Kathmandu appoints Xavier Simonet as new chief executive

Kathmandu [NZX: KMD], the Christchurch-based outdoor clothing retailer, has appointed Xavier Simonet as its new chief executive who will relocate from London to Melbourne to take up the role.

Simonet, an Australian citizen, is currently the chief executive of London-based Radley which has a product range covering women's handbags, luggage and a wide range of accessories, global retail operations, and also exports to 50 countries through its online platform. Simonet replaces former chief executive Peter Halkett who left in November after eight years leading the retailer, saying he intended to take a year off before seeking new challenges.

Kathmandu chairman David Kirk said a comprehensive international search was undertaken to fill the role.

"Xavier has wide experience in retailing and brand development in Australia and in many international markets. He has a proven track record building brands and developing successful retail businesses in fashion, apparel, accessories and related products," he said.

Simonet said in a statement he was delighted to be moving back to Australia and to joining Kathmandu where he saw potential for further growth, particularly internationally.

Last year the retailer posted a 4.5 percent decline in annual profit to $42.2 million, as earnings were hurt by a warmer start to winter, which dented trading of seasonal goods through a period when it holds one of its biggest annual sales. The company plans to invest $5 million to expand its business in the UK and Europe this financial year, in the first phase of a three-year strategy to build its global brand, which may dent earnings growth.

The shares rose 1 percent to $2.02, and have dropped 7.4 percent this year.

(BusinessDesk)