Cotopaxi Names Lindsay Shumlas CEO to Continue Its Purpose-driven Work
Jean E. Palmieri
5 min read
Cotopaxi has had a change at the helm.
The 10-year-old, Salt Lake City, Utah-based brand, known for its colorful backpacks, outdoor gear and ethical mission statement has named Lindsay Shumlas chief executive officer.
Shumlas, who joined the company in April in the combined role of chief operating officer and chief financial officer, succeeds Damien Huang, who exited Cotopaxi in September.
The company provided no details about the reasons for Huang’s departure, and Shumlas simply thanked him for his contributions to the brand, and commitment to its mission, during his tenure.
Shumlas has a background in growing consumer businesses with strength in finance and operations. Prior to joining Cotopaxi she was CEO of Vici, a California-based direct-to-consumer women’s brand. She has also been CEO of Manhattan Beachwear, chief financial officer of Matilda Jane Clothing, and senior director of financial planning and analysis for Vera Bradley.
“I’m honored to step into the stewardship of Cotopaxi, a pioneering brand that holds deep meaning and purpose for so many — inspiring adventure, fostering community and aiming to reduce poverty around the world,” she said. “I am committed to driving that mission forward by building on our established, successful business that delivers innovative sustainable lifestyle products that stay connected to what our consumers value most.”
She said her initial goals are to invest in the company’s direct-to-consumer channels while continuing to build Cotopaxi’s customer base and community. Expanding the company’s reach internationally is also on her to-do list.
Inside a Cotopaxi store.
Currently, Cotopaxi operates in the U.S., Europe and Japan, and it is “evaluating” other countries for expansion, she said, declining to be more specific.
And although the company operates 20 stores — 18 in the U.S. and two in Japan — and views stores as a “key part” of the company’s future growth because they provide customers with an immersive experience, there are no immediate plans to add to the fleet next year, she said.
Today, DTC and wholesale each account for about half the company’s business and Shumlas has tasked former Hoka and Teva president, and current Cotopaxi board member, Wendy Yang with helping it increase sales by working on wholesale, brand and product strategy. Yang will remain on the board and will now become executive chairwoman.
Cotopaxi started as a colorful backpack brand, but has since branched out into apparel and other complementary products. Early in its life the brand attracted some other high-profile investors including Toms founder Blake Mycoskie through his Toms Social Entrepreneurship Fund, as well as Neil Blumenthal, Smith’s former classmate from the Wharton School and the cofounder of Warby Parker and Harry’s. In 2021, Bain Capital Double Impact fund invested $45 million into the business.
Today it offers everything from dresses and jumpsuits to windbreakers, insulated jackets and gloves. Shumlas said packs and gear remain the hero products for the company, with its newly relaunched Allpa Pack its core franchise. In apparel, the insulated parkas and the new sportswear offering have been popular, she said. Coming in the future will be more equipment, Shumlas said, as Cotopaxi expands its travel franchise.
But while sales remain essential, it is the company’s mission to make the world a better place that fuels the business. Over the past year, Cotopaxi has incorporated 500,000 yards of deadstock fabric into its products, reduced its carbon footprint by 20 percent and invested more than $1 million through its Cotopaxi Foundation into initiatives that alleviate poverty in Latin America, support education and empower local communities. The company dedicates 1 percent of its sales to the foundation, and over the years has helped more than 4.25 million people experiencing extreme poverty.
The company funds programs for the underprivileged in Latin America.
Shumlas said that while Smith is on sabbatical for at least another 18 months, she had the opportunity to meet him before joining the company and, while he’s not involved in the day-to-day operation of the business, he remains its “steward,” and plays a “very active role” on the board.
Smith grew up the son of an adventurer and lived in a number of countries, including Ecuador and the Dominican Republic, as a child. In addition to survival skills, Smith got a life lesson in giving back to people who were not as fortunate. It was this dedication to helping others that Smith embraced when he started Cotopaxi in 2014. As he told WWD before heading off on his mission to Brazil: “I’ve known from the time I was a child that I wanted to use my life in a way to help other people — I just found so much joy and satisfaction in it. And I honestly felt I had a duty. Because of what I had seen, I saw the world differently than a lot of my peers.”
