Owner of David Jones hires Levi jeans’ US boss as its new CEO in an effort to overhaul the business amid plummeting sales
- Ian Moi will step down in February after nine years at the helm of David Jones
- Levi CEO Roy Bagattini will take over after three years at the US denim company
- The decision was made to overhaul the department store’s struggling business
- Since the news broke, shares surged more than nine per cent in Johannesburg
After nine years at the helm of Levi Strauss, Roy Bagattini (pictured) will take over as CEO of David Jones
The owner of David Jones has hired Levi’s boss Roy Bagattini to take over as CEO.
Ian Moi will step down in February after nine years at the helm of the department store giant.
Bagattini headed Levi Strauss in the US for three years, and has also worked for Carlsberg beer and South African-founded brewer SABMiller.
David Jones’ South African owner Woolworths Holdings made the decision to bring on Bagattini on as top boss to overhaul the store’s struggling business.
Since news broke that Bagattini will be taking over, Woolworths’ shares surged more than nine per cent in Johannesburg.
Moir will continue as acting CEO for the time being, while he works closely with Bagattini for a smooth transition of roles.
‘You’ve got fresh eyes with no vested interest in any particular region or business that can arguably have an objective review of the business and make objective decisions on where it should be going in future.’
David Jones has suffered plummeting profits amid changing buying patterns and shoppers turning towards online retailers or fast-fashion behemoth Zara.
‘Roy has extensive operational, management and turnaround experience in global consumer and retail markets, which will prove invaluable as we continue to navigate the structural changes taking place in the retail sector and the challenges particular to our group,’ Woolworths Chairman Hubert Brody said.
David Jones’ South African owner Woolworths Holdings made the decision to bring on Bagattini on as top boss to overhaul the store’s struggling business. Pictured: David Jones ambassadors Jesinta Campbell, Jason Dundas and Jessica Gomes