Specialty Fashion Group (SFG) has announced its new CEO and managing director, former Myer CEO Daniel Bracken.
Bracken's appointment was announced alongside the company's 1H FY2018 results, in which SFG recorded an EBITDA for the period of $18.5 million.
This was above the forecasted range ($14 - 17 million) provided in October 2017 and was due to better than expected trading over the Christmas period, combined with a reduction in costs associated with the group’s store optimisation and cost management initiatives.
Online sales revenue grew 14.0% to $49.1m, representing 12.3% of total revenue.
Bracken commented on his appointment and took the opportunity to outline his key roles within the business.
"I’m looking forward to working with the SFG team to continue the transformation of the Group and to ensure that everything we do from service and advice, to the products we range, to the in-store and online experience exceeds our customers’ expectations.
“SFG has a range of customers in the lifestyle as well as mature and plus-sized segments of the apparel market that fashion too often overlooks.
"I am energised by the opportunity to harness the power clothing has to influence how you feel about yourself and accelerate the work underway to achieve the company’s aspirational purpose - to change the perception of fashion.”
Bracken will assume the role from outgoing CEO Gary Perlstein, effective February 12, 2018.
Despite Perlstein's upcoming departure, SFG is still looking into a possible takeover offer from a consortium of shareholders, of which Perlstein is a part of.
Bracken brings more than 25 years experience in retailing, fashion, and brand development in Australia and international markets.
He has held executive and chief executive roles across strategy, marketing, and merchandise among others.