Arthur Engel is stepping down as chief executive of Björn Borg, the Swedish brand of underwear and other apparel, after five years in the job. He will stay at the helm until a replacement is found. This comes at a time when the company is rejigging its international operations. Engel opened its own operations for the brand in the U.K. and Finland, but more recently Björn Borg discontinued its business in China and its sales have been dwindling in the Netherlands. Sport Partner has reported that at least 17 out of the Swedish brand's 24 Dutch stores would close down in the coming months. Björn Borg's Dutch distribution partner, Dutch Brand Management, was quoted as saying that traffic had been shrinking by 20 to 25 percent in the last years. Björn Borg reported a sales drop of 8.7 percent to 9.4 million Swedish kronor (€1.09m-$1.47m) for the first half of this year.

Topics