Country Road boss quits amid tanking gross sales, | Australian Markets
The boss of Country Road has stop a yr after a scandal in regards to the behaviour of executives and a steep downturn in gross sales.
Chief govt Raju Vuppalapati introduced on Wednesday he would depart, following 4 years in charge.
Country Road is owned by South African conglomerate Woolworths Holdings, which additionally owns Mimco, Witchery, Politix and Trenery.
“It has been a privilege to lead our passionate team and iconic brands. I know that I am leaving Country Road Group well positioned to pursue its next chapter with compelling strategies, a strengthened culture and clear pathway to reignite profitable growth,” Mr Vuppalapati stated in a assertion.
Audio of a tense workers assembly in 2024 was obtained by The Australian, the place Mr Vuppalapati was heckled by workers over sexual harassment and bullying allegations within the company.
Woolworths Holdings chief govt Roy Bagattini stated Mr Vuppalapati was leaving the business in a “foundationally much stronger position”.
“Raju and I have had ongoing discussions regarding his intent to leave CRG to pursue his personal interests,” he wrote.
“After thoughtful consideration, Raju has decided that now is the right time for him to do that.”
Mr Vuppalapati will go away the company on the finish of August or “until such time as the new CEO is appointed”.
Country Road known as in a consulting firm to restore the company tradition, two executives resigned and the Woolworths Holdings chief govt Roy Bagattini flew in from South Africa to the Melbourne places of work to listen to particulars of the allegations.
Woolworths Holdings offered division store David Jones in 2022 for $120m, however retained possession of the Country Road Group.
The clothes business has been struggling to draw buyers.
Country Road’s working revenue fell 70 per cent within the second half of 2024, following a 66 per cent dip within the 2023/24 financial yr.
Stay up to date with the latest news within the Australian markets! Our web site is your go-to source for cutting-edge financial news, market trends, financial insights, and updates on native trade. We present day by day updates to make sure you have entry to the freshest info on Australian stock actions, commodity costs, currency fluctuations, and key financial developments.
Explore how these trends are shaping the long run of Australia’s financial system! Visit us often for probably the most partaking and informative market content material by clicking right here. Our fastidiously curated articles will keep you knowledgeable on market shifts, investment methods, regulatory modifications, and pivotal moments within the Australian financial panorama.
