The CEO of Joules, the Market Harborough-based lifestyle group, is to step down from the role after three years with the company.
Since joining the business in 2019, Nick Jones has helped Joules to navigate through an unprecedented trading environment, particularly during the COVID-19 pandemic. During his tenure Joules has achieved several key strategic milestones including the launch and expansion of Friends of Joules and the growth of the group’s active customer base and brand awareness to all-time highs.
The Board will begin the search for Nick’s successor immediately.
The news comes as Joules provides a trading update relating to the 13 weeks from 1 February to 1 May 2022.
The business says it has continued to deliver strong revenue growth, of approximately 20% for the period. However, the firm noted that as market conditions have become more challenging during and following the Easter period, as consumer confidence has been impacted by the rising cost of living, Joules has not been immune to these sector-wide pressures, which have led the group’s profit performance to fall below management’s expectations in certain areas.
Nick Jones, CEO of Joules, said: “Building on the strategic progress made so far, over the coming months we will continue to deliver against the clear priorities that the Board and I believe will create a strong foundation for Joules to achieve its significant long-term potential, as well as helping the business to navigate the current challenging trading environment.
“Joules is a fantastic brand with great people, loyal customers, and a differentiated product offering. Underpinned by the strategic actions we are taking to optimise the business, Joules will emerge stronger and better positioned to achieve long-term, profitable growth.”
Ian Filby, non-executive chairman of Joules, said: “On behalf of the Board and everyone at Joules, I would like to thank Nick for his significant efforts over the last three years. He has led the business with integrity, care, and energy during what has been a particularly challenging period for the retail sector, including during the COVID-19 pandemic.
“Under Nick’s leadership Joules has made good progress against its strategy to develop as a digital-led lifestyle group. More recently, he has led the business in implementing a number of important strategic initiatives that will underpin the group’s future over the coming years.
“The Board will now begin a search process for Nick’s successor and will share an update in due course.”
