What: De Bijenkorf CEO Matthijs Visch steps down after less than six months, amid ongoing transformation challenges and recent ownership changes in parent company Selfridges Group.

Why it is important: This leadership change, coupled with recent ownership shifts and restructuring efforts, demonstrates the increasing pressures on traditional department stores to maintain stability while pursuing modernisation.

De Bijenkorf's announcement of CEO Matthijs Visch's departure after less than six months marks another significant transition for the Dutch department store chain. The decision, described as being "in the interests of both De Bijenkorf and himself," comes at a crucial time for the company. This change follows the retirement of Giovanni Colauto, who led the company's transformation into a high-end brand over his 12-year tenure. The leadership transition coincides with broader changes in the company's parent organisation, as Selfridges group recently sold a 40% stake to Saudi sovereign wealth fund PIF. Despite posting a modest profit in 2023, De Bijenkorf continues to face financial challenges, having previously implemented significant strategic changes including the closure of five branches to emphasise its luxury positioning. Visch, who previously held positions at Patagonia and Nike, had been appointed to lead the company into a new growth phase.

IADS Notes: The departure of Matthijs Visch after less than six months as CEO reflects broader challenges facing De Bijenkorf and the department store sector. This leadership change comes amid mixed financial results, with the company achieving a 37% increase in EBITDA to nearly €7 million despite challenging market conditions . The transition follows a significant restructuring period that saw the elimination of 37 managerial roles across its seven outlets, highlighting the ongoing transformation from mass-market to high-end positioning. This strategic shift has been further complicated by recent changes in the parent company's structure, with Central Group taking control of Selfridges Group following Signa's restructuring, and the subsequent sale of a 40% stake to Saudi sovereign wealth fund PIF. While De Bijenkorf has invested in enhancing shopping experiences and reorganising its product range, the rapid leadership turnover suggests ongoing challenges in balancing operational efficiency with strategic transformation. The company's focus on core markets in the Netherlands and Flanders represents a more concentrated approach to maintaining its premium positioning, even as it navigates the complexities of new ownership structures.

De Bijenkorf seeks new CEO after just six months