Cherokee Hires Video Game Exec

Cherokee Global Brands appointed a new executive vice president of business development to manage the company’s U.S. licensing base, the company announced Thursday. Randi Spieker is the former vice president of licensing and retail at Rovio Entertainment, the video game developer in Finland that owns the “Angry Birds” franchise. She will now be responsible for fostering new U.S. wholesale and retail relationships for the Sherman Oaks global brand marketer effective Feb. 8. The appointment follows the company’s announcement that Target Corp. will not renew its license for the Cherokee brand in the U.S. The company is working to ink a new deal with retail partners before Target’s contract ends in February 2017. The original Target U.S. license agreement was made in 1995 and guaranteed Cherokee annual revenue of $11.3 million, according to senior analyst Jeff Van Sinderen with brokerage B. Riley & Co. in Santa Monica. “Randi’s broad industry relationships and expertise will contribute to the growth of the Cherokee branded business in the U.S.,” Henry Stupp, chief executive at Cherokee, said in a statement. “Her strong track record in licensing, brand management and consumer products will also prove invaluable as we grow our portfolio of global lifestyle brands and as we continue to expand our partnerships with best-in-class licensees.” Shares closed up 92 cents or 6 percent to $16.38 on the Nasdaq.