UK fashion retailer Joules has named former Asda and M&S executive Nick Jones as its next CEO, replacing Colin Porter who is stepping down after eight years at the business.
Jones will take up the role of CEO at Joules before the end of 2019 and, following a brief handover period, Porter will leave. He is due to take on the chairmanship at Moss Bross this month.
As commercial director for George and General Merchandise, Jones has been responsible for the supermarket retailer’s food, clothing and homeware businesses. Prior to this, he spent time with Marks & Spencer working across functions including buying & merchandising, sourcing and investor relations. He was named M&S director of home, beauty and gifts before joining Asda in 2011.
“Nick’s extensive retail, brand and strategy credentials, as well as a clear alignment with the Joules values, made him the outstanding candidate for the role,” says Ian Filby, non-executive chairman of Joules.
Jones adds: “I am delighted to be joining Joules at such an exciting time in the company’s development. I have long admired Joules for its distinctive brand, its outstanding products and designs, and its connection with its customers. Whilst the business and brand has achieved fantastic growth over recent years, I share the board’s view that there are tremendous growth opportunities ahead, driven, in particular, by further international expansion and online growth.
“I have been impressed by the talent, energy and dedication of the people at Joules that I’ve met so far, and I’m looking forward to working with the wider team to deliver the group’s growth strategy – building on its strong foundations to further develop Joules as an international lifestyle brand.”
In January the company reported a better-than-expected performance for the first half of the year, with double-digit growth in both profit and revenue. In the 26 weeks to 25 November, underlying pre-tax profit increased 14.7% to GBP10.7m (US$13.9m), while statutory pre-tax profit was up 12.1% to GBP9.3m. Revenues jumped 17.6% to GBP113.1m thanks to strong growth across Joules’s retail and wholesale segments. Growth was recorded all product categories.