The Container Store said that Satish Malhotra will succeed Melissa Reiff as CEO and president on February 1, 2021. Effective March 1, 2021, Reiff will retire from the company, while retaining her position as chairwoman of the board of directors until the annual meeting of shareholders in late summer 2021.
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The Container Store posted strong second quarter results, as the retailer capitalized on the current stay-at-home market conditions. The company also pointed to the success of its partnership with The Home Edit, and revealed a new line with Marie Kondo.
The Container Store is launching an exclusive co-branded collection of organizing tools by Marie Kondo, tidying expert, New York Times bestselling author, Emmy-nominated television star and founder of KonMari Media, Inc.
The Container Store has provided an update on its response to the evolving COVID-19 pandemic, and has taken measures such as reducing store hours and furloughing a portion of its corporate employees.
First quarter sales at The Container Store were up 7%, driven by strong comparable store growth and a double-digit increase in revenue from its custom closets business.
The Container Store is capitalizing on the continued success of its custom closet business by introducing a fourth line to complement its Elfa and TCS Closets offerings.
The Container Store has provided further details on its leadership transition when Kip and Sharon Tindell retire from their executive posts.
The July 23 issue of HOMEWORLD BUSINESS® features the 19th annual Impact Merchants special report. Housewares suppliers, representing the categories that HomeWorld covers, once again were asked to nominate buyers and merchandisers believed to have made a significant impact during the past year.