The Fragrance Shop (TFS) has appointed former JD Sports CEO Peter Cowgill as its first-ever Non-Executive Chair.
Cowgill will take up the role immediately, working closely with the Manchester-based retailer’s CEO Sanjay Vadera and the leadership team.
The appointment is part of the fragrance giant’s plans to accelerate growth after reporting increased annual sales and profits.
TFS is set to open 100 new bricks-and-mortar stores across the UK and Ireland over the next three years.
Vadera commented that TFS is “delighted” to welcome Cowgill to the team.
“With our proven strategy and clear momentum, we know TFS can develop into a world-leading multi-channel retailer,” he said.
“We are looking forward to the counsel and experience Peter will bring as we expand and grow.”
Who is Peter Cowgill and what will he bring to The Fragrance Shop?
Cowgill will help drive TFS’ expansion plans, “particularly in its digital business as it furthers its international footprint,” the ex-JD Sports boss explained.
“And in support of category expansion through acquisition and organic growth."
He added: “Against the post-pandemic backdrop and current economic headwinds, The Fragrance Shop continues to perform.
“[It is] because of its focus on innovation and ensuring it puts the customer and its members at the heart of everything it does.”
Cowgill quit as CEO of sportswear retailer JD Sports in May 2022 after disagreements with the board.
His departure was described by the company "as a consequence of an ongoing review of its internal governance and controls".
As well as a decision to "accelerate the separation" of the roles of Chair and CEO.
Cowgill spent 18 years at the helm, during which JD Sports overtook rivals JJB and Sports Direct to become the UK’s leading athleisurewear retailer.
The company’s shares also entered the FTSE 100.
When leaving the company, Cowgill agreed to a deal which will see him earn £5.5m over three years as part of a consultancy agreement.
He would also receive a year’s salary worth more than £900,000.
However, the deal prevents him from setting up a rival retailer or advising any of JD Sports’ competitors for two years.
It does not prevent him from moving into the beauty space though.
TFS has made many business changes this year, including adding cryptocurrency to its line-up of payment methods.
The company said the new payment method would bolster its existing options of traditional credit/debit card payment options and Buy Now, Pay Later services.
