Matalan chief executive Henrik Nordvall has stepped down just six months after joining the company, with chairman Karl-Heinz Holland returning to lead the business.
Nordvall has left “by mutual agreement with the board”, while Holland has been appointed permanent executive chair with immediate effect.
The former H&M UK and Ireland boss joined Matalan on 2 February following 17 years with the Swedish fashion giant, where he held several international leadership positions.
At the time of his appointment, Matalan said Nordvall’s apparel experience and track record as a chief executive would help drive the next stage of its transformation.
Nordvall said: “During my time at Matalan, I experienced a company with genuine ambition and the capability to achieve its goals, driven by a highly talented leadership team and colleagues across the business.
“With a clear direction in place for Matalan’s future growth, I look forward to watching the company’s continued success.”
Holland said Nordvall had made a “significant contribution” during his short tenure, helping shape the retailer’s next phase while delivering strong revenue and profit results.
He added: “Together with Matalan’s executive team and colleagues across the business, I look forward to building on the progress we have made over the past year.
“We have a clear strategy, strong momentum and a significant opportunity ahead of us.”
Holland has chaired Matalan since 2023 and previously served as its executive chair from October 2024 until Nordvall took over in February.
The veteran formerly headed Lidl Group and fashion chain Takko, and will now oversee Matalan’s turnaround alongside its existing executive team.
The abrupt leadership change coincides with Matalan’s financial performance showing signs of improvement.
It narrowed its pre-tax loss from £67m to £54.7m in the year to 28 February, while adjusted EBITDA jumped 24 per cent to £69.4m. Gross profit increased six per cent to £538m, despite like-for-like revenue slipping to £971.2m.
Trading strengthened further during the first quarter of its new financial year, when revenue rose two per cent and adjusted EBITDA surged 45 per cent to £14.9m. It also reported gains in both volume and value market share.
Matalan is pressing ahead with plans to refresh 40 stores, open or relocate at least 10 sites and launch a new mobile app as it invests in its value fashion and homeware proposition.
Its refurbished stores have been outperforming the wider estate by around 12 per cent, with like-for-like sales climbing 10 per cent following upgrades.
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