Changes are underway at Pentland Brands, as the U.K. parent of a portfolio that includes Speedo, Ellesse, and Mitre among others, is reportedly restructuring the organization. Over the next six months, a program of simplification is expected to include: Re-focusing efforts on digital innovation and consumer engagement; moving Speedo’s global product office to the U.S.; and laying off approximately 90 staffers from its global workforce of about 1,400. The smaller staff will direct its attention on product development, digital capabilities, and consumer data analysis.
By early 2024, under the direction of CEO Chirag Patel, Pentland intends to establish a hub in the Farringdon area of London, the group said in a statement. Sometime in the coming months it will also re-locate the global business operations of its Canterbury brand to New Zealand, with the U.K. overseeing the brand’s team apparel and licensed properties. A “global product engine” will be created for Speedo in the U.S.
Patel has said the group is presently on track to achieve FY23 revenues and profits above pre-pandemic levels: “We’re a growing business with 2023 revenue and profit expected to exceed pre-pandemic highs. Our plans will accelerate this growth and position us at the forefront of digital innovation and consumer engagement, at a moment in time when our brands are more important than ever in helping people to live more active and healthy lives.”
The business changes are expected to be in place by the end of Q3 2023, with the new central London Hub opening in early 2024.
The Rubin Family, which controls privately held Pentland, has tapped McKinsey to help it develop new strategies for the overall business. Pentland is the majority owner of publicly traded JD Sports Fashion.
Two weeks ago, the group said it was establishing a youth board consisting of six individuals under-30 from the U.K., US, India, Vietnam, and China to act as a focus group and offer input on the company’s key strategic decisions.
