GRRL Power: GM Gets Fashionable New Board Member
Coach knows fashion — so much so that the brand is nearly synonymous with high-end handbags, and for getting people to pay big bucks for them, when a no-name purse will do the job just as well for a tenth of the price. What does that have to do with EVs? If you’re GM, you need your high-priced, Ultium-based EV to feel a lot more luxe than a Chevy in order to justify its premium price — and no one knows how Coach does it better than the latest addition to GM’s Board of Directors: Joanne Crevoiserat.
One of the fashion industry’s most prominent and successful voices, Joanne Crevoiserat is the CEO of Tapestry, Inc. (Coach, Kate Spade, Stuart Weitzman), former COO of Abercrombie & Fitch, and ex-executive VP of finance at Kohl’s corporation. The woman knows fashion, in other words, and GM hopes she’ll be able to provide some (in my opinion, much-needed) guidance as the General’s brands maneuver themselves during the company’s electric transformation.
“Joanne’s approach to driving growth, which focuses on integrating data-driven insights to elevate the consumer experience, will be invaluable to GM as we launch our all-electric portfolio, introduce additional software-based services, and scale businesses in new markets,” said Mary Barra, chair and CEO of GM. “As we accelerate our transformation, we have an incredible opportunity to drive loyalty for our iconic brands and attract new customers, which is exactly what Joanne has done at Tapestry.”
Crevoiserat also expressed excitement at the position. “This is an exciting time to join the GM Board,” she said. “The company is innovating across every part of the business to drive growth … I look forward to serving the board and GM’s shareholders through this transformation.”
$300,000 Cadillac CELESTIQ
It remains to be seen how much of an impact the Coach and Kate Spade brand leader will have on GM products going forward. But, with women making up more than 60 percent of all new car buyers, the carmaker would have to be absolutely daffy to not listen to her suggestions.
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