Quiz chief executive steps down after 31 years as Scottish fashion chain looks to evolve

The group, which has had a rollercoaster ride as a stock market listed business, floating in 2017 with a valuation of about £200 million compared with a current market cap of just over £6m, said Tarak Ramzan was stepping down as chief executive with immediate effect. As the largest shareholder of the company, he will assume a non-executive director role and remain available to the business “as required, to ensure a smooth handover of responsibilities”.

His son Sheraz Ramzan, who had been chief commercial officer, takes up the top post. In that capacity he will implement a turnaround strategy “to recalibrate the Quiz brand, its product offering, and reconnect with consumers with the aim of moving the business back into profitable growth”, the firm said.

Meanwhile, non-executive chairman Peter Cowgill has agreed to take on a “more active role” in supporting the business through an ongoing strategic review and supporting Sheraz’s transition into his new role. Cowgill has more than three decades of retail expertise, and is best known as being the former executive chairman of JD Sports. The board continues to search for at least one additional independent non-executive director following Charlotte O’Sullivan’s departure last November.

The group, which sells occasion and dressy casual clothing and accessories, launched a strategic review in December, led by Cowgill. In 2020, it closed more than a dozen stores but has been opening and expanding others since then. In a trading update accompanying news of the boardroom changes, Quiz said UK sales continue to be impacted by “subdued levels of traffic” both in-store and online.

Sales from January 1 to February 29 of this year amounted to £8.6m, a 9 per cent reduction on the prior year period. Cumulative sales for the period from April 1, 2023 to February 29, 2024 came in at £74.4m, a fall of 12 per cent year on year. It said it had been “encouraged” by a recent increase in demand for its products in international territories, which account for more than 10 per cent of revenue.

Quiz told investors: “The group is taking a number of positive steps to counter the impact of the declining revenues including targeting cost savings for the forthcoming year, eliminating loss making activities, reviewing operational efficiencies and optimising its product offer.”

Cowgill said: “The UK apparel market has undergone significant well reported changes since Quiz’s initial public offering (IPO) in 2017 and it continues to evolve at pace. The board changes provide an opportunity for a fresh vision and new leadership approach to create value for all shareholders. I look forward to working closely with Sheraz, following his well-deserved promotion to CEO, to determine the optimum path forward for the business.”

Tarak Ramzan added: “I am grateful to all my colleagues and our customers for their support over the past 31 years in my role as CEO of Quiz. Now is the right time for me to move on from the role and I am confident that Sheraz - with Peter and the board’s valuable support - will take the business forward in what remains a dynamic and challenging retail environment.”