Otrium CEO resigns, sells American branch

Outlet platform Otrium is starting 2024 with several changes. These include a CEO transition and the sale of its US arm, according to a LinkedIn post by Zuhairah Washington, Otrium's now former CEO.

Washington had not been CEO of the platform for very long, as her appointment was only announced in July of 2023. At that time, she had been working at Otrium as president and chief operating officer since 2021. Washington's job was to put Otrium on the path to profitability in Europe and further scale the platform in the US. She now hands over the CEO role to Frank van Valderen, previously chief financial officer who joined the company in 2023.

The CEO switch is motivated in part by the sale of the US arm to Rue Gilt Groupe, dubbed a "premium and luxury off-price e-commerce" business by Washington. The sale, meanwhile, puts the focus back on the European branch. "Because of Otrium's focus on Europe, it makes sense for me to pass the baton at this time to a leader operating in this market full-time," Washington said on LinkedIn. Otrium will therefore continue to have a "strategic focus on the European market and profit targets from now on".

Otrium was founded by Max Klijnstra and Milan Daniels, and provides an entire e-commerce experience, from photography to logistics and aftercare. The platform works with fashion brands to sell excess stock in the online outlet. Some 300 brands are affiliated to the platform.