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Morleys gets new CEO with Ray Clacher to join in January

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December 18, 2025

​Morleys, the small UK department stores chain, has announced a new CEO and another tweak to its top team.

Morleys

The company — which owns the Morleys stores, as well as Elys and Jollys — said this week that Allan Winstanley will be stepping down from his role as CEO at the end of this month, “following a successful tenure leading the business”. 

In his place, it has named Ray Clacher to the top job, effective 5 January. It said he “brings extensive experience across the retail and fashion sectors”. 

Most recently, he was chief commercial officer at BrandAlley and before this, he held senior leadership roles within the Li & Fung Group, including group managing director for Gieves & Hawkes, Kent & Curwen and Cerruti 1881. 

Earlier in his career, he worked at UK retail businesses DH Evans and House of Fraser, “giving him a deep understanding of the UK department store landscape”.

Clacher said it’s an “exciting time” for the group with the reopening of its Jollys store in Bath planned for August 2026. 

He added: “The business has a proud history and a strong position in the UK department store market, and I look forward to working with the team to build on this success and drive growth in the years ahead”.

The company’s chairman Bernard Dreesmann said that his “breadth of experience across premium fashion, commercial retail and department stores makes him exceptionally well placed to lead Morleys into its next chapter”.

Buying director Daren Gittins “has also decided to take a planned break from the business to pursue his passion for travel” as of the end of April 2026. 

He’s spent 13 years with Morleys and “has played a pivotal role in shaping the department store group’s buying strategy”. 

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OVS sees sales rise 6% in the first nine months, EBITDA up 9.4%

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December 18, 2025

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December 18, 2025

In the nine months from February 1 to October 31, 2025, OVS Spa reported net sales of 1,244.7 million euros, up 5.8% on the first nine months of 2024. Pro-forma growth, excluding Goldenpoint’s contribution, was 2.9%, four percentage points ahead of the market.

Stefano Beraldo, OVS Group CEO

By sales channel, direct store sales totalled 1,004 million euros (+7.6% versus 2024; pro-forma growth +4.0%). The franchising and B2B channel posted revenues of 241 million euros, down 0.9% year on year due to lower sales to off-price marketplaces, while business with franchise partners edged up slightly.

During the period, adjusted EBITDA reached 152.3 million euros, up 17.1 million on the same period of 2024, with a positive contribution from Goldenpoint. Breaking this down, OVS’s EBITDA rose by 11.6 million to 122.8 million euros; Upim‘s EBITDA was 30.5 million, compared with 29.3 million last year; and Stefanel‘s EBITDA increased by around 2 million euros.

The third quarter confirmed the group’s positive momentum, with net sales of 452 million euros (+9%; +4.1% excluding Goldenpoint). Adjusted EBITDA was 50.6 million euros, up 9.4%.

“The growth in the third quarter was particularly significant given the challenging basis for comparison with the same period last year, which recorded an exceptional +13%. (…) This performance reflects the effectiveness of the strategic choices made, particularly in the womenswear segment, with an assortment structured around collections with distinct and complementary identities. The Piombo, Les Copains, and B.Angel collections are therefore delivering significantly better sales per square metre than the rest of the range. The beauty segment also continued to deliver excellent results, with double-digit growth,” commented CEO Stefano Beraldo.

“In terms of performance by banner, the strongest growth was achieved by OVS, while Upim consolidated the exceptional +8% posted in the first nine months of 2024. Stefanel also performed very well, with like-for-like growth of around 10% in the quarter. Finally, our approach to managing Goldenpoint is beginning to deliver its first results: overall sales are up by around 10% on the comparable period, driven by the success of the product categories developed by our design studios,” he said. 

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Puma secures more than €600 million in additional financing facilities

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December 18, 2025

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December 18, 2025

Sportswear business Puma has secured additional financing of more than €600 million. It comprises a €500 million facility and a further €108 million in committed credit lines, according to a statement on Thursday. The aim is to reduce utilisation of the existing €1.2 billion revolving credit facility while increasing the company’s financial flexibility.

Reuters

The new €500 million facility is fully guaranteed by Santander Corporate & Investment Banking (Santander CIB). Both new financing instruments have maturities of up to two years.

Markus Neubrand, CFO of Puma SE, said: “While our existing syndicated credit facility and promissory notes remain available, today’s announcement will enhance our financial flexibility as we work to finalise our long-term financing structure. The fact that our banking partners have further expanded their commitment and business relationship underlines the confidence in our future business model and strategic direction. This will enable us to realise our strategic priorities and our goal of establishing Puma as a top-three sports brand worldwide.”

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Levi Strauss & Co. names ex Target, Uber executive as board member

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December 18, 2025

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December 18, 2025

Levi Strauss & Co. has strengthened its board of directors by adding a marketing specialist. On December 16, The US group, owner among others of Levi’s jeans, announced that Jeffrey J. Jones II will become a member of its board on January 21, 2026.

Jeffrey J. Jones II – DR

Jones, currently president and CEO of US financial services company H&R Block, will serve as a member of the Levi Strauss board’s nominating, governance and corporate citizenship committee, as well as the compensation and human capital committee.

Jones will retire from his post at H&R Block, which he joined in 2017, on December 31, 2025. He is an experienced executive with a 30-year-plus career, notably as a marketing strategy specialist. In 2016, he joined Uber Technologies Inc., where he was president of the Ride Sharing division, in charge of operations, customer support, strategy and planning, product operations and marketing.  He was previously executive vice-president and CMO at Target Corporation, overseeing brand, digital and customer experience strategy, corporate communications, investor relations, and brand management for all of Target’s owned brands and limited-time offering collaborations. Jones’s diverse corporate experience, and his expertise in businesses specialising in direct-to-consumer relations are of special interest to the Levi Strauss board.

“Mr Jones brings extensive experience in consumer insights, brand building and organisational transformation, and has a proven record of creating significant stakeholder value,” said Bob Eckert, chairman of the board at Levi Strauss & Co. “He has repeatedly strengthened brands and organisations across industries, and his leadership will play a critical role as we evolve LS&Co. into a best-in-class, DTC-first retailer,” Eckert added.
 
Earlier in his career, Jones worked at Gap, and was a partner and president at advertising agency McKinney, where he led major client projects and fostered organisational growth.

“Levi Strauss & Co. is an iconic company with a bold vision for the future, and I’m honoured to join the board at such a pivotal moment,” said Jones in a press release. “The company has been on a strong trajectory, deepening its connection with consumers and driving long-term, sustainable growth. I look forward to supporting the entire leadership team as they write the next chapter for this nearly 175-year-old company,” he added.

The Levi Strauss board of directors currently consists of 12 members, including CEO Michelle Gass.

 

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