Footwear group restructures company

athletesfootFootwear retailer RCG Corporation has renamed the company to Accent Group Limited, following its acquisition of Accent Group and Hype DC over the last two years,

In a statement, RCG – which operates several brands including The Athlete’s Foot, Skechers  and Platypus – said the company has successfully undertaken the process of transforming itself from an investment holding company into a regional leader in the performance and lifestyle footwear segment.

Ex-Pas Group chief financial officer Matt Durbin will take up the CFO position – with the role relocated to Accent headquarters in Melbourne.

As part of the company restructure, Ivan Hammerschlag will retire as chairman at RCG after 11 years in the role and will be replaced by David Gordon, who joined RCG at the same time as Hammerschlag, and has been a non-executive director and chair of the audit and risk committee (ARC).

The board renewal includes the addition of non-executive director at JB Hi-Fi Stephen Goddard, who is a former ARC chair of Pacific Brands and Surfstitch Group. He was also formerly finance director and operations director for David Jones. Goddard will occupy the role of chairman of the ARC.

Retail veteran and former senior merchandising and planning executive at Big W and David Jones – currently a non-executive director at Baby Bunting Group, a member of The Iconic advisory board and merchandise director of Camilla – will also join the board.

“Donna’s proven track record in developing and delivering retail strategy and business transformation will make her an invaluable member of the board,” RCG said in a statement.

In its most recent results, RCG booked a 21 per cent increase in underlying net profit after tax (NPAT) to $39.9 million for the year ended 30 June, underpinned by a 30 per cent spike in earnings before interest, tax, depreciation and amortisation (EBITDA) of $78.3 million.

Net-profit declined 2.6 per cent to $29.2 million once the $9.7 million write-down of Hype DC the company previously announced is included.

 

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