Stefanel appoints new CEO

stefanel CEO

Italian fashion retailer Stefanel has appointed Christiano Portas as its new chief executive, replacing Stefano Visalli was appointed interim boss last December.

The news comes as British asset management firm Attestor Capital took out a 71 per cent stake in the business before Christmas.

Portas, a graduate in economics and business, led swimwear label Arena from 1999 to 2016.

Prior to that, he worked at Lego Italia as general manager and managing director.

In 2016, Stefanel posted a 14.4 per cent drop in net revenues, while EBITDA for the year came in at a loss of €12.41 million (£10.96 million), according to Fashion United.

The retailer has also posted an annual loss for about nine of the last 10 fiscal years and is thought to have restructured its bank debt at least six times.

Stefanel currently trades via department store concessions, its own website and in two standalone stores in London‘s Regent Street and Covent Garden.

Last year it announced plans to expand its standalone stores in the UK through a franchise strategy.

Worldwide, Stefanel has 400 retail and franchise stores.

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