Times are tough and they certainly seem to be so for Swedish retailer Kappahl. The company's full-year results presentation was headlined “a challenging year”, so you knew the news wasn’t going to be good.
KappAhl's CEO has quit by mutual agreement with the company saying it's all about opposing strategic visions. And while it said the move isn't based on poor results, it's undeniable that the company has underperformed.
It was a story of rising sales, margins and operating profit for Swedish group Kappahl in Q2 and H1, with the firm saying its work to rationalise collections, plus its pricing and campaign strategy, are all paying off.
Kappahl has carried out a reorganisation that involves the merging of the functions of its marketing and retail departments. As a result, vice president of marketing, Joakim Holmstrand, will leave the company.