CARMEL VALLEY, Calif.—After months of rumors about putting the company his father and mother started in 1950 up for sale, Robb Talbott has assumed control of the Robert Talbott luxury furnishings business. CEO Richard Cohen has left the company and many in the industry are wondering about the future of Robert Talbott.
Robb Talbott, who is the majority owner of the privately held company, commented in a statement: “The board of directors, including myself, felt that the company needed to return to its unique role as a design driven fashion enterprise. The time had come to re-direct ourselves to the path that has defined Robert Talbott as a pre-eminent American fashion brand of classic menswear.”
Richard Cohen, reached for comment this afternoon, said, “I’ve worked very hard since 2006 to drive this business in a certain direction, and I believe, as do many retailers, that we had succeeded to a great extent. Unfortunately, the recession hit us hard, and we have emerged from it a different company. As the CEO, it was under my watch, and I take responsibility for my decisions.”
The company continues to deny rumors that it is up for sale, but some industry observers are convinced that Robb Talbott is grooming the business for a sale. The last credible suitor for the company was mid-market knitwear and sportswear company Hampshire Group, but industry sources say that there are other interested parties.
The company has also refused to comment on rumors that it has let go most of its New York City staff, closed its showroom and prepared to shutter its Manhattan store.
The Robert Talbott brand was founded as a neckwear business in 1950 by Robert and Audrey Talbott. The company expanded into dress shirts in 1982. When Robert died in 1986, his wife Audrey became CEO. Bill Potter, who was company president since 1998, succeeded her as chief executive when she passed away in 2004. The company has been an important neckwear resource for Nordstrom and better men’s specialty stores in the US.
The company is currently owned by Robert and Audrey’s son Robb, who also runs the family vineyard he started in 1982. Robb Talbott fired former CEO Bill Potter in 2006 and brought in former Zegna USA CEO Richard Cohen as an advisor. Cohen was hired as CEO a year later.
According to industry estimates, Robert Talbott in its peak was a $55 million company. The recession and the general state of the furnishings business may have cut that figure by more than half.
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The economy didn’t ruin that company.
He’s wrecked so many companies. Who’ll be next?
…the delicious wine floated that boat, and now that the captain has regained control the first mate meets a similar fate to when the St. John went marching in – I sense a trend.
It would be wise of those of you posting thinly veiled criticism of Richard Cohen to check your facts. Robb Talbott’s track record with the executive management team of his company speaks for itself: he is a micromanager whose company has survived in spite of him, not because of him. He has brought in three seasoned CEOs in the past few years and has not been able to keep any of them around. Selling the company offers it its best chance of survival.