Coats Group hires key non-exec at "exciting" time
Industrial threads manufacturer Coats Group has attracted a big hitter to its board. Steve Murray, formerly Global Brand President of The North Face, is to join as a Non-Executive Director, effective 1 September. In addition, he will join its Audit and Risk Committee, the Nomination Committee and the Remuneration Committee.
Murray has more than 30 years’ experience in the apparel and footwear industry. Prior to The North Face, he was a member of the US parent group VF Corporation, where he was a member of the apparel and footwear giant’s executive leadership team.
He previously served as CEO of Airwair International, owner of the popular fashion footwear brand Dr Martens and has also served as Global Brand President of Urban Outfitters, and EMEA President at Deckers Brands.
Coates chair David Gosnell said: “He is a very experienced Director with in-depth knowledge and understanding of our Apparel and Footwear end-markets. He will be joining the Board at an exciting period in the corporate story of Coats as it continues to accelerate its footwear business with the acquisitions of Texon and Rhenoflex."
Earlier this month, Coats agreed to buy Germany’s Rhenoflex, the maker of sustainable structural materials for the footwear industry, for €115 million. Soon after, it also announced a £92 million placing and retail offer to fund the acquisition
Following the recent acquisition of Texon, Coats said Rhenoflex represented a “synergistic bolt-on acquisition” and a “unique opportunity” to strengthen its position as a global leader in footwear components.
At the beginning of August, Coats Group also reported “outstanding” half-year results to 30 June.
Group sales for the period jumped 19% on a CER basis (14% on a reported basis) following favourable underlying market conditions, while operated profit lifted 28% (currency-neutral) and by 35% reported.
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