Hong Kong-based private equity house LionRock Capital recently completed its £100-million purchase of a majority stake in British heritage footwear brand Clarks and appointed Victor Herrero as new executive chairman and chief executive officer (CEO), replacing former CEO Giorgio Presca. It confirmed its intention to buy the stake in November last year.

Herrero had been a non-executive director at Clarks and was previously CEO and director of Guess Inc. between 2015 and 2019. Prior to that, he spent more than 12 years at Inditex, the parent company of Zara, holding several senior executive roles, where most recently he was head of Asia Pacific and managing director of China.

Presca had joined Clarks as CEO in early 2019 and had previously been CEO at footwear brands Golden Goose Deluxe and Geox.

The deal means the founding Clark family has ceded majority control in the business for the first time in its history, according to British media reports.

Fibre2Fashion News Desk (DS)

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