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Jelena Bošnjak: I have a desire to help Varteks

Jelena Bošnjak is the new member of the Management Board of Varteks (the only member), as decided at the meeting of the Supervisory Board of the company, and her five-year term began on March 1 of this year. At the same meeting, the previous member of the Management Board Dražen Dobiš, who had been at the helm of Varteks since 2022, was dismissed.

The new leader of Varteks is an award-winning fashion designer from Kaštela, and in response to our inquiry, she stated that she wants to ‘modernize production and retail, and create a recognizable style’.

Bošnjak was appointed to lead the company shortly after Stjepan Čajić became the second-largest shareholder with 24.41 percent of the shares (the largest remains Marko Vučijević, who controls 24.9 percent of the shares). In response to our question about how connected the change in ownership structure is to her appointment, she stated that she does not believe these two things are related as she does not know Čajić, although she added that she plans to meet him soon, as well as others.

She also explained to us why she decided to take over the management of a company that is in a difficult situation.

– I heard from a long-time friend that a candidate for the management of the company is actively being sought, and she encouraged me to apply. The situation is extremely difficult, and thus a great challenge from a managerial perspective. I have a lot of experience in this industry, both as a designer and as a manager. As a creator, I grew up looking at Varteks as a role model because it is the largest fashion brand from this region. I have a desire to help Varteks with my accumulated knowledge and experience, and my engagement is currently pro bono – said Bošnjak.

According to the financial report (unaudited, consolidated) published on the Zagreb Stock Exchange, Varteks sank even deeper last year as its revenues decreased to 14.6 million euros, which is 2.6 million or 15.1 percent less than in 2022. This continues the decline in revenue after 2021, in which the revenue amounted to 19.7 million euros. Last year, a larger loss was also recorded, amounting to 4.4 million euros (in 2022, the loss was 2.8 million euros).

The financial report states that illiquidity continues to have the greatest impact on the group’s operations, as well as inflation. In addition to the announced plans, the new member of the Management Board of Varteks is also expected to continue the restructuring of the business and further negotiations regarding the sale of inactive long-term assets.

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