River Island, which is owned by the Lewis household dynasty, has right this moment introduced that its Government Chair Richard Bradbury will probably be stepping down because of ‘private circumstances’, with quick impact.
Ben Lewis, a member of the retail dynasty that owns the retailer, ‘is aware of the enterprise inside out’. He’ll return to the position of Chief Government Officer, a place he beforehand held for nearly a decade till 2019. Clive Lewis will resume his earlier position as non-executive Chair.
Richard Bradbury stated: “It has been an important honour to have labored on this superb enterprise twice. The River Island workforce is unimaginable, and over the last two years, now we have achieved a lot collectively to place the enterprise for its subsequent part.
“I do know that River Island will probably be in sturdy and succesful arms below the skilled management of Ben, who is aware of the enterprise inside out.”
Ben Lewis added: “I’m excited to be rejoining River Island at such a pivotal time. Richard has constructed an important workforce, and I sit up for working with them to proceed to develop the enterprise and seize the various alternatives forward.”
River Island has been a pioneering pressure on the British excessive road. It was based by the now 96-year-old Bernard Lewis in 1946 as Lewis Separates, which went on to turn into a nationwide chain. It was remodeled into Chelsea Lady within the Nineteen Sixties after which River Island within the Nineteen Eighties. The enterprise was believed to have been the primary to fabricate its personal garments, fairly than purchase by wholesalers, and the primary UK style retailer to supply from Hong Kong.
Clive Lewis commented: “Richard steps down having made a robust impression on the enterprise and the Board is extraordinarily grateful for his management. With Ben’s deep historical past with River Island, there is no such thing as a query that he’s the best individual to steer the corporate into its subsequent chapter.”
This follows final month’s information that River Island had reportedly drafted in advisors AlixPartners after revealing a pre-tax lack of £32.3 million late final 12 months.
It comes because the excessive road braces for nationwide insurance coverage tax will increase, that are set to hit the retail sector significantly exhausting. In October’s Price range, the Authorities elevated the speed of nationwide insurance coverage paid by employers from April and likewise diminished the brink that employers begin paying from £9,100 to £5,000.
Retailers of all sizes have complained concerning the impression of forthcoming will increase. NEXT’s wage invoice is about to rise by £70 million. In the meantime, Marks & Spencer revealed will probably be dealing with a £120 million hit to its wage invoice.
In October 2024, River Island declared it’s a “12 months of reset” after revealing a pre-tax lack of £32.3 million for the 12 months ending 30 December 2024. Gross sales dipped by 15% to £701.5 million, down from £825.8 million the 12 months prior, in keeping with a submitting on Firms Home.
