Owner places new CEO at Mexx

Owner places new CEO at Mexx

Dutch fashion brand Mexx will be led by another CEO after Douglas Diemoz only lasted 10 months. Mark Stone will take charge of the company, coming from shareholder Gores.

Mexx lost its way after founder resigns

American investment fund Gores has been the majority share holder since 2011, after paying 60 million euro (85 million dollars) to acquire 81.25% of the clothing brand. Gores recently acquired the remaining 18.75 %, granting them full control of Mexx.


At the time of Gores’ first involvement, Mexx was already on a downward sales spiral and taking increasing losses. Liz Claiborne, who had purchased Mexx from founder Rattan Chadha in 2001, could not steady the ship after the founder resigned in 2006.

Business plan changes focus

Gores helped create a new business plan, focusing on the closure of non-performing stores, a renovation of other stores and the opening of ten to fifteen new stores per year. Those stores would need to refocus on wholesale and the middle part of the market.

 

Thomas Grote, former Esprit executive, took charge of Mexx in October 2009 and had to steer the company through these changes. He left in May 2012, leaving the company in the hands of Douglas Diemoz, a former employee of Gap and Old Navy. With Mexx, he started out as financial director, then took responsibility for the transformation process, before ending up as CEO.

 

Results have been underwhelming though, considering the heavy competition from H&M and Zara, among others. Gores is now taking matters into its own hands, placing someone from within to head Mexx.

Questions or comments? Please feel free to contact the editors


Lucas Bols drunk in love with Passoã

16/11/2017

Liquor manufacturer Lucas Bols’ turnover has grown 23.8 % in the first six months of its broken fiscal year, to 48.8 million euro. Aside from 0.5 %, the entire growth is thanks to liquor brand Passoã’s integration.

"Hunkemöller prepares IPO"

16/11/2017

According to financial press agency Bloomberg, investment company Carlyle Group ordered Rothschild bankers to prepare an IPO for Hunkemöller.

Italian Food-focused theme park opens in Bologna

16/11/2017

Fans of Italian cuisine have to head to Italian Bologna, where Eataly World opened, a theme park focused on Italian pasta, wine, pizza and more.

CEO Bernard Deryckere will leave Alpro

16/11/2017

Bernard Deryckere, who was the man behind Belgian dairy company Alpro’s international success, will leave the company after sixteen years. Apparently, he will leave because of differences of opinion with its new owner, Danone.

Ahold USA trials robot in Giant Food Store

15/11/2017

Ahold USA is currently trialing a robot in a Giant Food Store. Its job is to detect dangers and then ask for assistance. He can also point out empty shelves and check prices.

India is promised land for Belgian apples and pears

14/11/2017

India is turning into the promised land for Belgian fruit farmers. It is already Belgian apples’ most important non-European market and Belgian pears are also promoted throughout the country.

Back to top