Primark’s New Look
29-06-2008
Marchant's promotion abruptly followed a management restructure within his previous employer at New Look in April. Prior to New Look's management reshuffle, Chief Executive, Phil Wrigley became Executive Chairman and Managing Director of Marketing, Carl McPhail, Operations and International was promoted to Chief Executive and Marchant had been Director of Buying, Merchandising and Design since joining Primark's team in January 2005. Marchant's previous experience consists of Director of Womens and Childrenswear at Debenhams.
Primark's revolutionary introduction of the cheap chic shopping culture into the retail kingdom was founded as Penneys by Ryan in 1969 in Ireland evolving over time into the empire it is today. This March, its share of the clothing market increased to 10.1% gradually diminishing margins between rival retail giant M&S currently holding an 11.4 stake within the retail sector. Within the 24 weeks prior to March, Primark notched up a 22% rise in operating profits to £111 million leaving its jaw dropping competitors in the dust.
Primark, owned by Associated British Foods currently owns 173 stores throughout the UK and is set to invade overseas, opening another eight over the next 5 months, 4 of which in Spain with Germany, Portugal and Netherlands in the pipeline for 09.