Primark Boss Marchant Resigns after 'Error of Judgment'

A Primark store is seen on Oxford Street, in London, Britain, January 16, 2023. REUTERS/Peter Nicholls/File Photo
A Primark store is seen on Oxford Street, in London, Britain, January 16, 2023. REUTERS/Peter Nicholls/File Photo
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Primark Boss Marchant Resigns after 'Error of Judgment'

A Primark store is seen on Oxford Street, in London, Britain, January 16, 2023. REUTERS/Peter Nicholls/File Photo
A Primark store is seen on Oxford Street, in London, Britain, January 16, 2023. REUTERS/Peter Nicholls/File Photo

The head of fast fashion chain Primark, Paul Marchant, has resigned with immediate effect after he admitted an "error of judgment" towards a woman in a social environment.
Parent-company Associated British Foods said in a statement on Monday that Marchant had accepted his actions fell below the standards expected, and the head of the 14 billion pound conglomerate said he was "immensely disappointed".
Primark has over 450 stores in 17 countries across Europe and the United States, with Marchant growing operating profit from about 250 million pounds to over a billion pounds during his more than 15 years in charge, Reuters reported.
Primark, founded in Ireland and has a huge presence on British high streets, contributes about half of group profit to AB Foods, which also owns major grocery, sugar, agriculture and ingredients businesses.
Shares in the parent company were trading down 3.5% on Monday morning.
"I am immensely disappointed. At ABF, we believe that high standards of integrity are essential," said CEO George Weston.
"Acting responsibly is the only way to build and manage a business over the long term. Colleagues and others must be treated with respect and dignity. Our culture has to be, and is, bigger than any one individual."
The group said that Marchant had cooperated with an investigation led by external lawyers, and acknowledged his "error of judgment".
It said he had apologized to the individual concerned, the group's board and also to his Primark colleagues and others connected to the business.
Eoin Tonge, AB Foods' finance director, will act as Primark chief executive on an interim basis working with the senior Primark management team and Primark's Strategic Advisory Board, while Joana Edwards, AB Foods' financial controller, will act as interim finance director.
"It is, indeed, a very disappointing, to say the least, end for Mr. Marchant and all at Primark and ABF, where he has overseen the development of a fine value-based retailer with strong prospects for growth," said analysts at Shore Capital.
AB Foods said the group would continue to offer support to the individual who brought this behavior to its attention.



Ralph Lauren Beats Quarterly Revenue Estimates on Resilient Demand

The Polo Ralph Lauren logo is seen on their boutique on Rodeo Drive in Beverly Hills, California August 5, 2008. Polo Ralph Lauren Corp is due to report its earnings on Wednesday. REUTERS/Fred Prouser/File photo
The Polo Ralph Lauren logo is seen on their boutique on Rodeo Drive in Beverly Hills, California August 5, 2008. Polo Ralph Lauren Corp is due to report its earnings on Wednesday. REUTERS/Fred Prouser/File photo
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Ralph Lauren Beats Quarterly Revenue Estimates on Resilient Demand

The Polo Ralph Lauren logo is seen on their boutique on Rodeo Drive in Beverly Hills, California August 5, 2008. Polo Ralph Lauren Corp is due to report its earnings on Wednesday. REUTERS/Fred Prouser/File photo
The Polo Ralph Lauren logo is seen on their boutique on Rodeo Drive in Beverly Hills, California August 5, 2008. Polo Ralph Lauren Corp is due to report its earnings on Wednesday. REUTERS/Fred Prouser/File photo

Ralph Lauren surpassed quarterly revenue estimates on Thursday, helped by resilient demand for its classic Polo shirts and spring dresses, sending its shares up 3% in premarket trading.

Its efforts to invest in brands including Polo and Purple Label, paired with stylish seasonal drops, have been helping the company win over younger and less price-sensitive shoppers.

However, it forecast annual revenue below estimates owing to pressures from uncertainty around US tariffs, Reuters reported.

Ralph Lauren is among the retailers and luxury brands facing the brunt of unpredictable US tariff shifts that have disrupted businesses and rattled shoppers worldwide.

The company expects fiscal 2026 revenue to increase in the low-single digits from last year, while analysts estimated a rise of 4.39%, per data compiled by LSEG.

It posted quarterly revenue of $1.70 billion, compared with estimates of $1.65 billion.