Kathmandu head resigns for a job with the Australian government

Monday, 30 November 2020

Kathmandu’s chief executive has resigned after more the five years with the listed outdoor equipment retailer.

Xavier Simonet would take a senior role with the Australian public service, the company told the New Zealand and Australian sharemarkets on Monday.

It was later announced that Simonet has been appointed as the new chief executive officer of Austrade, the Australian Trade and Investment Commission.

Kathmandu chairman David Kirk said the company was disappointed to see Simonet leave.

“Xavier has led Kathmandu Holdings through a period of growth and re-positioning of the company,” Kirk said.

* Retailer Kathmandu cuts jobs as it prepares to reopen

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Kathmandu Holdings chief executive Xavier Simonet has resigned to take on a job with the Australian public service.

* Kathmandu recovering after rebuffing hostile takeover bid

Simonet would remain in the job for up to six months while Kathmandu searched for a replacement.

In the announcement, Simonet said the last five years with the company had been exciting.

Prior to Kathmandu, Simonet, an Australian citizen, was the chief executive of British handbag firm Radley, and had worked for luxury brand LVMH, underwear firm DB Apparel and Australian swimwear company Seafolly.

During his tenure, Kathmandu rejected a takeover bid by Briscoes Group, bought United States outdoor shoe company Oboz and surfwear company Rip Curl.

In September, Kathmandu reported an $8.9 million profit after tax for the year to July 31, down from $57.6m last year.

At the time, the company said sales had been hard hit by the closures of stores during Covid-19 lockdowns in New Zealand and Australia.

Sales were down $135m across its retail and wholesale businesses.

At the same time, online sales had strengthened for the company.

Online sales of $106.4m were up 63 per cent on last year and made up 15.7 per cent of total sales.

First quarter results for 2021, reported on November 25, showed that the company had continued to struggle, with store closures due to the global pandemic.