// LionRock confirms it has completed £100m acquisition of majority, controlling stake in Clarks
// Clarks non-executive director Victor Herrero appointed to the dual role of executive chairman and CEO
The change of ownership at Clarks has now been complete after it was first announced last November.
Hong Kong-based private equity firm LionRock Capital confirmed today that its £100 million acquisition of a majority stake in Clarks was now done.
Clarks non-executive director, former Guess boss Victor Herrero, has now been appointed to the dual role of executive chairman and chief executive.
- Clarks eyes store closures as former Guess boss joins as CEO
- Clarks CEO Giorgio Presca exits abruptly
- Clarks warns of Brexit impact and reveals it was struggling before Covid-19
The news comes after the departures of former chief executive Giorgio Presca, chief commercial officer Massimo Barzaghi and chief people officer Difna Blamey last month.
LionRock Capital is reportedly in the process of putting together a new management team to support Herrero.
Reports also emerged last week that Clarks could close down some of its stores under Herrero’s leadership.
LionRock Capital’s takeover deal was contingent on Clarks securing a CVA last year, which sought to convert 60 of its 320 UK and Ireland stores to zero rent and move to a turnover-based rent model.