French Connection appoints new FD from O2

FASHION RETAILER French Connection has appointed Adam Castleton as its new group finance director following the unexpected departure of Roy Naismith last month.

Castleton joins the struggling retailer from telecoms company O2 UK, where he is currently finance director of its business division, having previously served as acting CFO of O2 UK.

He also has 25 years of financial experience and has held leadership roles as eBay, Polo Ralph Lauren (Europe), and The Walt Disney Company.

Stephen Marks, chairman and CEO of French Connection said: “He has extensive and invaluable experience of working in senior roles at market leading consumer businesses. French Connection is going through a period of positive change, and Adam brings the skills we need to take the business through this period.”

Castleton takes up the post on 12 August, though his predecessor Naismith left the company with immediate effect last month.

Naismith’s departure followed a troubled period at the fashion retailer, which has suffered from declining sales in UK and Europe and posted a £10.5m pre-tax loss for the 12 months to 31 January.

The company is in the midst of a turnaround process which has included the disposal of stores in UK/Europe and North America, an overhaul in the company’s buying patterns and a shake-up of the management team with the appointment of new heads of design, retail, production and marketing.

French Connection shares rose 0.88p to 29.25p in morning trading on the London Stock Exchange.

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