LionRock Capital has confirmed the completion of its partnership with Clarks, as initially announced on 4 November 2020, which will see it acquire a majority stake in the business for an investment of £100m.
The board has also announced the appointment of Victor Herrero as executive chairman and CEO, replacing Giorgio Presca who is stepping down to “pursue other opportunities”,
The board added that it expresses its “best wishes” to Presca and thanked him for his “much-valued contribution” to Clarks over the last two years.
Clarks said that Herrero brings with him a “wealth of experience” in the retail industry to the role, He is the current chairman of Bossini, a non-executive director of Viva China Holdings Limited and was also a non-executive director of Clarks.
Herrero was also previously the CEO and director of Guess? Inc. between 2015 and 2019 and prior to that, spent more than 12 years at Inditex, the parent company of Zara, holding several senior executive roles, where most recently he was head of Asia Pacific and MD of China.
Daniel Tseung, founder and MD of LionRock Capital, said: “We are extremely pleased to formalise our partnership with Clarks. Clarks is one of the world’s most recognised consumer names and we look forward to working with the Clark family and Clarks’ leadership team to build on its tradition of providing customers around the world with top quality products and exceptional service.”
Herrero added: “I echo the board in thanking Giorgio for his much-valued contribution to Clarks over the last two years. I am excited about leading Clarks to its next level and partnering with LionRock Capital and the Clark family to build a strong and sustainable future for this iconic and much-loved global brand.”