The KMD Brands board has appointed Philip Bowman as its new chair today, as the Kathmandu, Rip Curl and Oboz parent company pushes ahead with its Next Level turnaround strategy.
Bowman steps into the role vacated by David Kirk, who flagged his intention to step down on March 31, 2026, after 12 years at the helm – a tenure that spanned the COVID pandemic and a prolonged economic downturn in New Zealand.
The incoming chair currently serves as chair of NZX-listed Sky Network Television and Tegel Group Holdings, and as an independent director of Amsterdam-listed infrastructure giant Ferrovial SE.
In a statement, Bowman struck a results-focused tone: "KMD Brands has strong brands, a recently refreshed senior management team, and a clear new strategic direction through the Next Level turnaround plan. As chair, my focus will be to set clear priorities, to monitor execution against these priorities, and to hold management accountable for delivering results."
The board said the Next Level plan is beginning to gain traction following a difficult period, with a market update on Q3 trading and progress against key KPIs expected no later than the last week of May 2026.
This follows a total sales lift of 7.3 per cent for KMD Brands in the first half of FY26, which hit NZ$505.4 million. The group’s gross profit is also up by 5.3 per cent to NZ$287.1 million. At the bottom line, the group’s net loss after tax hit NZ$13.1 million in statutory terms and NZ$11.5 million in underlying terms. In underlying terms, this is up by 28.4 per cent.
KMD Brands also secured a refinanced debt facility, provided by a majority of its existing banking syndicate, for a new multi-year bank debt facility with an approximate NZ$205 million capacity.
On top of that, the retail group closed a recent capital raise, raising total gross proceeds of approximately NZ$65.3 million – what the company was targeting.
Alongside today’s chair transition, KMD Brands confirmed a broader board renewal program is underway, with a search for two new non-executive directors supported by an external firm. The process is focused on candidates who can strengthen governance and provide longer-term succession optionality for the chair role.
Kirk will remain on the board during the transition period to maintain NZX Listing Rule compliance, which requires two directors ordinarily resident in New Zealand – a threshold that must be met before he formally exits.
Separately, non-executive director Zion Armstrong has resigned effective today to focus on his role as CEO of the Jamie Kay Group. The board thanked Armstrong for his contribution.