Dubai’s Marka appoints new CEO

Dubai retail and hospitality firm Marka Holding has appointed Benoit Lamonerie as its new CEO, it announced on Sunday.

Lamonerie’s appointment comes after former CEO Nick Peel resigned from his position in December 2016.

The company’s vice chairman and managing director Khaled Al Mheiri assumed the CEO’s responsibilities in the interim.

Read more: Dubai’s Marka confirms resignation of CEO

Lamonerie, who takes charge from Sunday, was previously CEO – Subsidiaries at Gulf General Investment Co (GGICO), according to his LinkedIn profile.

The executive has “led and managed major projects in the retail, hospitality, entertainment and real estate sectors, both locally in listed companies and internationally” over the last 20 years, Marka said in a brief bourse statement.

“We believe that his significant expertise and strong knowledge will be vital in leading the company through its next phase of business growth,” it added.

Marka, which operates 47 hospitality, fashion and beauty and sports outlets across the region, raised $75m in an IPO on the Dubai Financial Market in 2014.

However, the company is yet to turn profitable, and posted a net loss of Dhs150m in 2016, which it blamed on “the depreciation of the fixed assets, servicing the debt and the impairment of the goodwill which arose on various acquisitions over the prior years”.

Total revenues last year reached Dhs294m, an increase of 36.89 per cent year-on-year.

Announcing the results, Khaled Al Mheiri acknowledged that 2016 was an “extremely challenging year for the region’s retail sector, and in particular during the fourth quarter of the year”.

“Throughout 2016 we had in place a strict programme of cost control across the company which will continue into 2017, and our strategic focus will continue to be on building long-term value for our shareholders,” he added.

Also read: Dubai’s Marka opens first Middle East Ca’puccino store