Charles Vögele expects sales decline in FY15, CSO Matthias Wunderlin quits

The Charles Vögele Group has said that weakness of the euro, subdued economic growth in sales regions and the unusually warm autumn since mid-October are slowing down business and inhibiting sales over the last few weeks. So despite a good third quarter that produced a year-on-year improvement in like-for-like sales, management believes there will be a slight decline in sales for 2015 as a whole (like-for-like) compared to the previous year and a negative EBITDA result in the single-digit millions.

Matthias Wunderlin resigns as CSO

Matthias Wunderlin, who as Chief Sales Officer (CSO) was responsible for Charles Vögele Group’s country organisations and marketing from November 2013, is leaving the company with immediate effect. The company has said that the decision was taken by mutual agreement because of differences of opinion about the operational implementation of the turnaround-strategy.

“The Board of Directors thanks Matthias Wunderlin for his work and for his commitment to the company,” says Max E. Katz, Chairman of the Board of Directors of Charles Vögele Holding AG. Meinrad Fleischmann, Vice Chairman of the Board is taking over the function on an interim basis with immediate effect and joining the group management.

Meinrad Fleischmann was first elected to the Board in spring 2014. He has been Vice Chairman of the Board since May 2015. Fleischmann was formerly the CEO of Möbel Pfister, Schild, ABM and Herren Globus and holds many years of experience in the Swiss retail market, and especially in fashion retail. Fleischmann will help group management implement the turnaround measures that have been initiated, focusing particularly on implementation of the store format strategy and marketing.