Lindex chief executive steps down

Swedish fashion retail Lindex has confirmed that chief executive officer Ingvar Larsson has resigned from his post, effective immediately, following reports of plunging profits.

Larsson, who is stepping down immediately, is being replaced by Elisabeth Peregi, current country manager of Lindex Sweden, who has been named interim chief executive.

Peregi will report to Lauri Veijalainen, chief executive of parent company Stockmann, who is also set to become the chairman of the Lindex board of directors.

Commenting on her promotion, Peregi said: “I look forward to this assignment and I am happy for the confidence to lead Lindex continued development. We have great and exciting initiatives in front of us that will take the company into the future.”

Peregi has held several management positions at Lindex, serving as chief financial officer from 2010 to 2013 and, before that, as head of franchise business and country manager for Norway.

Veijalainen added: “I would like to thank Ingvar for his great work in leading the company and strengthening Lindex position as one of Europe’s leading fashion company.

“I am confident that Lindex will continue to be in good hands with Elisabeth who has long experience of several sales positions at Lindex, a strong financial background and the drive to lead the company forward.”

The news comes as Lindex reported sales down 7.7 percent from April to June 2017 to 162.1 million euros, while from January to June 2017 revenue was down by 6.7 percent to 285.3 million euros.

Image: courtesy of Lindex