Desigual sacrifices CEO

Desigual sacrifices CEO

Spanish fashion brand Desigual has replaced its CEO, Manel Jadraque, after one of its shareholders had demanded his departure. He will immediately be replaced by Desigual's founder Thomas Mayer, but keeps his position in the company's board.

Sales grew too slowly

Jadraque had only been CEO for a year after being appointed in March 2014. His predecessor, Manel Adell, had left the company and Jadraque, who had been with the company for 10 years in different roles, was appointed CEO.

 

Desigual says the decision was made mutually, taking the commercial challenges the company faces into consideration. However, market experts point to Desigual's French shareholder, Eurazeo, who had said late last year that turnover was only growing half as fast as the growth in additional stores.

 

New Chief Financial Officer as well

Jadraque's resignation has brought founder Thomas Meyer back in charge, for the time being. He founded the company in 1984 and opened his first store in Ibiza 2 years later. His appointment is not the only change in the company: Desigual is apparently also on the lookout for a new Chief Financial Officer to guide its potential IPO, which is one of Eurazeo's options to make a profit on its investment.

 

Desigual's clothing is on sale in 109 countries through a network of 530 of its own boutiques, 11,000 multi-brand boutiques and some 2,500 department store sales corners. For 2015, Desigual had a 964 million euro turnover, up 16.2 % from the year before, while net profit was 14 % of the total turnover.

Questions or comments? Please feel free to contact the editors


Online FMCG sales continue to soar

22/11/2017

According to a new Kantar Worldpanel report, online grocery sales grew 30 %, in stark contrast with the overall 1.3 % increase. Online sales now contribute 4.6 % to the overall FMCG sales, but that will grow to 10 % (145 billion euro) by 2025.

Nestlé considers Hain Celestial acquisition

22/11/2017

Nestlé is allegedly interested in a Hain Celestial acquisition. The food company manufactures organic and vegetarian food and is currently valued at about 3.5 billion euro.

Scotland is first to enforce minimum alcohol price

21/11/2017

Scotland is the first in the world to finally enforce a minimum price for alcohol. The law as approved in 2012, but whisky distillers managed to block the legislation up until now.

Europe approves organic reform, Belgium abstains

21/11/2017

The European Commission approved new legislation to simplify organic agriculture in Europe. It will be enacted in July 2020. There was no agreement among Belgian politicians, which is why Belgium abstained.

Greenpeace creates critical parody of Coca-Cola's Christmas commercial

20/11/2017

Many people consider Coca-Cola’s Christmas ad to signal the start of the holiday season. However, this time around, Greenpeace created a parody to highlight the pollution at the hands of the soda manufacturer.

Alibaba invests 2.5 billion euro in Auchan subsidiary

20/11/2017

Chinese eCommerce giant Alibaba acquired a 36 % stake in supermarket firm Sun Art Retail Group, China’s second largest supermarket chain with 450 supermarkets. French retailer Auchan is the group’s largest shareholder.

Back to top