Tiger of Sweden CEO in shock resignation
Tiger of Sweden CEO Hans-Christian Meyer has resigned with immediate effect after little more than a year in the position, it has been announced.
IC Group, the Danish owner of the menswear brand, did not provide a reason for his sudden decision.
Meyer joined Tiger of Sweden in September 2017 and reported directly to the board of directors of IC Group. He was described as bringing “a strong proven record of success”, having previously held several senior level roles at a number of fashion brands, including Ralph Lauren, where he spent 11 years.
IC Group has begun searching for a new CEO for the tailoring menswear brand. Based in Stockholm, Tiger of Sweden has been trying to boost its global appeal and drive international growth.
According to IC Group’s latest accounts, revenue grew 3.7% at Tiger of Sweden in the second quarter, while the brand swung from an operating loss of 3 million Danish krone in the previous year to an operating profit of 4 million Danish krone.
The growth was mainly driven by the label’s wholesale channel (up 23%), while retail revenues decreased 14.3% during the second quarter and like-for-like sales fell 11.2%. In fact, in the first half of the year, Tiger of Sweden revenues declined 7.3% and like-for-like sales were down 15%.
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