Fashion retailer Desigual replaces its CEO Manel Jadraque with President Thomas Meyer

Barcelona (ACN).- The Barcelona-based fashion company Desigual announced in a press release on Monday that Manel Jadraque is no longer the firm’s CEO, following a "mutual agreement" between the Catalan multinational and the executive. Jadraque was both the company's Chief Executive Officer and its Director General. His executive functions will be assumed by Thomas Meyer, Desigual's President and founder. According to the company, "the current challenges facing the brand encouraged this decision". Jadraque had worked for the Catalan brand for more than ten years. He will remain a member of the Board of Directors, the company has stated. Desigual’s turnover in 2014 improved by 16.2% on its 2013 results, reaching €963.5 million.

During his more than 10 years at Desigual, Jadraque contributed to the firm's strong growth, the company's press release stated. He had served as the firm's CEO for about one year, having starting his career at Desigual in 2004 as Director of Operations. In 2009 he led the international expansion of the firm in the United States, where it opened offices in 2010. By 2011, he had been appointed to the role of Director of European Retail and in 2012 assumed the role of Managing Director of Desigual worldwide. Jadraque’s predecessor, ex-CEO Manel Adell, left Desigual in July 2012.

Desigual's 2014 turnover reached €963.5 million, 16.2% more than in 2013

Desigual's 2014 full-year turnover reached €963.5 million, which represents a 16.2% increase on 2013 figures. The Catalan company's net profit, meanwhile, rose by 3% to €135 million and the brand posted a 14% net margin. In the press release, Desigual assured that these results strengthen its growth and financial solidity, consolidated by a traditional policy of zero net debt. The Catalan company closed 2014 with a net cash position of more than €220 million.

Currently, Desigual can be found in 109 countries and has 475 stores. In addition, its clothes are sold in 11,000 multi-brand shops and 2,500 outlets in department stores.