Nick Jones who has held the CEO role at Joules for the past three years is to leave the business. The news, accompanied by a profit warning for the 13 weeks to 1st May, caused a share price crash, as the business confirmed that the increased cost of living rise was impacting its sales across its full price merchandise and gardening products. Its Garden Trading business was performing below expectations over its peak March-April sales period.
Commenting on Jones’ decision, Ian Filby, non-executive chairman of Joules, said: “On behalf of the Board and everyone at Joules, I would like to thank Nick for his significant efforts over the last three years. He has led the business with integrity, care and energy during what has been a particularly challenging period for the retail sector, including during the Covid-19 pandemic.”
Joules has announced that it will simplify its business and optimise the cost base by exiting the traditional wholesale model in the USA and EU from Spring/Summer 2023 onwards as well as introduce higher minimum order quantities in the UK. It is also reducing its reliance on China. Migrating to near-shore sourcing would shorten its lead times and enable the retailer to make more full-price sales.
Nick Jones said: “Building on the strategic progress made so far, over the coming months we will continue to deliver against the clear priorities that the board and I believe will create a strong foundation for Joules to achieve its long-term potential, as well as helping the business to navigate the current challenging trading environment.
“Joules is a fantastic brand with great people, loyal customers, and a differentiated product offering. Underpinned by the strategic actions we are taking to optimise the business, Joules will emerge stronger and better positioned to achieve long-term, profitable growth.”