Fenwick, a prominent player in the department store sector, has strategically enhanced its leadership team to navigate recent economic challenges.
- The company appointed Susan Gordon as Chief People Officer and Joseph Wright as Chief Trading Officer to drive growth and innovation.
- Despite a challenging environment, Fenwick aims to strengthen its business model and expand its omnichannel strategy both online and in-store.
- 2023 financial results show a pre-tax loss of £28.4m, contrasting with the previous year’s £57.1m profit attributed to exceptional items.
- Key growth areas include its food and beverage department, with notable initiatives such as Bistro Greggs pop-up and partnership with Newcastle United.
In a strategic move to fortify its leadership amidst challenging economic conditions, Fenwick has appointed two seasoned executives. Susan Gordon, stepping in as the Chief People Officer, brings extensive HR experience from her tenure at Hush. Joseph Wright, the new Chief Trading Officer, carries a wealth of knowledge from his previous roles at Ann Summers, Selfridges, and other retail giants.
Amidst a turbulent retail landscape, characterised by declining sales and expanding losses, Fenwick’s new leadership aims to propel the company into a new era of growth and development. The inclusion of Nigel Blow as CEO earlier enhances the executive framework designed to bolster commercial objectives and refine the omnichannel strategy.
Fenwick’s financial performance for 2023 revealed a pre-tax loss of £28.4 million, a stark contrast to the £57.1 million profit in the previous year, which included £97.5 million from an exceptional item—the sale of their Bond Street store. Despite the downturn, the reinvestment of proceeds has reportedly fortified its business model.
The company’s revenue decline, from £199.7 million in 2022 to £184.2 million in 2023, highlights the challenging retail climate. Nevertheless, reinvestments have had a positive impact, particularly in areas such as the food and beverage sector, which experienced modest growth, supported by initiatives like the Bistro Greggs pop-up and a partnership with Newcastle United.
Chair Sian Westerman expressed optimism, stating, “Susan will join Fenwick having worked with us in a consulting capacity over the past five years, and we are excited for her to bring her HR and legal experience to the role.” The sentiment echoes anticipation for Joseph Wright’s contribution, given his expertise in digital strategy and operations.
Fenwick’s strategic leadership appointments and investment initiatives reflect its commitment to thriving amidst market challenges.
