UK: Intimas CEO Carol Duncumb to leave
Carol Duncumb, the chief executive of intimate apparel maker Intimas Group Plc is to leave the company in August.
Carol has been chief executive of Intimas since December 2002 and completed the acquisition of the Charnos business in 2006.
Duncumb's departure coincides with the end of a strategic review of the company, whose brands include Lepel, Charnos and Ted Baker Intimates, conducted by chairman John Gibson.
In a trading update last week, Gibson said the review has so far highlighted that the brands business needs to be managed as one unit - with Charnos relocating to the Long Eaton site this summer.
He also said the company believes that both brands and private label are capable of delivering significant growth over the next three years, but its high street stores are performing "significantly below initial expectations."
He continued: "Performance for the first four months of the financial year is ahead of last year and in line with expectations.
"As widely reported, high street retailers and the clothing sector in particular are suffering a significant downturn and we continue to view the outlook for the remainder of the year as challenging."
In March, Intimas Group posted a full-year pre-tax loss of GBP3.85m (US$7.66m), down from a profit of GBP1.07m the year before. Sales were down 8% to GBP19.46m.
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Higher sales have helped lingerie and swimwear maker Intimas Group Plc narrow its first half losses, but the company warned today (26 September) that although its results are in line with expectations...
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