AHAlife appoints luxury and e-commerce veteran Christopher Colfer as Non-Executive Director
AHAlife Holdings Limited (ASX: AHL) has appointed luxury and e-commerce veteran Christopher Colfer as a Non-Executive Director of the Company, effective from 24 March 2016.
Colfer will serve an important advisory role and bring his strong expertise in luxury and e-commerce to further drive the success of the AHAlife marketplace.
Colfer is an international Chairman, Chief Executive and Board Director with an exemplary track record in multiple industry sectors including luxury goods, branded goods and E-Commerce. He is highly skilled in strategy, retail, e-commerce, business development and marketing. He was the longest serving Non Executive Board Member of online luxury fashion retailer NET A PORTER, where he oversaw the initial investment by Richemont, saw its transformation into a billion-dollar company, and subsequently led the full acquisition in February 2010. Currently Colfer sits on the board of personalised fashion marketplace LYST, Nude by Nature, Huntsman & Sons and Crumpler.
During his career he has revitalised and repositioned organisations and brands to industry leaders. Notably, Colfer successfully transformed UK luxury goods brand Alfred Dunhill Ltd. as CEO from June 2005 to October 2012 from a loss making company with double digit negative sales growth to an industry leader with year-over-year double digit sales growth. While at Richemont, he also oversaw the investment in, and management of, various textile businesses including Chloe, Shanghai Tang, Old England, Hackett and James Purdey and Sons.
Chief Executive Officer, Shauna Mei said: “We’re delighted to welcome Chris to the board and believe his experience and expertise in high growth online businesses and the luxury industry will add value to the strategic direction and continued execution of the AHAlife marketplace. We look forward to working closely with him as we continue to scale the business and acquire customers from around the world.”
Colfer added: “AHAlife is tapping the market potential of millions of independent designers and artisans around the world. This opportunity, combined with AHAlife’s marketplace business model where no inventory is held and data is used to provide a personalised shopping experience will be a game changer in the artisanal space. I’m looking forward to supporting AHAlife achieve its potential.”
Details of equity incentive package
As part of his remuneration, subject to shareholder and regulatory approvals (if required), Mr. Colfer will be granted 1,635,000 performance rights (which represents approximately 1% of the total issued capital of the Company). Material terms of the performance rights are as follows:
• An eighth of the total performance rights will vest every 3 months from the appointment date.
• Subject to having vested, the performance rights will only be delivered to Mr. Colfer upon satisfaction of these conditions:
o With respect to a third of the total performance rights, these will only be delivered to Mr. Colfer once the Company achieves positive operating cash flows within a rolling 12-month period;
o With respect to a further third of the total performance rights, these will only be delivered to Mr. Colfer once the Company achieves revenue in a rolling 12-month period in excess of AUD$20 million; and
o With respect to the remaining third of the total performance rights, these will only be delivered to Mr. Colfer once the Company achieves revenue in a rolling 12-month period in excess of AUD$50 million.
• Subject to having satisfied the vesting and delivery conditions, each performance right will convert to one fully paid ordinary share.
All the vesting and delivery conditions are subject to leaver provisions and acceleration rights in the event of a change of control.