German clothing group Tom Tailor is to expand its management, so that every individual brand will get a larger team within the company's upper echelon.
Tom Tailor's new board will consist of CEO Dieter Holzer, CFO Axel Rebien and a newly-appointed COO, who will be chosen in the upcoming months. These changes mean that Chief Retail Officer Marc Schumacher will no longer be part of the board. He has been CRO since 2010, but will now become part of the newly-formed structure right beneath the board of directors.
That level of management will get expanded responsibilities over the company's different brands, with a vice-president who has to take charge of his particular brand's sales channels. These vice-presidents will have to report to the board of directors.
The company has also revealed plans to open 100 new stores this year and to have a slight turnover increase in 2015. Over the last fiscal year, Tom Tailor's turnover grew from 907.2 million euro to 932.1 million euro, resulting in a 21.1 million euro profit - compared to a 1.7 million euro loss the year before.