New Look UK boss Danny Barrasso is set to exit the business, stepping down from the beleaguered fashion retailer tomorrow.
Mark Axon, who worked at New Look with executive chairman Alistair McGeorge from 2012 to 2014, will be joining as retail director for the UK and Ireland.
International managing director Sven Gaede will also leave the business, at the end of the month. Managing director for group operations Dan Monaghan will take responsibility for the China business following Gaede’s departure.
UK and Ireland retail director Russell Harrison will become finance director and will report into chief financial officer Richard Collyer.
The reshuffle comes as New Look grapples with falling sales and swelling losses.
Executive chairman Alistair McGeorge, who previously turned around New Look’s flagging fortunes, was brought in to replace former chief executive Anders Kristiansen last year following Kristiansen’s abrupt departure.
Under his leadership New Look is pursuing a radically different strategy, pulling away from the highly competitive young fashion market in favour of a broader customer base.
The retailer, owned by South African investment vehicle Brait, posted a nosedive in online and store sales this week.
The fashion retailer’s group revenue fell 6.3% year-on-year in the 39 weeks to December 23, exacerbated by a 10.7% slump in UK like-for-like sales. Its loss after tax stood at £123.5m.
McGeorge thanked Barrasso for his “significant contribution”.
He added: “We look forward to welcoming Mark back to the business. Mark brings a wealth of retail expertise and his prior experience at the company will be valuable as we rebuild our position within the UK market.”