Shares Slump As Joules Boss Announces Exit

The Chief Executive of Market Harborough-based Joules is to leave the fashion retailer after three years in charge.

Today’s announcement of the forthcoming departure of Nick Jones came as the firm issued a profit warning, with the soaring cost of living impacting sales.

Shares in Joules, which employs around 400 people at its Rockingham Road headquarters, fell sharply today as it also announced a shake-up of wholesale operations as a result, including pulling out of the EU and USA next year.

It is also cutting the amount of products it sources from China, to cut its dependency on that country and improve stock delivery times.

The Joules HQ in Market Harborough
Pic: Andy Carpenter

Joules, which opened its new £20m HQ in November, said it will start its search for a new boss “immediately” to ensure a smooth transition.

Non-executive chairman Ian Filby said: “On behalf of the board and everyone at Joules, I would like to thank Nick for his significant efforts over the last three years. He has led the business with integrity, care, and energy during what has been a particularly challenging period for the retail sector, including during the Covid-19 pandemic.

“Under Nick’s leadership Joules has made good progress against its strategy to develop as a digital-led lifestyle group. More recently, he has led the business in implementing a number of important strategic initiatives that will underpin the group’s future over the coming years.”

In a strategic update today, the firm said sales were up almost a third over the last three months, although the rising cost of living was making market conditions more challenging and performance had fallen below expectations in some parts of the business.

Nick Jones is leaving the firm