LONDON — Colin Henry has stepped down as British clothing retailer Jaeger’s chief executive officer, the firm said Monday.
In a statement, Jaeger said that Henry “had decided the time is right for a new chief executive to continue the next phase of [the business’] turnaround.” Henry added in the statement that “now is the right time to move on to a new opportunity.”
The firm is owned by private equity firm Better Capital, which acquired the then-struggling Jaeger in April 2012. Henry had served as ceo since July 2013.
Jaeger’s executive team will continue to lead the business, and the firm said it will continue in its strategy of repositioning itself as a “premium retailer in the current consumer environment.” It’s understood the company has begun the process of searching for a new ceo.
According to sources, Henry and Better Capital had clashed over whether to take the business in a higher-end or more mass direction to secure its turnaround.
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Jaeger underlined that during Henry’s tenure, the label saw same-store sales growth of 8 percent in the 2014-15 fiscal year, and that the firm’s retail store estate has seen improvement, by refreshing the store portfolio and exiting from “onerous” locations.