Ted Baker Chairman John Barton Dies at 77

People shelter under umbrellas as they pass a Ted Baker a store in London, Britain October 06, 2015. REUTERS/Neil Hall/File Photo
People shelter under umbrellas as they pass a Ted Baker a store in London, Britain October 06, 2015. REUTERS/Neil Hall/File Photo
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Ted Baker Chairman John Barton Dies at 77

People shelter under umbrellas as they pass a Ted Baker a store in London, Britain October 06, 2015. REUTERS/Neil Hall/File Photo
People shelter under umbrellas as they pass a Ted Baker a store in London, Britain October 06, 2015. REUTERS/Neil Hall/File Photo

British fashion chain Ted Baker on Monday said Chairman John Barton had died, and senior independent director Helena Feltham would take on the role of interim chairman with immediate effect.

In a brief statement, the London-listed retailer did not specify the cause of Barton's death, but said it was sudden.

Barton, 77, joined Ted Baker from airline easyJet in July last year, as the fashion group's management sought to revive its fortunes after suffering a string of setbacks in 2019.

He previously also served as chairman of rival fashion retailer Next Plc and was senior independent director at WH Smith and SSP Group, Reuters reported.

Last month, Ted Baker said sales were rebounding as office- and party-wear became popular again after pandemic curbs were lifted, but signaled that the pace of recovery was still uncertain.

Ted Baker has also been working to repair its image after former boss Ray Kelvin left in 2019 following misconduct allegations. Kelvin, who started the company in 1988 in Glasgow in Scotland, has denied the allegations.

The company has 377 stores and concessions.



Italian Shoemaker Geox to Invest $125 Million in 5-year Plan

FILE PHOTO: Geox shoes are seen in a shop in Rome, Italy, April 10, 2016. REUTERS/Max Rossi/File Photo
FILE PHOTO: Geox shoes are seen in a shop in Rome, Italy, April 10, 2016. REUTERS/Max Rossi/File Photo
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Italian Shoemaker Geox to Invest $125 Million in 5-year Plan

FILE PHOTO: Geox shoes are seen in a shop in Rome, Italy, April 10, 2016. REUTERS/Max Rossi/File Photo
FILE PHOTO: Geox shoes are seen in a shop in Rome, Italy, April 10, 2016. REUTERS/Max Rossi/File Photo

Italian shoemaker Geox plans to invest about 120 million euros ($125 million) as part of an industrial plan to 2029 and has signed a five-year deal with a leading Chinese operator to expand its presence in the country.

The maker of breathable, waterproof footwear said in November it would end direct operations in the unprofitable Chinese and US markets after posting a 9.7% yearly drop in nine-month revenue globally, Reuters reported. It said it would continue its business in the two countries through local partnerships.

In addition to the investments, announced in a statement late on Monday, the group said it would extend by 24 months the medium- to long-term debt repayment plans as part of a debt refinancing agreement with creditor banks including Monte dei Paschi and the Italian units of BNP Paribas and Credit Agricole.
Geox controlling shareholder LIR, the family holding of its chairman and founder Mario Moretti Polegato, will contribute up to 60 million euros to the industrial plan, the statement said.
The shoemaker expects yearly revenues above 850 million euros by 2029, compared with 720 million in 2023, with compound annual growth rate (CAGR) of 5% in the next five years, and an EBIT (earnings before interest and taxes) margin over 7% by 2029.