Quiz chief executive steps down as strategic review continues
Quiz has confirmed that its chief executive and founder, Tarak Ramzan, has stepped down as it continues its strategic review.
The fashion retailer has also announced that its sales from 1 January to 29 February fell by 9% year-on-year to £8.6 million as trading continues to be impacted by weaker levels of traffic both in-store and online.
Further to its announcement of 5 December, Quiz is currently undertaking a review of strategic options available to the business which is being led by its non-executive chairman, Peter Cowgill.
While the review remains ongoing, the company said in a statement that Tarak Ramzan has stepped down as chief executive and will assume a non-executive director role as the largest shareholder of the company.
Cowgill said: “On behalf of the board and everyone at Quiz, I want to express our sincere gratitude to Tarak for his strong leadership and unwavering commitment since founding the business.
“Tarak is an exceptional entrepreneur and I have greatly enjoyed working with him in my capacity as chairman since 2017. I look forward to his continued support and input as a non-executive director and major shareholder.”
Tarak Ramzan is being succeeded as chief executive by Sheraz Ramzan, who has served as the company’s chief commercial officer since 2004 and has been an executive director of the company since its IPO in 2017.
Quiz said the new chief executive will implement a turnaround strategy to “recalibrate” the Quiz brand, its product offering, and reconnect with customers as it looks to move the business back to profitable growth.
Meanwhile, Cowgill has agreed to take on a more active role to support the business through to the conclusion of the strategic review. This will include working closely with Sheraz Ramzan on implementing a turnaround strategy.
Quiz is also continuing its search for at least one additional independent non-executive director following Charlotte O’Sullivan’s departure from the the board in November.
The retailer has recently launched a new omnichannel retail platform, which once fully implemented, will aim to offer an improved shopping experience and optimise stock management.
Steps taken to counter the impact of the declining revenues have included targeting cost savings for the forthcoming year, eliminating loss making activities, reviewing operational efficiencies and optimising Quiz’s product offering.
Quiz said its has been encouraged by the recent increase in demand for its products in international territories, which account for over 10% of revenue.
The retailer said it anticipates that revenue and the pre-tax loss for its full year will be in line with expectations,
Cowgill said: “The UK apparel market has undergone significant well reported changes since Quiz‘s IPO in 2017 and it continues to evolve at pace.
“The board changes announced today provide an opportunity for a fresh vision and new leadership approach to create value for all shareholders.
“I look forward to working closely with Sheraz, following his well deserved promotion to CEO, to determine the optimum path forward for the business.”
