UK fashion retailer Joules has announced its CEO, Colin Porter, is to step down from the role after eight years with the business.
In a statement this morning (1 April), Joules said Porter, who has led the British lifestyle brand for the past five years, intends to retire before the end of the group’s FY20 financial year. The exact timing is still to be confirmed, but will ensure there is “sufficient” time to ensure a smooth transition to his successor.
“Colin has made a truly outstanding contribution to Joules since joining the business in 2010. During his tenure, Joules has achieved fantastic growth both in the UK and internationally,” says non-executive chairman Ian Filby. “Joules has a committed, experienced and highly skilled executive management team who, along with Colin’s successor, will continue to focus on expanding Joules as a leading 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.
Porter is due to take on the chairmanship at Moss Bros from May 2019, a move one analyst recently said “gives rise to hope that he may inject some of the Joules winning formula into the sinking Moss Bros model.”
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