Primark poaches TK Maxx executive

Value fashion giant Primark has strengthened its senior management team by poaching an executive from rival TK Maxx.

Peter Franks, most recently TK Maxx vice president of store development, joined Primark as director of store development this month.

The hiring of Mr Franks, whose remit covers all areas of store development, is the latest in a series of senior appointments by Primark.

This month, The Independent revealed that Primark had hired Guy Young, a veteran at retailer C&A on the Continent, as international trading director. The hiring followed that of New Look director Paul Marchant as Primark chief operating officer.

Primark has aggressive expansion plans in the UK and on the Continent. It plans to open in Holland and Germany next year, as well as launching in Portugal.

In the UK, Primark opened a new store in Derby city centre yesterday. The Independent has learned that it also wants to open at least one more store on Oxford Street because its existing flagship is overtrading. The Primark flagship takes an average of more than £2.5 million in sales a week.

A Primark spokesman said: "It is not inconceivable that Oxford Street could sustain another store." Rival Marks & Spencer has two stores on Oxford Street, while Next has three.