Heidi Crane
About Heidi Crane
Heidi Crane, age 64, was appointed Fractional Chief Financial Officer of Lulu’s Fashion Lounge Holdings, Inc. effective October 13, 2025, under a consulting engagement through Business Talent Group (BTG). She holds an MBA from UCLA Anderson and a BS in Business Administration from CSU Long Beach, is a licensed CPA, and previously served in CFO and senior finance roles at FightCamp, BH Cosmetics, Techstyle Fashion Group, Diageo, Dole, and Ernst & Young . Her tenure at LVLU began in Q3 2025; she entered via a fixed-fee consulting milestone with no equity awards granted at appointment . Company performance context during her start period is below.
| Metric | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|
| Revenues ($USD) | $66,147,000 | $64,155,000 | $81,520,000 | $73,591,000 |
| Net Income ($USD) | $(31,875,000) | $(7,998,000) | $(2,995,000) | $(2,317,000) |
| Metric | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|
| EBITDA ($USD) | $(5,699,000)* | $(6,767,000)* | $(1,346,000)* | $(664,000)* |
| EBITDA Margin % | (8.62%)* | (10.55%)* | (1.65%)* | (0.90%)* |
Values retrieved from S&P Global.*
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Hykso Inc. (FightCamp) | Chief Financial Officer | Aug 2022 – May 2025 | Led finance for connected fitness brand; scaling direct-to-consumer operations . |
| BH Cosmetics | Chief Financial Officer | Nov 2018 – Nov 2021 | Oversaw finance during PE-backed consumer brand phase . |
| Techstyle Fashion Group (Fabletics, JustFab) | Chief Financial Officer | Not disclosed | CFO across digital fashion brands; DTC scaling expertise . |
| Diageo PLC | Finance roles | Not disclosed | Global CPG finance experience . |
| Dole Food Company | Finance roles | Not disclosed | Supply-chain-intensive CPG finance . |
| Ernst & Young | Audit/Finance; earned CPA | Not disclosed | Public accounting foundation; CPA credential . |
External Roles
No public company directorships or external governance roles disclosed for Heidi Crane in LVLU filings .
Fixed Compensation
| Component | Terms | Notes |
|---|---|---|
| Consulting fee (Milestone 1) | $170,000 total for Oct 13, 2025 – on/about Jan 22, 2026; paid $85,000 on/about Jan 5, 2026 and $85,000 on/about Jan 23, 2026 . | Engagement can be extended by mutual agreement . |
| Engagement type | Independent consultant via BTG; designated “fractional CFO” during Milestone 1 . | Not an employee; advisory role, client retains decision-making . |
| D&O insurance | Company will cause Consultant to be covered by Company’s Directors & Officers policy during engagement . | Standard coverage for executive-level service. |
| Expenses | Reimbursement of reasonable out-of-pocket expenses per travel policy . | Documentation required. |
| Equipment | Company-provided laptop and Lulus email; return at engagement end . | Access to internal tools and systems . |
Performance Compensation
| Incentive Type | Metric | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| None disclosed | — | — | — | No RSUs/PSUs/options disclosed for Crane at appointment . | — |
Equity Ownership & Alignment
| Item | Status |
|---|---|
| Total beneficial ownership | Form 3 filed; “No securities are beneficially owned” as of Oct 13, 2025 . |
| Ownership % of outstanding | 0% based on Form 3 . |
| Vested vs. unvested shares | None disclosed; no awards at appointment . |
| Options (exercisable/unexercisable) | None disclosed . |
| Shares pledged as collateral | None disclosed. |
| Hedging/Pledging policy | Company Insider Trading Compliance Policy prohibits hedging transactions that offset decreases in stock value; pledging not specifically addressed in cited section . |
| Stock ownership guidelines | Not disclosed for executives in cited materials. |
Employment Terms
| Provision | Terms |
|---|---|
| Start date | Effective October 13, 2025 . |
| Term length | Milestone 1 ~60 working days; delivery on/about Jan 22, 2026; extendable by mutual agreement . |
| Status | Independent consultant via BTG; designated “fractional CFO” during Milestone 1 . |
| Reporting/authority | Advisory capacity; Client retains implementation decisions; Consultant limited to recommendations . |
| Non-compete | Consultant shall not provide services for any competitor during engagement . |
| D&O coverage | Covered under Company’s D&O policy during engagement . |
| Acceptance of deliverables | 10-day acceptance window; correction of nonconformities; deemed accepted absent rejection notice . |
| Fees & invoicing | $170,000; two invoices (on/about Jan 5, 2026 and Jan 23, 2026); net 30 payment terms . |
| Hire conversion clause | If Client hires Crane as an employee, BTG due an employee hire fee (amount redacted) . |
| Severance/change-of-control | No severance or change-of-control economics disclosed for Crane’s consulting engagement . |
| Clawback | Company has a Clawback Policy for executive officers per governance; applicability to consultant not specified . |
Investment Implications
- Compensation alignment: Crane’s engagement is purely fixed-fee consulting with no equity grants or bonus metrics, reducing pay-for-performance risk but also minimizing direct alignment/leverage to shareholder returns during the milestone term .
- Insider selling pressure: Form 3 indicates zero beneficial ownership, implying no near-term selling pressure from Crane and no pledging risk disclosed .
- Retention risk: The short, milestone-based term (through on/about Jan 22, 2026) with extension optional suggests moderate continuity risk; however, the non-compete during engagement and D&O coverage support stability while active .
- Execution context: Crane arrives amid improving losses versus early 2025 and liquidity actions (White Oak ABL facility alleviating going concern), positioning finance leadership to focus on operational efficiencies; company Q3 2025 net loss was $(2.3)M versus $(8.0)M in Q1 2025 .
- Trading signal: Absence of equity incentives for Crane limits insider alignment signals. Broader governance policies include a hedging prohibition, which is shareholder-friendly from an alignment standpoint .