Fenwick has appointed two new senior executives amid challenging market conditions, seeking to stimulate growth despite financial setbacks.
- Susan Gordon joins as the new chief people officer, anticipating leveraging her extensive HR experience to enhance Fenwick’s human resource functions.
- Joseph Wright has been appointed chief trading officer, bringing a wealth of retail experience to enhance Fenwick’s operational and digital strategies.
- The retailer’s latest financial update reveals a pre-tax loss of £28.4m, attributed partly to the absence of exceptional items like the previous year’s Bond Street store sale.
- Despite losses, Fenwick notes a positive impact from reinvestments and reports growth in its food, beverage, and beauty sectors.
In an effort to navigate through a challenging retail environment, Fenwick has appointed Susan Gordon as the new chief people officer and Joseph Wright as the chief trading officer. The appointments are slated to bolster Fenwick’s executive structure. With a robust background in HR, Gordon is expected to enhance Fenwick’s human resources landscape significantly, while Wright’s expertise in retail operations aims to foster an integrated omnichannel strategy.
The newly appointed executives are part of the company’s revitalization strategy led by recently hired CEO Nigel Blow. The leadership changes come against the backdrop of financial challenges, as Fenwick’s recent trading update reports a pre-tax loss of £28.4 million for the financial year 2023. This reflects a stark contrast to the previous year’s profit of £57.1 million, largely influenced by the absence of exceptional income from the sale of the Bond Street store.
Further financial analysis shows a minor increase in operating loss from £39.1 million to £39.8 million and a drop in turnover from £199.7 million in 2022 to £184.2 million in 2023. This underscores the demanding conditions faced by the department store sector.
However, Fenwick acknowledges a positive trajectory owing to strategic reinvestments following the Bond Street sale, which have fortified its business model. Notably, the retailer highlights growth in its food and beverage departments, alongside beauty sector improvements. The introduction of initiatives such as the Bistro Greggs pop-up and the Newcastle United retail partnership have contributed to this upturn.
Sian Westerman, the Chair, expresses enthusiasm regarding the new appointments, emphasizing their potential impact on Fenwick’s trajectory. She remarks on both Gordon’s and Wright’s arrival as a substantial gain, adding optimism in light of recent financial performances that, while challenging, demonstrate resilience and strategic advancement.
Fenwick’s leadership restructuring and strategic investments aim to invigorate its market presence amidst a challenging environment.
