Companies

Clarks: majority stake acquisition completed and new CEO named

Mar 17, 2021 Hong Kong

The Hong Kong-based private equity firm LionRock Capital has completed its investment in Clarks. The deal, announced back in November, amounts to 100 million British pounds

The agreement has been announced at the end of 2020, and it consisted of the acquisition by LionRock of 51% majority stake in Clarks. The deal was conditioned to the approval of creditors regarding the launch of a company voluntary arrangement (CVA). Approvement came a few weeks later.

It has been recently confirmed that Clarks CEO Giorgio Presca has exited the company to pursue other opportunities. Replacing him is non-executive director Victor Herrero, who is also taking on the Chairman position. “I am excited about leading Clarks to its next level and partnering with LionRock Capital and the Clark family to build a strong and sustainable future for this iconic and much-loved global brand”, he commented.

Herrero is Chairman of Bossini, a non-executive director of Viva China Holdings Limited, and was CEO of Guess between 2015 and 2019.

Clarks reported an 8% pre-Covid drop in sales for the fiscal year ended in February 2020 (725.3 million British pounds).

Image credits: daman.co.id

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