Manel Jadraque, chief executive officer of Desigual since 2012, stepped down Monday. He will continue on the administrative board.
According to the company, “Desigual and Manel Jadraque have come to a mutual agreement based on recommendations for meeting the company’s business challenges.”
Thomas Meyer, president and founder of Desigual, will assume the role of ceo and director, effective immediately. Meyer founded Desigual, the Barcelona-based retailer, in 1984.
Jadraque has been with Desigual for 10 years in various positions, contributing significantly during a strong growth period for the retailer. The company entered the U.S. market in 2009.
The brand is known for its wildly colorful and patterned apparel, with its strong suits being women’s apparel and accessories.
Desigual closed 2014 with turnover of 964 million euros, or $1.28 billion, and a growth rate of 16.2 percent compared to the previous year. The net profit represented 14 percent of sales and the company has a solid financial base with a positive net cash flow of over 220 million euros, or $292.4 million. Dollar amounts are given at exchange rates for the period to which they refer.
Last year Paris-based investment firm Eurazeo SA bought a 10 percent stake in the company to help it expand internationally.
Desigual operates in 109 countries and has 530 of its own stores, 11,000 multibrand stores and 2,500 corner concessions in department stores.