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British Retailer Mothercare's CEO Steps Down

FILE PHOTO: People walk past a Mothercare store in Altricham, Britain, May 16, 2018. REUTERS/Andrew Yates/File Photo
FILE PHOTO: People walk past a Mothercare store in Altricham, Britain, May 16, 2018. REUTERS/Andrew Yates/File Photo
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British Retailer Mothercare's CEO Steps Down

FILE PHOTO: People walk past a Mothercare store in Altricham, Britain, May 16, 2018. REUTERS/Andrew Yates/File Photo
FILE PHOTO: People walk past a Mothercare store in Altricham, Britain, May 16, 2018. REUTERS/Andrew Yates/File Photo

Baby products retailer Mothercare Plc said on Friday Chief Executive Officer Daniel Le Vesconte has stepped down, effective immediately, after just five months at the helm.

The departure comes a month after the London-listed company said it had begun discussions with its lender to change, renegotiate, or refinance its debt facility due to higher interest rates, warning that it may need waivers to future covenant tests.

Chairman Clive Whiley and Chief Financial Officer Andrew Cook will lead the operating board until the process to find a CEO replacement is completed, the company said in a statement.

"The board believes that a change in CEO is in the best interests of the company and its shareholders," Mothercare said.

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Report: L'Oreal in Talks to Buy Migros’ South Korean Cosmetic Unit

The logo of French cosmetics group L'Oreal is seen on a company building in Paris, France, February 7, 2024. (Reuters)
The logo of French cosmetics group L'Oreal is seen on a company building in Paris, France, February 7, 2024. (Reuters)
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Report: L'Oreal in Talks to Buy Migros’ South Korean Cosmetic Unit

The logo of French cosmetics group L'Oreal is seen on a company building in Paris, France, February 7, 2024. (Reuters)
The logo of French cosmetics group L'Oreal is seen on a company building in Paris, France, February 7, 2024. (Reuters)

French cosmetics giant L'Oreal is in final talks to acquire the South Korean skincare business Gowoonsesang Cosmetics owned by Mibelle Group, a unit of Swiss retailer Migros, according to two sources with knowledge of the deal.

An announcement could be made as soon as Monday, one of the people said.

A spokesperson for Migros said it did not comment on market rumors. L'Oreal did not respond to multiple requests for comment.

Mibelle acquired its stake in South Korean Gowoonsesang Cosmetics, which sells skin care products under the Dr.G brand, in 2018.

In February, Migros announced a strategic review for Mibelle Group, saying it wanted to find a new owner for the business.

Mibelle produces cosmetics for its own brands, including Dr.G, Imbue., Lee Stafford, and Mine, as well as for other brands, according to its website.

Dr.G is the No. 1 facial care line in the Korean dermocosmetics market, according to the Mibelle website.

Spanish investment bank Alantra was hired as adviser after the strategic review, to look for buyers for the business, one of the sources said.

A spokesperson for Alantra declined to comment.

Mibelle employs 1,615 people in five countries, with revenues of 661 million Swiss francs ($739.04)in 2023, according to its website.