Holland & Barrett rows back global plans as international boss exits

Lu, who was managing director at Homebase prior to its ill-fated acquisition by Bunnings and has previously held senior roles at Tesco, has left the health and wellness retailer after nearly two years leading its international division.

It is not known if Lu has a new role lined up, but a search for her successor at Holland & Barrett is underway.

In an internal memo seen by Retail Week, Holland & Barrett said: “Echo joined H&B at the beginning of 2018 to drive our global expansion. As the retail environment and business priorities change, our short-term focus has shifted to improving the UK performance and ensuring our core international markets are performing well before we extend ourselves further afield. Following lengthy discussions, Echo would like to pursue new opportunities outside of H&B.”

The business currently operates in 15 overseas markets, including China, Belgium, Sweden and the Netherlands, through a combination of its own stores and those operated by franchise partners.

Lu’s departure comes after Holland & Barrett’s appointment of former Travis Perkins chief operating officer Tony Buffin as new chief executive in May – also revealed by Retail Week.

A spokeswoman for the retailer said: “With a new board and management team in place, the strategy has been refined to better position the business for future growth.

“As part of this, we have also reviewed how and where we intend to expand internationally. Given the changes to our international plans, Echo Lu decided that she would like to pursue a career outside of Holland & Barrett and has been helping us with our transitionary arrangements. We are appreciative of this support and wish Echo well in her future endeavours.”

The retailer, which was led by Peter Aldis for 10 years prior to his departure in March, was acquired by investment vehicle L1 Retail in 2017 for £1.8bn.

In an interview with Retail Week last May, Aldis said Holland & Barrett planned to go “from being a health and wellness retailer to being a global specialist health and wellness platform”.

“L1’s plans for this business are huge. They’re not a private equity firm – they’re a long-term investment firm and there is no real demand on that investment being paid back,” he added.

Former Home Retail Group boss and L1 Retail advisory board member John Walden stepped down as executive chair of Holland & Barrett in June.

Walden was appointed as non-executive chair last November and took the role of executive chair in the intervening period between Aldis’ exit and Buffin’s appointment as his successor this year.

Holland & Barrett reported a 12% fall in pre-tax profit in the year to September 30, 2016, with sales up 4.5% to £444.1m, as profits were hit by investment in its multichannel proposition.