Clarks is undergoing a revolution. With new owner LionRock Capital new managers will be arriving. In fact, as reported by British media, the CEO Giorgio Presca, Commercial Director Massimo Barzaghi and Director of HR Difna Blamey, have all left the Board. For now, the non-executive director Victor Herrero (ex-CEO of Guess), is taking over the double role of president and CEO.
After 195 years of history, Clarks is undergoing a phase of profound change. The first was using the CVA to try to limit the negative trend of the business, worsened by the pandemic. The second was moving control from the founding Clarks family to the PE fund LionRock Capital. Simply put, the Hing Kong-based entity bought majority ownership of the brand for 100 million pounds. And in the last few days the third big change came. Retailgazette.co.uk writes that three important managers of the company have left: CEO Giorgio Presca, Commercial Director Massimo Barzaghi and Director of HR Difna Blamey.
LionRock Capital is currently nominating a new management team. Meanwhile, Víctor Herrero, member of the Board, will assume the role of executive president and CEO. Clarks had been making efforts to reverse its negative trends for years. For this reason, LionRock Capital will now have to decide if the profound restructuring process will continue to follow the path set by Mr. Presca or will change direction. The latter would mean the start of a completely new management plan that will give the brand a new impulse on international markets.
- For sale, partially: Clarks looks for liquidity
- Clarks announces 860 layoffs to “capitalize on opportunities”