Friday, August 12, 2022

Jack Wills announces redundancies

Jack Wills has announced a round of redundancies as part of a strategy aimed at bringing the fashion retailer back to profitability.

According to the Press Association, staff were told on Monday that up to 15 jobs would be cut across its buying and merchandising divisions.

While the redundancies are reportedly not linked to it, management said the company had been affected by the fall in the pound that came after the EU referendum on June 23.

The job losses are part of a turnaround plan by founder Peter Williams, who was reinstaed as chief executive of the British fashion house in August 2015 after two years.

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“We are conducting a small amount of restructuring to improve overall group efficiency and improve our speed to market for product,” a Jack Wills spokesperson told the Press Association.

“As a result, a small number of employees are entering consultation and as a result it would be inappropriate to comment further.”

Jack Wills is owned by Williams, his co-founder Robert Shaw and Inflexion Private Equity.

The high street chain decided not to float on the London Stock Exchange last year, and stated that since Williams’ return to the helm there have been “substantial improvements across the business”.

“We are about to accelerate the next stage of our growth both in the UK and internationally,” the Jack Wills spokesperson said.

“We are already seeing triple-digit like-for-like growth in certain international online markets and we expect this to continue.”

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