The Iconic has announced that it has appointed a new CEO in Patrick Schmidt. The company has gone through some tough times in the press over the last six months with lots of talk of the company’s demise due to excessive discounting and high customer acquisition costs.
The Iconic has had to shed dozens of staff as well over the past few months with the company attributing it to a natural phase in their growth.
New CEO Patrick Schmidt has plenty of experience in online retail. He used to be the head of Groupon Australia as well as Groupon Latin America where he was responsible for over 2000 staff. He joins after previous CEO and co-founder of The Iconic, Finn Haensel left the company last month.
Schmidt joins at a time where the company is looking to consolidate it’s position in the market and work towards a profitable position. It’s growth has been exponential in the past couple of years and has come at a cost of profit.