Jack Wills chairman Derek Lovelock steps down

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Jack Wills chairman

Jack Wills’ non-executive chairman Derek Lovelock is set to step down from his position at the end of the year, after joining the board a year ago.

The retailer said Richard Wyatt, vice-chairman of Rothschilds, will replace Lovelock.

Regarded as a fashion veteran, Lovelock was appointed to the role in September last year after Jack Wills chief executive Peter Williams teamed up with private equity firm Bluegem in a multimillion-pound buyout of the retailer.

Lovelock, who  is also the chairman of Joe Brown, once chaired the  Aurora Fashions, the embattled owner of the Oasis and Warehouse brands, and led nursery retailer Mamas & Papas.

Wyatt has more than 30 years‘ experience in the UK financial industry and was lead adviser to Williams last year during the joint deal with Bluegem, which owns upmarket London department store Liberty, to buyout longstanding investor Inflexion.

Williams said: “Derek joined us as chairman a year ago to help the business through the first 12 months after the deal with BlueGem.

“During that first year the business has undergone a significant revitalisation and we have hired some very exciting new talent.

“The business is in increasingly great shape and so, just over a year on, Derek will be stepping down at the end of this year. I would like to personally thank Derek for everything he has done for Jack Wills.

“I have worked very closely with Richard for some time, including through the transaction with BlueGem, and am very excited that he will be formally joining us as chairman.”

Lovelock’s departure and Wyatt’s appointment comes after Jack Wills appointed Claire Waugh as chief marketing officer from Burberry and Mike Doyle joined as chief financial officer from Good Hair Day (ghd).

The retailer also recently hired  David Wertheim to be its new merchandising director, as well as establish a brand new wholesale director role that went to Superdry’s Greg Roberts.

Jack Wills‘ 2016 financial results saw it record sales growth of four per cent to £142.4 million with group EBITDA increasing to £12 million at constant exchange rates.

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