Saturday, August 13, 2022

Claire’s CEO departs from loss-making business

Claire's hires ex-Nike Richard Flint as president of Europe
Richard Flint will spearhead Claire's expansion in Europe

Claire‘s Accessories Chief Executive Beatrice Lafon has resigned from the role according to a Securities and Exchange Commission filing.

Lafon has also departed from the board of directors which is currently led by private equity firm Apollo Global Management. Following her appointment as the teen retailer‘s head, Lafon became a member of the board in April 2014. Prior to this, she was President of Claire‘s Europe from October 2011 to March 2014.

The filing confirmed that the CEO‘s resignation was not a result of any disagreements with the company.

Lafon‘s successor will be Ron Marshall who has served as a board member since December 2007.

Marshall‘s previous roles include CEO and president of The Great Atlantic & Pacific Tea Co. and CEO of Borders Group Inc.

The teen accessories chain has seen a fall in its revenue year-on-year totalling $1.4bn this year in comparison to $1.49bn the year before. Losses also grew from $236.4bn to $212bn.

Claire‘s currently operates 1,126 stores in Europe and 1,741 in North America as well as franchised and concession locations. 


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