Penshoppe Group announces leadership transition

Golden ABC Inc., which owns fashion brands Penshoppe and Regatta, announced Wednesday key leadership changes set to take place next year, as its chief executive officer Bernie Liu is set to step down after nearly three decades to focus on being executive chairman.

In an emailed statement, Golden ABC (GABC) said Liu would officially step down on January 1, 2025, as he will focus as executive chairman of GABC and its holding company LH Paragon Inc. (LHPI), as part of the company's two-year succession plan.

Bernie's wife Alice Liu, who has been serving as president and chief operating officer (COO) of GABC since March 2023, will step up as CEO while retaining her position as president.

"As we embark on this new chapter as a company, I am confident that under Alice's leadership, we will continue to fulfill our purpose of inspiring greatness—through the work we do, the communities we serve, and the brands we are building—while striving toward our vision," Bernie said.

"The past two years have been a transformative journey for Golden ABC, and I am excited to lead our talented team toward an even brighter future. As we work toward the fulfillment of our vision, we will continue to innovate and bring our brands even closer to our customers," Alice said.

The company's brands include Penshoppe, OXGN, ForMe, Memo, Regatta, and Bocu.

GABC is looking to widen its nationwide footprint by opening up to 100 stores yearly, with the majority of the openings set to take place outside Metro Manila. — VDV, GMA Integrated News