- Prachi Singh |
British fashion label Jack Wills has brought retail veteran Rob Templeman on board to sort out the issues between the company and its co-founder Peter Williams, reports Retail Gazette. It was earlier reported that Williams is expected to leave his CEO’s role over disagreement with BlueGem, the private equity investor that holds a controlling 60 percent stake in Jack Wills.
A Sunday Times report added that Templeman, who successfully managed the buyout deals for Homebase, Halfords and Debenhams in the early 2000s, is understood to be working with BlueGem facilitate Williams' exit from Jack Wills.
British fashion label adds a new board member
The report adds that ex-Debenhams trading director Suzanne Harlow is expected to replace Williams, once he parts ways with the company. Williams had founded Jack Wills with his friend Rob Shaw in 1999 but left the company in 2013 only to return in 2015 after Wendy Becker resigned amid falling sales and profits.
The Times report adds that Jack Wills lost 955,000 pounds (12,16,808 dollars) before tax on sales of 142.4 million pounds (181.4 million dollars) in the year to January 2017, according to the most recent accounts. However, since then, the company’s sales have taken a hit by the drop in the pound and the negative impact of focusing on wholesaling.
Picture:Jack Wills website