ea33f991-4974-4f6c-846d-a71bd7797d9b.pdf


Charles

Vogel e

S w i t z e r l a n d


MEDIA RELEASE


PERSISTENTLY DIFFICULT MARKET ENVIRONMENT SLOWS CHARLES VOGELE DOWN


After a good start ta the second half of the year, Charles Vogele Group's sales have been significantly below expectations in the last few weeks. Consequently, management believes there will be a decline in sales for 2015 as a whale (like-far-like) compared to the previous year and a negative EBITDA result in the single-digit millions.


Pfaffikon SZ, 25 November 2015 - The weakness of the euro, subdued economic growth in sales regions and the unusually warm autumn s-ince mid-October are slowing down business and inhibiting sales- at the Charles Voge le Group. Despite a good third quarter that produced a year-on-year improvement in sales (like-for-like),

management believes there will be a slight decline in sales for 2015 as a whole (like-for- like) compared to the

previous year and a negative EBITDA result in the single-digit millions.


Changes in Group Management


Matthias Wunderlin, who as Chief Sales Officer (CSO) was responsible far Charles Vogele Group's country


organizations and marketing from November 2013,is leaving the company with immediate effect. The decision was taken by mutual agreement because of differences of opinion about the operational implementation at the turnaround-strategy. 'The Board of Directors- thanks Matthias Wunderlin for his work and for his commitment to

the company,' says Max E. Katz, Chairman of the Board of Directors of Charles Vogele Holding AG. Meinrad Fleischmann, Vice Chairman of the Board of Directors of Charles Vogele I-folding AG,is taking aver the function an an interim basis with immediate effect and joining Group Management.


Meinrad Fleischmann was ti rst elected to the Board of Directors of Charles Vogele Group in spring 2014. He has been Vice Chairman of the Board s-ince May 2015. Meinrad Fleischmann is a proven retail specialist and as the former CEO of Mabel Pfister, Schild,ABM and t-+erren Globus he has many years of experience in the Swiss retail market, and especially in fashion retail. Meinrad Fleischmann wi II help Graup Management implement the turnaround measures that have been initiated, focusing particularly an implementation of the store format strategy and marketing.







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