Quiz appoints new CEO as UK gross sales decline

Quiz Clothes has appointed Sheraz Ramzan as CEO, changing founder Tarak Ramzan, who has stepped down from the function because the enterprise progresses its transformation technique. 

As the biggest shareholder of the corporate, Tarak will turn into a Non-Government Director and can stay accessible to the enterprise to assist guarantee a “clean handover of obligations”.

Having served as Chief Business Officer at Quiz since 2004, Sheraz goals to carry a “contemporary method” together with in depth expertise and information of the enterprise as CEO.

In his new function, he’ll implement a turnaround technique to “recalibrate the model, its product providing, and reconnect with shoppers” because it appears to be like to return to worthwhile progress.

The transfer comes as Peter Cowgill, Non-Government Chairman at Quiz, agrees to tackle a extra energetic function in supporting the corporate by means of the continued evaluation of its strategic choices and supporting Sheraz’s transition into his function as CEO.

Along with these adjustments, the board stated it continues to seek for no less than one extra impartial Non-Government Director following Charlotte O’Sullivan’s departure in November 2023.

The management replace comes because the model’s UK gross sales proceed to be impacted by subdued ranges of visitors each in-store and on-line.

Gross sales within the interval from 1 January to 29 February 2024 totalled £8.6 million, a £0.9 million or 9% discount on the earlier yr.

Nonetheless, Quiz stated it’s taking constructive steps to counter the impression of the declining revenues, together with focusing on value financial savings for the forthcoming yr, eliminating loss-making actions, reviewing operational efficiencies, and optimising its product supply.

It has additionally not too long ago launched a brand new omni-channel retail platform. As soon as totally carried out, this goals to supply an improved omni-channel expertise for purchasers and can assist maximise revenues and optimise the administration of inventory.

Peter Cowgill, Non-Government Chairman, stated: “The UK attire market has undergone important nicely reported adjustments since Quiz ‘s IPO in 2017 and it continues to evolve at tempo.

“The board adjustments introduced at this time present a possibility for a contemporary imaginative and prescient and a brand new management method to create worth for all shareholders. I sit up for working intently with Sheraz, following his well-deserved promotion to CEO, to find out the optimum path ahead for the enterprise.

“On behalf of everybody at Quiz, I need to categorical our honest gratitude to Tarak for his robust management and unwavering dedication since founding the enterprise. Tarak is an distinctive entrepreneur and I’ve enormously loved working with him in my capability as Chairman since 2017. I sit up for his continued assist and enter as a Non-Government Director and main shareholder.”

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