Paul Marchant has stepped down as chief executive of high street fashion chain Primark, which operates under the Penneys brand in Ireland, amid allegations of inappropriate behaviour.
The retailer's parent company, Associated British Foods (ABF), notified investors of his departure on Monday morning.
The chief executive admitted he made an “error of judgment” after an investigation was launched following a woman's complaint.
The PA news agency explains who the businessman is and what is known about the incident:
– Who is Paul Marchant?
Until Monday, Mr Marchant was chief executive of Primark, a chain of 450 fashion stores.
The 56-year-old is a retail veteran, having previously worked at major UK brands including Debenhams, Topman and River Island.
Before joining Primark as chief executive, Mr Marchant served as chief operating officer at rival business New Look.
– How long has he been working at Primark?
Mr Marchant began his career at Primark in 2009 as chief operating officer under founder Arthur Ryan, before becoming his successor at the Dublin-based group later that year.
– What are his achievements in the company?
He has gained wide recognition in the industry for facilitating the global expansion of the fashion supply chain, particularly beyond the core markets of the UK and Ireland.
Under his leadership, the chain has doubled its presence, increasing its store count to more than 450, and plans to grow further, recently announcing plans to open 530 stores by the end of next year.
In the UK, the company's strong positioning has helped it regain market share in the fashion segment from traditional rivals such as Debenhams and Marks & Spencer.
However, in 2020, the company was negatively impacted by the COVID-19 pandemic, which resulted in temporary store closures.
Since then, the business has faced soaring costs and increased pressure from Asian rivals such as Shein and Temu, which offer particularly low prices.
Mr Marchant was at the forefront of Primark's expansion into continental Europe, opening dozens of stores in France, Spain, the Netherlands and elsewhere.
The retailer has also rapidly expanded its presence in the U.S. in recent years, aiming to open 60 stores in the country by next year.
– What is known about the charges brought against him?
Sourse: breakingnews.ie
