LONDON — The Fang family is taking over the reins at Pringle of Scotland.
Douglas Fang has been named Pringle”s chief executive, replacing Kim Winser, who announced her resignation last month. Fang, the son of Pringle chairman Kenneth Fang, will assume his new post on Jan. 1.
The Fang family business, S.C. Fang & Sons Co. Ltd., acquired Pringle from Dawson International plc in 2000, and since then has turned it from a brand known mainly for woolen knits and golfwear into a fashion label with cashmere knitwear at its core.
As reported last month, Winser will step down from her post to pursue a new business venture, and has been handing over her daily responsibilities to Fang and his sister, Jean Fang, who is Pringle”s chief operating officer, since March. Pringle also has a new creative director, Clare Waight Keller, who joined the company in July after stints at Calvin Klein, Polo Ralph Lauren and Gucci.
Since Winser took over in 2000, sales have grown to 100 million pounds, or $174 million, from 10 million pounds, or $17.4 million, according to industry sources. The company is privately owned and does not release official figures.
Douglas Fang has served as a director of Pringle since 2000, and has worked closely with Winser and her turnaround team. He is also a director of Fang Brothers Investment Ltd., an affiliate company of Pringle. Before joining Fang & Sons, he was an investment banker at Donaldson, Lufkin & Jenrette in New York.
As reported, Kenneth Fang plans to step down as chairman. A Pringle spokeswoman said, however, that no date has been set, and no replacement has been named.
Pringle next year will launch a fragrance, a footwear line, and children”s wear, all under license. The details of the agreements are being ironed out.