The new chairman of Irish department store Arnotts, Mark Schwartz, has laid out plans to change the offer of the shop to appeal to its core customer.
Schwartz said that after identifying the core Arnotts customer was a working woman who shopped across designer labels and high street brands, he was overseeing a review of the store’s product mix.
He said: “We are bringing in the likes of Thomas Pink, Reiss, Aquascutum and Lauren by Ralph Lauren. There will be changes. There will be some brands eased out.”
Schwartz said he was also in the process of assessing the senior management team, led by chief executive David Riddiford. However, he stressed that there would be no changes to the buying teams.
Confirmed changes include outgoing chairman Richard Nesbitt, who will stay on as non-executive director in recognition of the Nesbitt family’s contribution to Arnotts’ heritage and history.
Non-executive directors Keith Edelman and Michael Nesbitt have resigned as a result of the changes. They will be replaced by Tobias Nanda, a director of Palladin Capital, of which Schwartz is chief executive, and Stephen Haughey, a former chairman of A&L Goodbody Solicitors.
Schwartz was appointed Arnotts chairman by Anglo Irish Bank and Ulster Bank, which took ownership of the debt-laden department store on Monday. He has been consulting at the business for several months along with former Brown Thomas chief executive Nigel Blow.