Agree; Phil Ryan has messed it up in a major way and continues to be full of excuses re economic environment when there is a plethora of examples of positive sales growth by niche brands that know how to execute growth initiatives. How long is he going to keep ignoring the stampede of Shein and others in this space, why aren’t they suffering 30% negative sales as a result of economic conditions? Torrid is down 8% on a much higher base, not the near 30% reduction in USA this CEO is delivering. Trying to grow sales in the USA from Alexandria Sydney ain’t working.
An even bigger culprit is Michael Kay as he has the power to remove the CEO, reset the growth strategy with proper leadership resources and get CCX moving again. His failure to do so points to a lack of fast fashion retail experience, a lack of online retail sales knowledge, potential lack of personal energy and enthusiasm to disrupt the incompetent management status quo, and to date a disregard to grow shareholder wealth.
He needs to look at himself in the mirror and answer the question as to whether he is the right chairman to navigate CCX internationally and achieve its global growth ambitions. Based purely on results delivered under his financially miserable and unfortunate tenure, he has failed spectacularly and continues to deliver to us rubbish in sales data each trading day.
Regarding the other directors; what is left to be said. I can’t fathom why they believe they are deserving to remain directors. Are they embarrassed at themselves? When did they last castigate the CEO for the ‘ongoing’ putrid USA sales performance delivered by him?
CCX Price at posting:
48.5¢ Sentiment: Buy Disclosure: Held
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