Baby Bunting has announced the appointment of former Afterpay Global Chief Product & Chief Strategy Officer Mark Teperson as its new Managing Director & CEO.
Baby Bunting has announced Mark Teperson will take over the role of Managing Director & CEO on 2 October 2023. With more than 20 years’ experience across retail and fintech, Mark Teperson joins Baby Bunting from Afterpay where he was Global Chief Product & Chief Strategy Officer. Prior to that role, he was the Chief Digital Officer at Accent Group, where he built the Digital business and capability from inception. And before that, co-founded omni-channel retailer Shoe Superstore in 2005 which was acquired by Accent Group in 2009.
Baby Bunting Chair, Melanie Wilson, said, “In February 2023, we announced details of our leadership succession planning, and I am now very pleased to announce and welcome Mark Teperson as the next Managing Director & CEO of Baby Bunting. Mark brings deep omni-channel retail experience, passion for the consumer and relentless pursuits of excellence. He is a passionate retailer who has delivered significant growth and innovation in previous roles. The Board and I look forward to working closely with him as we drive the next phase of growth for Baby Bunting.
“I would also like to acknowledge and thank Matt Spencer for his leadership and his commitment to ensuring a smooth handover. The organisation he has helped to build and the impact he has had on the Company’s strategy, structure and operations leave Baby Bunting well placed for continued success.”
In February, the company announced that after more than 11 years in the role, CEO and managing director Matt Spencer would be leaving the role at the end of the year.
During his tenure, Matt Spencer led the company as it successfully listed Baby Bunting on the ASX in October 2015. Transitioning from a store network of 33 stores with around $200 million in annual sales in 2015, to over 70 stores in Australia and New Zealand and annual sales around half a billion dollars at its peak in recent years.
“On behalf of the Board, I would like to extend our deep gratitude to Matt for his leadership and integrity and for the instrumental role he has played in the Company’s transition to an ASX-listed company,” said Baby Bunting Chair, Melanie Wilson of departing CEO Matt Spencer. “He has successfully executed on the Company’s strategy that has seen it grow to be the leading nursery goods retailer in Australia and has laid out a vision for Baby Bunting’s growth here and overseas.”
The company has had a rough start to the first half of 2023, with the second half yet to be reported. The first half results, released in February, saw higher business costs and a decline in demand lead to a profit loss. For the half year ending 26 December 2022, NPAT was $2.7 million, down 67 percent on the same time the year before when Baby Bunting reached a profit of $8.1 million.
Baby Bunting’s strategy for the year ahead has a focus on growing market share from its core business, investing in digital, growing in new markets and profit margin improvement. Baby Bunting Marketplace presents a significant revenue opportunity, and is on track to launch in Q4 FY23 with plans to launch with 1,000 additional products.
Mark Teperson said, “I am thrilled to be joining the team at Baby Bunting. The Company has achieved a lot and has set solid foundations for an exciting journey ahead. As I lead the business into its next phase of growth, I am fuelled by excitement. Returning to the world of retail, I am laser-focused on delivering unparalleled experiences and products and services that will truly captivate our customers. Being part of an organisation with a strong purpose and a leading omni-channel offering is a tremendous privilege. Together, we will create a world-class consumer experience making a lasting impression in the industry.”
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