HONG KONG—Men’s wear veteran Richard Cohen has stepped down as chief executive officer at Trinity Ltd. and will take on other retail-related work for Trinity parent Fung Group in the U.S., according to a Trinity spokesman.
Trinity on Friday revealed that Cohen has resigned and said he will be succeeded by Jeremy Paul Egerton Hobbins effective Monday. Hobbins is currently a director of various companies within the Hong Kong-based Fung Group.
Trinity said Cohen’s departure as ceo after two years was amicable.
“Mr Cohen has confirmed that he has no disagreement with the Board and there is no matter relating to his resignation that needs to be brought to the attention of the shareholders of the Company,” Trinity said.
In late morning trade, Trinity shares were down 1.5 percent but they recuperated at the end of the session, advancing 1.5 percent to finish at 0.67o Hong Kong dollars. The Hang Seng inched up 0.42 percent.
London-born Cohen has more than 40 years of experience in the apparel business. He was president and ceo of Ermenegildo Zegna North America for 16 years and also worked stints at Robert Talbott, St. John and Saks Fifth Avenue.
Cohen’s departure is just the most recent personnel change at Trinity. The company’s creative side has digested a host of comings and goings over the past few months at Trinity’s various properties.
Designer Simon Spurr left the company in February– he held creative posts at two Trinity properties, Gieves & Hawkes and Kent & Curwen, over the course of his tenure. Mark Frost has since taken over at Gieves & Hawkes while Daniel Kearns has stepped in at Kent & Curwen to work with former soccer star David Beckham to revamp the label’s image into a lifestyle/celebrity brand. Meanwhile, Gieves & Hawkes former creative director, Jason Basmajian, has become creative director at Cerrutti 1881.
Trinity has suffered financially over the past few years, as the market for men’s wear in Asia has softened. The company posted a net loss of 89 million Hong Kong dollars, or $11.45 million, for the year ended Dec. 31 as sales slid 27 percent to 1.9 billion Hong Kong dollars, or $244.51 million. Profits and revenue slid in both 2014 and 2013.
Hobbins has been with the Fung Group since 1999 and has held various positions at the group’s subsidiaries such as Fung Holdings, Fung Retailing and Convenience Retail Asia Limited. His resume includes past jobs at Campbell Soup Company, Procter & Gamble, Hutchison Whampoa and Cadbury Schweppes.