Latest news with #Totterman
Fashion United
3 days ago
- Business
- Fashion United
Inspecs: US tariff uncertainty impacting sales despite strengthened demand in Europe
Eyewear manufacturer Inspecs Group has said that uncertainty around US tariffs is impacting group sales, despite seeing strength from the European market. The insight was provided by Inspecs' outgoing chair Robin Totterman, who offered the update during the company's Annual General Meeting. "The uncertainty surrounding US tariffs is impacting group sales, which as of the end of May were behind the prior year. However, demand in Europe has begun to strengthen, and projects with major retailers in the US and Canada are progressing well,' Totterman stated. Despite the challenges, however, Inspecs said it remained focused on improving operational efficiency and cost-saving initiatives, 'which are expected to accelerate in the second half, to mitigate these headwinds'. Among these projects is the strategic review of its lens business, Norville, which is expected to conclude by the end of June 2025. As part of the announcement, Totterman reaffirmed his intention to step down as chair of the company, which he had founded in 1988, to instead become director following the closing of the meeting. In a statement, the executive thanked 'everyone who has been part of the journey', adding that he would support the new chair once appointed to ensure a smooth transition. The group is continuing to 'make good progress in its search for a new independent non-executive chair and a new chief financial officer', with an update to come in due course. Looking ahead, Inspecs is anticipating broadly flat revenue for the full year 2025, compared to the year prior. Its guidance on EBITDA remains unchanged.
Fashion Network
3 days ago
- Business
- Fashion Network
InSpecs says US demand softens but Europe improves
UK-based eyewear specialist InSpecs said on Tuesday that US sales are trailing last year's but Europe is beginning to pick up. In a stock exchange announcement, the company — which makes and markets its own brands as well as operating licenses for Barbour, Joseph, Radley, Superdry, Temperley, Viktor&Rolf and more — shared the news ahead of Tuesday's annual general meeting at which founder and chairman Robin Totterman will step down from his role. Totterman said: 'The uncertainty surrounding US tariffs is impacting group sales, which as of the end of May were behind the prior year. However, demand in Europe has begun to strengthen, and projects with major retailers in the US and Canada are progressing well.' The company is also conducting a strategic review of its Norville lens business and this is expected to conclude by the end of this month. Totterman added that 'the board continues to make good progress in its search for a new independent non-executive chair ("Chair") and a new chief financial officer'. And he added that 'despite the challenges faced since the start of the year, the group remains focused on improving operational efficiency and implementing cost-saving initiatives which are expected to accelerate in the second half, to mitigate these headwinds. We expect revenue for the full year 2025 to be broadly flat versus 2024, and our guidance on EBITDA remains unchanged'. Back in April, the company released its preliminary 2024 results and said that group revenue fell to £198.3 million from £203.3 million. At constant currency, though, it was only down to £203.2 million.
Fashion Network
3 days ago
- Business
- Fashion Network
InSpecs says US demand softens but Europe improves
UK-based eyewear specialist InSpecs said on Tuesday that US sales are trailing last year's but Europe is beginning to pick up. In a stock exchange announcement, the company — which makes and markets its own brands as well as operating licenses for Barbour, Joseph, Radley, Superdry, Temperley, Viktor&Rolf and more — shared the news ahead of Tuesday's annual general meeting at which founder and chairman Robin Totterman will step down from his role. Totterman said: 'The uncertainty surrounding US tariffs is impacting group sales, which as of the end of May were behind the prior year. However, demand in Europe has begun to strengthen, and projects with major retailers in the US and Canada are progressing well.' The company is also conducting a strategic review of its Norville lens business and this is expected to conclude by the end of this month. Totterman added that 'the board continues to make good progress in its search for a new independent non-executive chair ("Chair") and a new chief financial officer'. And he added that 'despite the challenges faced since the start of the year, the group remains focused on improving operational efficiency and implementing cost-saving initiatives which are expected to accelerate in the second half, to mitigate these headwinds. We expect revenue for the full year 2025 to be broadly flat versus 2024, and our guidance on EBITDA remains unchanged'. Back in April, the company released its preliminary 2024 results and said that group revenue fell to £198.3 million from £203.3 million. At constant currency, though, it was only down to £203.2 million.
Fashion Network
30-05-2025
- Business
- Fashion Network
InSpecs names interim chair, search for non-exec chair continues as founder to step down
Eyewear specialist InSpecs Group said this week that it's 'making good progress' with its formal search for a new independent non-executive chair to succeed founder Robin Totterman. The designer, manufacturer and distributor, which is also looking for a new chief financial officer, said it expects to make a the main chair appointment no later than the end of July. Totterman will step down from the role of executive chair at this year's AGM on 3 June, with Christopher Hancock, the company's senior independent director, becoming interim chair until the appointment. Totterman has also said he intends to step-down as a director on 31 December, 'providing a suitable time period for an orderly transfer of responsibilities'. Totterman said: 'As the founder of the business and a significant shareholder, my commitment to the long-term success of the company remains unwavering. [Until I] step down from the board... my focus is on ensuring a smooth and stable transition, helping to deliver an improved business performance, and I remain dedicated to supporting the company and its employees through this important phase.' The board also said the search for a new CFO 'is progressing well', and expects the post to be finalised following the appointment of the new chair.
