Arthur Ryan the founder of the Primark chain in the UK, will be stepping down from his role as chief executive of the company after forty years at the helm.
Over the last ten years Primark has become increasingly popular for its ‘throw away fashion’ clothing, using the stack ‘em high, sell ‘em cheap philosophy that has proved to work for the group.
The financial crisis has really highlighted the Primark business in the UK, as consumers who have historically shopped at the sharper end of the market have reined in their spending or no longer have as much disposable income.
Indeed, Primark have enjoyed an increase in sales during a period in which high street retailers such as Next and Marks & Spencers have been hardest hit.
Ryan, who founded the company in Ireland in 1969 when it was called Penneys, will be replaced by Paul Marchant who joined the business earlier this year after four years with high street rival New Look.
Arthur Ryan says:Â “I am extremely proud of all that Primark has achieved. As chairman I am looking forward to working with Paul to ensure the ongoing success and future development of the business.”
Primark is part of the Associated British Foods group.
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