Adventure lifestyle brand Cotopaxi has laid off 22 workers as part of a company restructuring, The Daily has learned.
“Cotopaxi had strong top line growth this past year,” the company said in a statement to The Daily, “but as with any company evolving to meet future needs, the company redesigned its organization to focus on its most important business priorities and on delivering the brand mission that has helped set new impact-driven benchmarks in the industry. A part of this redesign necessitated Cotopaxi parting ways with 22 people who have contributed to our business and our mission.”
The company is expecting to grow in 2024 and will continue to drive sustainable, long-term brand growth, according to a statement.
Cotopaxi underwent a significant leadership change last year when Co-founder and CEO Davis Smith stepped away to pursue missionary work in South America.
As part of Smith’s succession plan, Damien Huang took the reins as CEO this July.
“We have a long way to go before we call ourselves a mature brand and have a very nice run ahead of us, hopefully,” Huang told The Daily last year. “But there’s very much a sense of having to grow up.”
At the time, Huang also said the business was healthy despite inflation and “some inventory levels being a little higher than we would like.”
Bart Schaneman can be reached at bart@ordaily.outdoorretailer.com.
