UK: N Brown CEO and chairman to retire as revenues rise
- CEO and chairman announce to step down
- Revenue up 2.5% for 17 weeks to 30 June
- Like-for-like revenue up 1.9%
Internet and catalogue home shopping retailer N Brown Group has announced the retirement of its chief executive Alan White and chairman Lord Alliance of Manchester, as the company saw revenues rise 2.5% today (3 July).
White is expected to retire in the second half of 2013 and build a portfolio of non-executive roles. He will remain in the role until a replacement is settled within the business.
Lord Alliance of Manchester will resign on 1 September after 40 years with the company. He will be replaced by Andrew Higginson, formerly an executive director of UK supermarket chain Tesco.
Both While and Lord Alliance of Manchester will step down from the board at the end of the year.
Meanwhile, revenue increased 2.5% for the 17 weeks ended 30 June, while like-for-like revenue was up 1.9%. Online revenue growth remained strong and now accounts for almost 53% of total sales, the company said.
Men's wear, footwear and lingerie all showed growth, although there was high demand for key value lines or products with promotional discounts, including online deals of the day. This resulted in a 1% lower rate of gross margin than the company anticipated.
N Brown expects gross margin to improve throughout the year as planned lower stock levels will result in reduced volumes of discounted excess stock, compared to the second half of last year.
Meanwhile, women's wear revenues were lower than expected due to the ongoing unsettled weather, which dampened sales of summer clothing.
Textile-making countries came up against a range of labour, economic and environmental issues in 2012, including the worsening Eurozone crisis which dampened demand in key export markets. While some s...
Faced with continuing challenging trading conditions in 2012, retailers responded with a number of different strategies to try to grow their businesses. International expansion, new and larger format ...
Among the most-read analysis articles on just-style in 2012 were stories relating to the clothing industry in Burma, the importance of speed to market, and the future of the UK apparel manufacturing i...
Swiss group CHT Bezema has opened what is thought to be the first bonded warehouse supplying dyes and chemicals to Ethiopia's growing textile and clothing industry....
UK retailer Sainsbury's has dismissed reports its chief executive Justin King could step down from his role in February....
A campaign to extend the wool selling season by driving sales in hot climates has launched at the the Middle East at the Dubai Mall and is set to be joined by a number of tailors and retailers over th...
The most read stories on just-style this week include Delta Galil USA acquiring the LittleMissMatched brand, Sri Lankan apparel manufacturers facing continuing challenges, and Ethiopia's ongoing effor...
- 2014: Year in review - Sourcing winners and losers
- Bangladesh: Raising the bar on apparel exports?
- Bangladesh: The business benefits of compliance
- 2014: Year in review - Brand winners and losers
- 2014: Year in review - Retail winners and losers
- Bangladesh factory improvements “will take years”
- Report urges overhaul of Cambodia factory safety
- Bangladesh knitting worker killed by faulty lift
- Tommy Hilfiger launches solar-powered jacket
- North Face debuts locally-grown "backyard" hoodie