clarks news and archive

Clarks CEO Giorgio Presca exits amid management shake-up

The CEO of Clarks has reportedly left the business along with several other members of the company’s executive team. CEO Giorgio Presca, chief commercial officer Massimo Barzaghi and chief people officer Difna Blamey all exited the company last week, Drapers reports. Non-executive directors Victor Herrero, who was formerly the CEO of Guess, will...

22 Feb 2021

Business

Clarks reports pre-Covid drop in sales, narrows losses

Clarks has reported an 8 percent drop in sales for the year ended February 2020, prior to the full force of the pandemic reaching the UK. The British footwear retailer saw revenue drop to 725.3 million pounds for the year, compared to 790 million pounds in 2019, which it said reflected “continued difficult conditions in the UK and ROI retail...

12 Feb 2021

Fashion

Sporty and Rich teams up with Clarks Originals

Lifestyle brand Sporty and Rich has collaborated with Clarks Originals to redesign its iconic Wallabee silhouette placing sustainability at the heart of the design. Each aspect of the design and production of the shoes was made “very deliberately” explains both brands, with sustainability being of great importance to the new look. Clarks...

9 Feb 2021

Business

Clarks gets shareholder approval for LionRock Capital partnership

British footwear retailer Clarks has been given the green light from its shareholders to go ahead with its proposed partnership with Hong Kong-based private equity firm LionRock Capital. Last month, LionRock Capital agreed to acquire a 100 million pound majority stake in Clarks provided the British footwear retailer received approval from...

23 Dec 2020

Business

Clarks gets green light for CVA

British footwear retailer Clarks has received the green light from creditors to go ahead with a company voluntary arrangement (CVA). Earlier this month, Hong Kong-based private equity firm LionRock Capital agreed to acquire a 100 million pound majority stake in Clarks provided the retailer’s CVA got the go-ahead. The retailer announced Friday...

20 Nov 2020

Business

Landlords criticise Clarks CVA

Landlords have reportedly accused Clarks of abusing insolvency processes after it launched a company voluntary arrangement (CVA) they say they have little chance of blocking. The British footwear retailer launched its CVA last week which will result in the majority of its 320 UK stores moving to turnover-based rents, while 60 will move to nil...

9 Nov 2020

Business

Clarks saved in 100 million pound deal

LionRock Capital has agreed to acquire a 100 million pound majority stake in Clarks provided the British footwear retailer gets the green light from creditors to launch a company voluntary arrangement (CVA). As part of the proposed CVA, Clarks is looking to move 60 of its 320 stores to nil rent, it said Thursday, adding that no stores have yet...

4 Nov 2020

Business

Clarks begins rescue talks with landlords

Clarks has reportedly kicked off talks with landlords over a rescue deal that could see the company close stores and cut rents. The British footwear retailer and its advisers are meeting with landlords this week to discuss a potential company voluntary arrangement (CVA) that could see its stores moved to a 'turnover rent' model, Sky News...

27 Oct 2020

Business

Hong Kong investor reportedly joins Clarks bidding war

Hong Kong-based private equity firm LionRock Capital has reportedly joined the bidding war for a majority stake in UK footwear retailer Clarks. The firm is now one of two remaining bidders for Clarks, Sky News reports. Discussions over a deal expected to close in the next month and include a rival bid from investment firm Alteri Investors. A...

25 Sep 2020

Business

Clarks to cut 900 jobs as part of transformation strategy

Clarks is set to cut around 900 jobs as part of its ‘Made To Last’ transformation strategy. The 195-year-old British footwear retailer said it has already announced 160 redundancies this week, including 108 at its headquarters in Street, Somerset. While 900 jobs are expected to go overall, it will be partially balanced by the creation of around...

22 May 2020

Retail

Clarks to permanently shut number of stores

Clarks is to permanently close a number of stores in the UK once their leases expire in May. While an exact number wasn’t given, a spokesperson said it would be fewer than 10. They added that the closures were not related to Covid-19. The spokesperson said: “Clarks continually reviews all its stores to ensure that they are the right size and...

9 Apr 2020

Business

Clarks calls in McKinsey & Co to conduct business review

British footwear retailer Clarks has called in consultants from McKinsey & Co to conduct a review of the business and assess its options amid difficult trading. Finance director Paul Kenyon is also leaving the family-owned shoe chain to join private Independent Vetcare chain, which is chaired by former WH Smith boss Kate Swann, The Sunday Times...

25 Nov 2019