Laura Ashley shares plunge as finance chief steps down after two decades
Laura Ashley’s share price plunged more than 26 per cent this morning after the retailer announced its finance director Sean Anglim has stepped down after more than two decades at the firm.
Anglim, who is also joint chief operating officer, will be replaced by Sagar Mavani, the company announced today.
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His departure comes during a difficult period for the high street retailer, after it swung to a full-year pretax loss of almost £10m earlier this year driven by poor performance in its home furnishings business and online sales decline.
Anglim, who joined the firm in 1996, will step down at the end of the 2019, Laura Ashley said in a statement this morning. Mavani was appointed as group financial controller last year.
Established as a fabric retailer in the 1950s, Laura Ashley has been a victim of changing tastes as its floral outfits fell out of fashion in recent years.
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However, the company saw a resurgence in its fashion business in August, boosted by an improved design range, as like-for-like fashion sales grew 9.2 per cent.
The gloom on the UK high street has also contributed to the firm’s woes, as it has been forced to close stores and was hit by the cancellation of a license agreement with a Japanese partner.
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