Electrical goods retailer Kesa has seen a sharp fall in profits, from 102 million euros to 59 million in just one financial year.
After this ‘exceptionally difficult’ period, the Group has decided to change its name to Darty, the name of a French brand owned by Kesa.
The name change will take effect from July 31st and comes after the sale of UK chain Comet earlier this year.
“The Darty brand in France is an iconic brand built on the strength of its service to customers and we continue to roll out the strength of this concept across all our other markets and local brands. Following the disposal of Comet, the Board has decided to rename the Group as Darty to reflect in our name our iconic brand," commented David Newlands in an official statement.
Another shake up in the Group will see David Newlands replaced by Mothercare’s non-executive chairman Alan Parker in September.
“I look forward to working with the management team in these challenging times to improve performance and deliver increased shareholder value,” said Parker.
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