Bravissimo, the popular omnichannel lingerie retailer, has recently named Leanne Cahill as its new CEO. Cahill, who previously served as the company’s managing director, brings with her a strong background in finance. Prior to her time at Bravissimo, she held positions at reputable companies such as Travelex, Career Break, Boots UK, Walgreens Boots Alliance, Legal & General, and Marks & Spencer.

This announcement comes on the heels of Bravissimo’s financial results for the year ending October 31, 2019. The company reported an encouraging 5% increase in revenue, reaching £60.2 million. However, this growth was largely attributed to the implementation of markdowns, which had a negative impact on the brand’s gross margin. The gross margin fell from 55% to 53.5%, and the company acknowledged that overbuying of the winter and spring collections resulted in increased markdowns to clear excess stock. Fortunately, by the end of the year, stock levels were normalized.

The markdowns also affected the operating profits of Bravissimo, which experienced a significant decrease from £1.4 million to a mere £139,859 compared to the previous year. Furthermore, profit after tax saw a substantial decline, dropping from £1.16 million to just £38,113.

Although Bravissimo did not provide specific details on the impact of the ongoing COVID-19 pandemic, the company remains confident in its strategy and resources to weather these challenging times. Additionally, Bravissimo does not appear overly concerned about the impending exit of the UK from the European Union, as sales to EU customers account for a small portion of the company’s overall sales. Nevertheless, Bravissimo acknowledges that it faces similar market conditions and supply chain issues as its competitors.

The appointment of Leanne Cahill as the new CEO of Bravissimo underscores the company’s commitment to effective leadership and strategic decision-making. With her extensive expertise in finance, Cahill is well-positioned to guide Bravissimo towards future growth and improved profitability. Despite the setbacks caused by the markdowns, the company remains optimistic about its prospects and is determined to overcome any challenges it encounters.

Links:
Bravissimo Official Website
Retail Gazette Article on Bravissimo’s CEO Appointment