The Fragrance Shop appoints ex-JD Sports boss Peter Cowgill as Chairman
The Fragrance Shop has announced the appointment of ex-JD Sports boss Peter Cowgill as Chairman.
Cowgill quit his long-standing role at JD Sports in May 2022. The sportswear giant agreed to a deal which will see him earn £5.5m over three years, on top of a year’s salary worth more than £900,000 and a potential bonus worth up to £450,000. The deal aims to prevent him from setting up a rival retailer.
This deal also bans Cowgill from working with or advising any of JD Sports’ competitors for two years or hiring any of the group’s employees. However, it permits him to move into the beauty space with The Fragrance Shop.
Andy Higginson, Chair of JD Sports Fashion, said: "I am pleased that we have been able to reach this amicable and constructive way forward with Peter covering the next three years. Peter has hugely valuable experience built over 18 years."
Cowgill will move into his new role immediately, working closely with CEO Sanjay Vadera and his leadership team as the fragrance giant plans to expand.
Sanjay Vadera commented: “We’re delighted to welcome Peter to the TFS family. With our proven strategy and clear momentum, we know The Fragrance Shop can develop into a world-leading multi-channel retailer. We’re looking forward to the counsel and experience Peter will bring as we expand and grow.”
The appointment follows the fragrance retailer's recorded increased annual sales and profits.
Peter Cowgill commented: “Against the post-pandemic backdrop and current economic headwinds, The Fragrance Shop continues to perform because of its focus on innovation and ensuring it puts the customer and its members at the heart of everything it does.
“I look forward to working with them closely on its expansion plans – particularly in its digital business, as it furthers its international footprint and in support of category expansion through acquisition and organic growth.”