LXRandCo co-founder steps down

Montreal-based company LXRandCo announced on Thursday that its co-founder and Chief Development Officer, Fred Mannella, is stepping down from the company, effective immediately.

Mannella, who is also stepping down as a director of the company, is leaving “to pursue new entrepreneurial ventures”, the company said in a news statement.

The omnichannel retailer, known for carrying branded vintage luxury handbags and accessories, did not name a successor.

"As a co-founder of LXRandCo nearly a decade ago, Fred had tremendous vision, recognizing the significant opportunity in the vintage luxury handbag and accessory category in North America, and putting in place the foundations for the company's long-term success," said Steven Goldsmith, President and CEO, in a news statement.

"I look forward to continuing to work with Fred's co-founder, and the Company's Chief Operating Officer, Kei Izawa, and the rest of the LXRandCo management team, to execute on our strategic plan and realize the full potential of the company that Fred and Kei created and generate long-term value for shareholders."

LXRandCo aggressively opened stores last year throughout the U.S. and Canada. It equally had a brief stint in Europe, but exited when it closed 27 stores, mainly in Germany and in the Netherlands, at the end of 2018.

In its full-year ended December 31, 2018, the company saw net revenue increase 20 percent to a record $39 million, up from $32.4 million.

LXRandCo co-founder steps down

See also