After steering the Douglas Group through privatization, stock exchange delisting and divestment of most of its retail arms to focus on its perfumeries business, Henning Kreke is stepping down as Douglas’ chief executive officer following nearly 15 years in the role.

He will become chairman of its supervisory board, replacing Daniel Pindur, the board’s current head, who is managing director at CVC Capital Partners, which holds a majority stake in the Hagen, Germany-based company now called Douglas Holding AG. The founding Kreke family currently holds 15 percent of Douglas shares. No start date for Henning Kreke’s new role was specified.

Douglas said its supervisory board has already launched an internal and external search for Kreke’s replacement. German business reporters suggest that a top candidate is Isabelle Parize, Douglas’ general manager of southern Europe and chief executive officer of Nocibé, the French perfumeries chain taken over by Douglas in 2014.

Now focused fully on its perfumeries business, in November Douglas Holding reported net sales of about 2.6 billion euros, or $2.98 billion for its financial year, which ran from October 1, 2014 to September 30, 2015. The number, which is based on preliminary figures, represented a pro forma 5 percent gain, resulting from strong performances in Germany and abroad according to the firm. A leader in Europe’s selective beauty market, Douglas has 1,700 perfumeries in 19 countries.

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