Fernández Novo to step down from Adolfo Dominguez board

Juan Manuel Fernández Novo has stepped down from the board of directors of Adolfo Dominguez due to ‘personal reasons’, according to a document filed with Spain’s National Securities Market Commission

Juan Fernandez Novo announced his decision on Thursday and will leave the company just 12 months after being appointed to the board of Adolfo Dominguez.

He will be replaced by José Luis Temes Montes Agnès Noguera Borel.

In a press release, the company said it still working towards modernising its corporate structure, after having appointed Adriana Dominguez as a board member and general manager in July and Antonio Puente as director of operations in October.

Novo joined the designer fashion brand in 1992 as financial director, a position he held until his retirement in March 2016. Soon after, he took up a position as a member of the board.

The company praised Fernandez Novo for being “a key piece in the revival and the new approach of the brand”. Adolfo Dominguez has recently reported four consecutive months of strong sales.

In the first half of 2017, the brand reported a 7% increase in sales and narrowed its losses by 60%.