After being on extended medical leave from September last year, the former CEO of Aussie apparel retailer Best & Less Group (ASX: BST), Rodney Orrock, finally decided to hang up his boots on February 1, 2023. Since then, BST has been casting around for a new CEO and has finally found one in Erica Berchtold. Berchtold, who is currently the CEO of THE ICONIC, Australia’s largest online-only fashion and lifestyle retailer, will be taking over on September 4, 2023, after completing her notice period.
Best & Less Executive Chair, Jason Murray, commented, “After an extensive global search, I am delighted to announce Erica Berchtold as the next CEO of Best & Less Group. Erica’s strong retail experience and track record of delivering profitable growth in a variety of retail markets, alongside her proven leadership skills, makes her the ideal candidate to lead the business through its next phase of growth.”
Berchtold is a highly regarded senior retail leader with over 20 years of industry experience. Under her leadership, THE ICONIC has grown its business to over $700 million in net annual revenues. Prior to her role at THE ICONIC, Berchtold was the Managing Director of Super Retail Group’s Rebel sporting goods division, where she achieved significant revenue growth to nearly $1 billion over seven years. Previously, she worked for Specialty Fashion Group as General Manager for Crossroads and Autograph, two women’s fashion apparel brands with more than 200 stores across Australia.
Berchtold shared, “I am looking forward to joining Best & Less Group at such an exciting time in the company’s growth journey. The team has done a fantastic job to build strong foundations for future growth, and I am excited by the challenge of executing the next phase of our growth strategy. BLG’s brands are synonymous with quality and value and having a close affinity with mum and her family. As a mother of three young children myself, I can personally attest to that and I look forward to deepening that relationship further to move us closer to our goal of being the number one choice for mums.”
Berchtold is known for her customer-focused and data-driven approach to retail. She has received industry recognition throughout her career, including being ranked third in the Top 50 People in e-Commerce awards for 2023, nominations for the NSW Women of the Year Awards and InStyle Women of Style Businesswoman of the Year Award, and being named Michael Page Retail Executive of the Year in 2016. She is also a Council Member of the Australian Retailers Association, a graduate of the Australian Institute of Company Directors and a former President of the Australian Sporting Goods Association.
Murray added, “The Board has been extremely impressed by Erica’s passion for our customer and category, and her value creation mindset. We look forward to working closely with Erica and BLG’s senior leadership team to deliver our strategy to extend our market position in the value retail apparel segment.”
In H1 FY23, Best & Less Group reported a 13% increase in revenue, amounting to $324k, but its profits were down 32.7% to $11k. The Company took action to reduce inventory risk and strengthen price perception due to weaker-than-anticipated consumer demand and foot traffic. With Berchtold’s extensive experience in retail and leadership, Best & Less Group aims to further strengthen its market position and drive.
Murray will remain as Executive Chair until Berchtold joins, before returning to his role as Non-Executive Chair.
Alinda is a Business Reporter for The Sentiment
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