Struggling Chilean retail group Falabella announced the resignation of CEO Gaston Bottazzini on Tuesday, after posting its fourth consecutive net loss in August.
Bottazzini, appointed in 2018, had led a push to expand Falabella’s online footprint, including an $800mn investment in its ecommerce business. The efforts have yet to pay off, with the company suffering from a slowdown in consumer spending in Chile. The country has struggled to revive its economy following a period of unrest in 2019 and the Covid-19 pandemic.
“I’m sure that during the next few years, we will start to reap the rewards of the efforts made during this challenging digitisation process,” Bottazzini said.