Mustang, the German denim brand, has announced Theo Birkemeyer as the new CEO of Mustang Group in Künzelsau. After restructuring the company to a vertical driven business, owner Heiner Sefranek, who celebrated in April his 60th birthday, named Birkemeyer his successor.

Birkemeyer, 46, has been on board since 2006 as Head of the Mustang brand. In his new role he will oversee operations. Sefranek himself will remain managing partner and focus on strategic coordination in management while representing the company in public.

Mustang plans to strengthen its vertical operations in the future. Though wholesale will remain important for the brand, Mustang is planning to expand globally with stores. The company could up its store count to 197 Mustang stores by the end of the year and 480 stores by 2010.

In the meantime, Mustang Group is aiming to double its annual turnover to €200 million. Turnover was down 4.5% to €102.1 million for 2007; from this turnover Mustang accounted for €93.8 million, while turnover for the Bogner Jeans license stood at €8.2 million. Birkemeyer has attributed a declining turnover to its fragrance license being interrupted and the shutdown of inefficient stores.