Quiz appoints new CEO as UK sales decline

Quiz Clothing has appointed Sheraz Ramzan as CEO, replacing founder Tarak Ramzan, who has stepped down from the role as the business progresses its transformation strategy. 

As the largest shareholder of the company, Tarak will become a Non-Executive Director and will remain available to the business to help ensure a "smooth handover of responsibilities".

Having served as Chief Commercial Officer at Quiz since 2004, Sheraz aims to bring a "fresh approach" along with extensive experience and knowledge of the business as CEO.

In his new role, he will implement a turnaround strategy to "recalibrate the brand, its product offering, and reconnect with consumers" as it looks to return to profitable growth.

The move comes as Peter Cowgill, Non-Executive Chairman at Quiz, agrees to take on a more active role in supporting the company through the ongoing review of its strategic options and supporting Sheraz's transition into his role as CEO.

In addition to these changes, the board said it continues to search for at least one additional independent Non-Executive Director following Charlotte O'Sullivan's departure in November 2023.

The leadership update comes as the brand's UK sales continue to be impacted by subdued levels of traffic both in-store and online.

Sales in the period from 1 January to 29 February 2024 totalled £8.6 million, a £0.9 million or 9% reduction on the previous year.

However, Quiz said it is taking positive steps to counter the impact of the declining revenues, including targeting cost savings for the forthcoming year, eliminating loss-making activities, reviewing operational efficiencies, and optimising its product offer.

It has also recently launched a new omni-channel retail platform. Once fully implemented, this aims to provide an improved omni-channel experience for customers and will help maximise revenues and optimise the management of stock.

Peter Cowgill, Non-Executive Chairman, said: "The UK apparel market has undergone significant well reported changes since Quiz 's IPO in 2017 and it continues to evolve at pace.

"The board changes announced today provide an opportunity for a fresh vision and a new leadership approach to create value for all shareholders. I look forward to working closely with Sheraz, following his well-deserved promotion to CEO, to determine the optimum path forward for the business.

"On behalf of everyone at Quiz, I want to express our sincere gratitude to Tarak for his strong leadership and unwavering commitment since founding the business. Tarak is an exceptional entrepreneur and I have greatly enjoyed working with him in my capacity as Chairman since 2017. I look forward to his continued support and input as a Non-Executive Director and major shareholder."