Mat Vlasic has left his role as CEO of Universal Music Group’s merch merchandise division Bravado.
“Mat Vlasic informed the company that he is stepping down from his role as CEO of Bravado, our global merchandising division,” said a statement. “John Habbouch, Bravado’s general manager and CFO, will assume interim leadership until a successor CEO is named.”
While the departure has been reported as a mutual decision, the major’s merch business has been under pressure during the Covid-19 pandemic. According to its latest earnings report, merchandising and other revenues were down 42.6% year-on-year.
Vlasic joined Bravado from Sony Music in 2016. He was at Sony for 13 years.
John Habbouch was appointed CFO at Bravado in 2016 and added general manager to his role last year.
Under Vlasic’s leadership, the merch company experienced strong growth prior to Covid-19. In 2019, revenue increased by 79% year-on-year to €489 million (£442.5m).
Recent initiatives by Vlasic include the launch of the Rolling Stones flagship store in the UK, RS No.9 Carnaby. He oversaw successful merch campaigns by Kanye West, Justin Bieber and The Weeknd, among others.
Bravado was named Fast Company’s most innovative company of the year in 2020.