Quiz has confirmed that founder and chief executive Tarak Ramzan has stepped down with immediate effect and will be succeeded by the retailer’s chief commercial officer, Sheraz Ramzan, as sales slowed amid its ongoing strategic review.
Tarak Ramzan will assume a non-executive director role. The business said Sheraz Ramzan will bring “a fresh approach” alongside his “extensive” knowledge and experience of the business.
Quiz said the change comes as part of a plan to “recalibrate the Quiz brand” and to move the fashion retailer back into a phase of profitable growth.
The retailer’s non-executive chair Peter Cowgill is also taking on “a more active role” in supporting the retailer through its ongoing strategic review and the transition.
The news comes after Quiz sales dipped 9% to £8.6m during the period from January 1 to February 29, 2024, compared with the same period last year.
Cumulative sales between April 1, 2023, and February 29, 2024, were also down 12% to reach a total of £74.4m.
Quiz said it is “encouraged” by a recent hike in demand for its products in international geographies, particularly in Saudi Arabia following its new franchise partnership with the Al Othaim Group.
The fashion retailer is also launching a new omnichannel retail platform, which it says will improve its customer experience and help “maximise revenues and optimise management of stock” across the business.
Tarak Ramzan said: “I am grateful to all my colleagues and our customers for their support over the past 31 years in my role as CEO of Quiz.
“Now is the right time for me to move on from the role and I am confident that Sheraz – with Peter and the board’s valuable support – will take the business forward in what remains a dynamic and challenging retail environment. I remain a highly supportive shareholder and look forward to the future with optimism.”
Sheraz Ramzan said: “Having worked my way up the company over the years, I am deeply passionate about Quiz and have extensive knowledge and understanding across all aspects of the business.
“I look forward to transitioning into the CEO role and working closely with Peter and the rest of the board to drive change and successfully implement a turnaround strategy, maximising value for all shareholders.”
Cowgill added: “The UK apparel market has undergone significant well-reported changes since Quiz ’s IPO in 2017 and it continues to evolve at pace.
“The board changes announced today provide an opportunity for a fresh vision and new leadership approach to create value for all shareholders. I look forward to working closely with Sheraz, following his well-deserved promotion to CEO, to determine the optimum path forward for the business.
“On behalf of the board and everyone at Quiz, I want to express our sincere gratitude to Tarak for his strong leadership and unwavering commitment since founding the business.
“Tarak is an exceptional entrepreneur and I have greatly enjoyed working with him in my capacity as chairman since 2017. I look forward to his continued support and input as a non-executive director and major shareholder.”
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