Clarks has appointed Victor Herrero as its new executive chairman and chief executive officer. The confirmation coincides with news that private equity firm LionRock Capital has completed its deal to acquire a majority stake in the iconic shoe brand for £100 million.
Herrero (left), former CEO of Guess, replaces Giorgio Presca in the top job, with the latter having stepped down from his two-year role last month to ‘pursue other opportunities’.
In a statement, the board extended its best wishes and thanks to Presca for his ‘much-valued’ contributions to the business.
Looking ahead, Herrero says he’s ready to lead Clarks to its next level. This could, according to recent reports by The Telegraph, mean overseeing the closure of some of Clarks’ 320 stores.
Daniel Tseung, founder and managing director of LionRock Capital, said: “We are extremely pleased to formalise our partnership with Clarks. Clarks is one of the world’s most recognised consumer names and we look forward to working with the Clark family and Clarks’ leadership team to build on its tradition of providing customers around the world with top quality products and exceptional service.”
Mr Li Ning, non-executive chairman of LionRock Capital, said: “I am thrilled that LionRock Capital is partnering with one of the UK’s most iconic brands during this momentous new phase for the business. We look forward to leveraging our network and experience to support Clarks through the next phase of development.”
Victor Herrero, incoming executive chairman and chief executive officer, said: “I echo the Board in thanking Giorgio for his much-valued contribution to Clarks over the last two years. I am excited about leading Clarks to its next level and partnering with LionRock Capital and the Clark family to build a strong and sustainable future for this iconic and much-loved global brand.”
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