New Carlsberg CEO has to deal with Russian crisis

New Carlsberg CEO has to deal with Russian crisis

Danish Jorgen Buhl Rasmussen will no longer be Carlsberg's CEO by mid-June as Dutch Cees 't Hart, currently Koninklijke FrieslandCampina CEO, will take over the reigns. 

Improve margins

Rasmussen will have led the company for seven years when he passes command to 't Hart. Carlsberg's chairman of the board, Flemming Besenbacher, feels it is time to make some progress at the top of the company.

 

Cees 't Hart, who has 25 years of experience at Unilever, has been FrieslandCampina's CEO since 2008 and handled Friesland Foods and Campina's merger while considerably improving the dairy manufacturer's profit margin. He will be asked to do similarly at Carlsberg.

 

Russian pressure

Carlsberg has just announced its full-year results: the devaluation of the Russian and Ukrainian currencies deeply affected the Danish brewer, as they are both rather important for the company's turnover.

 

In 2014, Carlsberg sold 134.5 million hectoliters of beer, down 3 % on a year-on-year basis. Belgian specialty beer Grimbergen managed a large increase though, selling 27 % more in volume. Turnover reached slightly higher at 64.5 billion Danish krona (8.7 billion euro), mainly because of the negative exchange rate effects. Its net profit however dropped down 1 billion krona, to 4.4 billion krona (593 million euro).

 

Carlsberg has revealed it will have to make some tough decisions if the situation in Russia and Ukraine remains as it is. Only last month, it had already announced it would shut down two Russian factories.

Questions or comments? Please feel free to contact the editors


Zalando's growth once again surpasses 20 %

10/08/2017

German Zalando has achieved its 20 % growth target for the second quarter, but just barely. It still forecasts a 20 to 25 % growth for its full fiscal year.

Gucci files lawsuit against Forever 21

09/08/2017

Fashion label Gucci has decided to file a lawsuit against fashion chain Forever 21 in the United States. The case revolves around several pieces of clothing, all with a blue-red-blue or green-red-green ribbon. 

Ralph Lauren outperforms expectations

08/08/2017

Fashion label Ralph Lauren’s first quarter was a very good one, as it beat both analysts’ turnover and profit forecasts. It is quite a turnaround for a company that suffered a huge loss only a year ago.

Difficult first quarter for New Look

08/08/2017

British fashion chain New Look’s past quarter was disappointing with a 4 % turnover drop. Its adjusted EBITDA fared much worse, with a 35 % drop.

ING forced to pay Foot Locker compensation

07/08/2017

Dutch ING Bank will have to pay the Dutch and European Foot Locker branches 300,000 euro in damages. A court decided the fee after Foot Locker was scammed for 1.8 million euro in 2015.

Asics opens its largest store yet in London

04/08/2017

Sports brand Asics opened a new flagship store in London, which is also its largest store in the world. Located in Regent Street, the store will bring together its four labels for the first time ever.

Back to top