Debenhams raids Amazon for new chief executive
Debenhams' share price rose this morning on the news it has appointed Amazon Fashion Europe's vice president Sergio Bucher as its new chief executive- giving a taste of the struggling department store's future.
Bucher will join the retailer in October, having been in his current role since 2013. Previous positions include general manager of retail and e-commerce worldwide at Puma, as well as retail roles at Nike and Inditex, where he led the start-up of its lingerie retail brand Oysho.
Debenhams' current chief executive Michael Sharp will step down from the board on 24 June 2016, as previously announced.
Sharp first revealed he would be stepping down in October, confirming the dates of his departure in April. Debenhams' share price rose on both occasions. This morning was no different: the stock was up more than two per cent on the open.
Chairman Sir Ian Cheshire said: "Following a rigorous recruitment process with some exceptional quality candidates, Sergio's wealth of e-commerce expertise, international experience and clear leadership qualities stood out.
"I am confident we have the best possible person to realise the potential of 'new Debenhams' as a leading international multi-channel retailer with a bright future."
Bucher added: "I am excited to be joining Debenhams, with its strong UK heritage, a growing international presence and a track record of supporting and developing brands and designers.
"I look forward to working with its experienced and talented team to take Debenhams forward to an exciting new future."
Debenhams has been struggling to shrug off a sustained period of declines, but at Christmas it beat expectations, growing like-for-likes by 3.5 per cent. Online sales were up 12.1 per cent, with strong growth in click and collect.
Today's announcement suggests the group will be heavily focusing on that part of the business.