~ New Division to Expand Innovative Retail-Related Technologies, Concepts and Platforms
New York, NY – June 10, 2014 – Marvin Traub Associates (TRAUB) today announced that Steve Sadove, former Chairman and CEO of Saks, Inc., has joined the company to launch the TRAUB Accelerator, a new division that will help grow innovative technologies, concepts and platforms in the retail and consumer industries. In his new role, Sadove will serve as Co-Founder and head of TRAUB Accelerator, while also acting as an advisor to TRAUB’s full range of clients. Additionally, he will become a member of TRAUB’s board of directors.
“We are thrilled to launch this new division under the direction of Steve Sadove, whose passion for innovation and technology in our industry aligns with our mission of helping cutting edge companies develop and grow fresh ideas to reach their full potential,” said Mortimer Singer, CEO of Marvin Traub Associates. “As technology continues to transform the way consumers shop, powerful results occur when innovative ideas connect with industry expertise and insight.”
Sadove led Saks from 2006-2013, where his successful transformation of the business led to its $2.9 billion sale to Hudson’s Bay. In addition to being a seasoned retail executive, Sadove’s career spans more than 25 years in consumer goods companies. He was the President of Clairol, as well as the President of Worldwide Beauty Care and Nutritionals at Bristol-Myers Squibb, where he was instrumental in selling the Clairol business to Procter & Gamble for approximately $5 billion. Additionally, Sadove spent 17 years at Kraft General Foods, rising to the position of Executive Vice President of General Foods USA, prior to taking on the Clairol position.
Sadove also serves as the Chairman of the National Retail Federation (NRF), and is the Chairman of the Board of Trustees of Hamilton College. He is a board member of Colgate-Palmolive, JCPenney, Aramark and Ruby Tuesday.
“I have long admired TRAUB’s passion for cultivating emerging brands and its strategic vision for inspiring their growth,” said Mr. Sadove. “I am thrilled to join Morty, his partners and his team, and I look forward to leveraging my background in consumer products and retail to promote further innovation in the industry.”
Serving as both an advisor and possible investor, TRAUB Accelerator will access the full range of TRAUB resources to help facilitate significant revenue growth for its clients. Among its first projects, the Accelerator is helping POWA Technologies bring its game-changing “point of impulse” shopping app, PowaTag, to the U.S. Pioneered in Europe, PowaTag lets consumers use mobile devices to scan and instantly buy tagged products that they see in display ads, magazines, billboards and shop windows.
With a culture based on growing brands at every stage of their lifecycle, TRAUB works with globally-minded companies that operate in the businesses of fashion, retail, technology, real estate, beauty, food & beverage, and hospitality. Start-ups to multi-million dollar enterprises around the world have benefitted from the firm’s deep expertise, exceptional industry perspective, and unmatched relationships. Through a unique approach that blends financial excellence with the sensibilities of seasoned operatiors, TRAUB optimizes businesses and brands through product development, international development, licensing, franchising, real estate, and organizational optimization. Regardless of the project, the result is a company that operates at its fullest potential and delivers its greatest value to shareholders.
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