particularly design.” This strategic focus is crucial as the brand navigates the complexities of modern retail, especially in a post-pandemic landscape where consumer expectations have shifted significantly.
The pandemic itself prompted Altuzarra and Carmi to revisit their business model, leading to operational efficiencies that included cost reductions and experimentation with new product categories such as homeware and knitwear. These initiatives reflect a proactive approach to diversification, enabling Altuzarra to maintain relevance in a fast-changing market. Notably, the brand introduced lower-priced accessories, such as the popular $545 Watermill straw handbag, catering to a broader demographic.
Although the brand’s genderless line, Altu, which targeted younger clients, was discontinued after its 2021 launch, Altuzarra views the dual roles of CEO and Creative Director as essential for unifying the brand’s vision and strategic plans moving forward. With this new structure, the focus will be on minimizing inventory risks while maximizing full-price sales, a challenge that has become increasingly crucial in today’s economic environment.
As Joseph Altuzarra steps into his new role, all eyes will be on the brand as it crafts its future direction, striving for creative excellence and operational success. With Lastra’s expansive role in operations and Altuzarra’s design-centric leadership, the company is poised to enhance its competitive edge in the luxury fashion market. This transition not only signifies a fresh chapter for Altuzarra but also underlines the importance of innovative partnerships and strategic agility in the ever-evolving fashion landscape.
