Adore Beauty Group Ltd (ASX: ABY) shares are sliding today.
Shares in the online beauty retailer closed on Friday trading for 93 cents. In morning trade on Monday, shares are swapping hands for 90.5 cents apiece, down 2.4%.
For some context, the All Ordinaries Index (ASX: XAO) is up 0.8% at this same time.
That's today's early price action for you.
Now, whether you already own Adore Beauty shares or are maybe looking to buy them, the company is about to take on a new top leader.
Image source: Getty Images
Online beauty retailer takes aboard new CEO
Adore Beauty shares have yet to get a lift from the company's announcement that Sacha Laing will take over as CEO commencing on 1 October.
Laing is replacing current CEO Tamalin Morton, who will step down from the role on 27 September.
Described as a "highly experienced omni-channel retail executive", Laing was previously CEO of Alquemie Group, a premium omnichannel retail group that owns and operates retail brands including Lego Certified Stores and Surfstitch.
Before that he was CEO of General Pants and CEO of Colette by Colette Hayman. Laing held other executive positions before that at both Country Road and David Jones.
Commenting on Laing's appointment, Adore Beauty chair Marina Go said, "Sacha's extensive retail and omnichannel experience aligns with our strategic initiatives and will be invaluable in driving Adore Beauty's future growth."
Go added:
He is an accomplished retail leader and brand manager, with significant experience across e-commerce, retail operations, private label development, product management, loyalty, as well as marketing and communications strategy.
Sacha's appointment further strengthens our leadership team, and ensures we are well-positioned to grow revenue and market share.
Laing in turn said he was "delighted" to be spearheading Adore Beauty shares during "its next chapter of growth".
According to Laing:
Adore Beauty has a well-established and significant loyal customer base underpinned by its core brand purpose to encourage and enable current and future consumers to step out every day with confidence.
We will continue to focus on accelerating our strategic growth pillars, including stand-alone Adore Beauty physical stores, further expansion of our own private label brands, and the integration and expansion of the iKOU business, expected to complete later this month.
How have Adore Beauty shares been tracking?
Investors will be hoping that Laing can help turn things around for Adore Beauty shares, which are down around 30% so far in 2024.
The beauty retailer first listed on the ASX on 23 October 2020 at an initial public offering (IPO) price of $6.75.
