Cherokee Global Brands last month changed its name to Apex Global Brands. The clothing and footwear company based in Sherman Oaks also changed its stock ticker and began trading on the Nasdaq under the ticker “APEX.” It previously traded under the ticker “CHKE.” The name change is part of a larger rebrand for the company that includes a revision of its promotional strategy and an overhaul of its website. Chief Executive Henry Stupp said the transition is reflective of Apex’s growing brand portfolio and marketing and design services. “When I joined the company nine years ago, the largest source of revenue was Cherokee Brands, our namesake brand,” Stupp told the Business Journal. “(With the name change), our goal was to communicate to our retail, financial and wholesale industries that the company has evolved and that we now have a broader term covering a wider variety of brands in our portfolio.” Stupp pointed to similar rebrands by Coach, which became Tapestry when it acquired Kate Spade and Stuart Weitzman, and Michael Kors, which became Capri Holdings when it acquired Gianni Versace. Today, Apex’s portfolio includes such brands as Tony Hawk Signature Apparel, Hi-Tec, Magnum, 50 Peaks, Interceptor, and Liz Lange in addition to its former in-house brand Cherokee, which will retain its name. Of the Apex moniker, Stupp said “It’s a reminder for us to always try and achieve the highest level of service to our constituents, whether they’re retailers, wholesalers or consumers. Our goal is always to be better.” He said the company has been considering such a rebrand for roughly three years, even before it acquired Hi-Tec and its offshoot brands, and was simply waiting for the right time to execute. “With 12 brands in our portfolio, we felt now was the right time,” Stupp said. In terms of operations, he said, not much will change. The company will continue to pursue growth for its own brands, create new brands for partners and help wholesalers and retailers elevate their existing brands through marketing and promotional services. Following the name change, Stupp said the company is preparing for a significant expansion of its global licensing base, including new licensees in North America, Latin America, Asia Pacific, Africa, and Pan-Europe for each of its brands. Hi-Tec and Tony Hawk in particular have gained traction recently with new placements in Urban Outfitters, Foot Locker, Macy’s, Kohl’s, and soon J.C. Penney. Apex has encountered financial challenges over the last few years that Stupp attributed to “market conditions.” In its recent earnings report for the fiscal quarter ending May 4, Apex reported a net loss of $2.3 million on revenue of $5.1 million, a decline from $5.4 million the year prior.
