Chief executive, HMV Group
Simon Fox’s fast-growing reputation as a turnaround specialist was cemented last year when he emerged as the front-runner for the top job at ailing media group ITV. But Fox was not interested, preferring instead to stay on at HMV and continue his mission there.
The cerebral Fox has had another busy year at the helm of the entertainment retailer, buying its live music venue partner Mama Group outright. Meanwhile, a turnaround strategy at book chain Waterstone’s resulted in the departure of its managing director Gerry Johnson at the start of the year and the recent launch of a new brand proposition.
The decline in sales has slowed at the book chain, but sales at HMV have taken a turn for the worse - like-for-like sales have slumped a disappointing 13.2% in the 16 weeks to April 24.
However, this apparent weakness in traditional entertainment retailing vindicates Fox’s strategy to widen HMV’s revenue sources. With forays into cinemas, ticketing, gaming and music festivals growing, he is successfully demonstrating just how far the HMV brand can be stretched.
No comments yet