Fenwick department store strategically enhances its leadership team to navigate a difficult retail landscape.
- The company appoints Susan Gordon as Chief People Officer and Joseph Wright as Chief Trading Officer.
- New CEO Nigel Blow’s recent hire further fortifies Fenwick’s executive structure.
- Despite a reported pre-tax loss of £28.4m, Fenwick remains focused on growth.
- Investment after Bond Street store sale positively impacts business model.
Fenwick, a leading department store, is actively reinforcing its management team, aiming to adeptly handle the ongoing challenges within the retail sector. Susan Gordon has been named Chief People Officer, while Joseph Wright assumes the role of Chief Trading Officer. Both appointments are projected to provide an invigorating push toward Fenwick’s commercial objectives and its omnichannel strategy.
Susan Gordon transitions into her new role following her tenure as Chief People and Legal Officer at Hush, further cementing her extensive history in human resources at senior levels. Joseph Wright, who most recently served as Channels Director at Ann Summers, bolsters the team with his broad experience from Selfridges, Dobbies, and Cath Kidston.
These leadership appointments run parallel to the hiring of CEO Nigel Blow earlier in the year. This strategic reshuffling aims to enhance the executive framework, thus driving Fenwick’s growth ambitions despite reporting a significant pre-tax loss in the 2023 financial year.
The 2023 financial update revealed a pre-tax loss of £28.4 million, substantially down from a pre-tax profit of £57.1 million recorded the previous year. This was influenced by the absence of a substantial £97.5 million gain from the sale of Fenwick’s Bond Street store, previously classified as an ‘exceptional item.’ The operating loss marginally increased from £39.1 million to £39.8 million, with turnover declining from £199.7 million in 2022 to £184.2 million in 2023.
Despite these financial challenges, Fenwick reported a ‘positive impact’ from reinvestments made post the Bond Street sale, which have reinforced the company’s business model. The company highlighted a ‘strong performance’ in the food and beverage segment, achieving single-digit growth across its restaurant operations and broadening its own-brand food offerings.
Further bolstering its position, Fenwick experienced a single-digit increase in beauty sales and launched initiatives like the Bistro Greggs pop-up and retail partnerships with Newcastle United. According to Chair Sian Westerman, such developments are pivotal as Fenwick enhances its omnichannel approach, integrating online and in-store experiences to boost its market stance.
Fenwick’s strategic leadership enhancements reflect its commitment to overcoming current retail challenges and invigorating its growth trajectory.
