The founder and non-executive chairman of fashion retailer FJ Benjamin Holdings, Frank Benjamin, is to retire by the end of this year after 63 years of building the fashion empire in Southeast Asia.
Benjamin will hand over board leadership to the group’s CEO Nash Benjamin, who takes on a new role as executive chairman from January 1. Subsequently, the incumbent group COO Douglas Benjamin will take over the CEO role.
Benjamin founded FJ Benjamin in 1959 and pioneered mono-luxury retailing in Singapore, bringing brands like Gucci, Lanvin and Fendi to Southeast Asia.
“FJ Benjamin and everything we are and have been, we owe to Frank,” said Nash Benjamin. “His entrepreneurial skills, vision, passion for the business and his strong grasp of the ever-changing consumer landscape have guided us over the years.”
Meanwhile, the soon-to-be CEO, Douglas Benjamin, has more than 30 years of experience in FJ Benjamin’s retail and distribution business.
“Nash and Douglas have been steering the group in recent years through the difficult period of reorganising our brand portfolio and recently through the Covid-19 pandemic,” said the founder. “I have every confidence that with their experience and expertise, they will be able to take the business back to the growth trajectory of the past.”
The Singapore-listed company manages more than 20 brands and operates 144 stores across Southeast Asia. The group’s international brand portfolio includes fashion, lifestyle and timepiece brands. FJ Benjamin’s sales in the year to June 30 rose 21 per cent to US$58 million. The company reported a net profit attributable to shareholders of $2.16 million, against a loss of $7.8 million the preceding year.