// TM Lewin CEO resigns following the retailer’s sale to private equity firm SCP last month
// Sven Gaede had joined the retailer in March 2018
TM Lewin chief executive Sven Gaede has reportedly stepped down from his role after the sale of the British menswear business to private equity firm SCP in May.
Gaede joined TM Lewin in March 2018, replacing Geoff Quinn, who was at the helm since 1993.
He previously spent three years as the international managing director of fast fashion retailer New Look, and has held chief executive roles at menswear brand Hackett and handbag retailer Radley.
- TM Lewin warns on shuttering stores if rent cuts unsuccessful
- TM Lewin snapped up by new private equity owner
TM Lewin chief financial officer Marc Lombardo has also resigned, having joined the business in August 2017.
The resignations follow the purchase of TM Lewin from Bain Capital by SCP subsidiary Torque Brands.
The vehicle was set up by SCP to “acquire a portfolio of complementary British brands into one centralised shared services platform”.
TM Lewin has been backed by Bain Capital since 2015, when the firm invested alongside the retailer’s management team to refinance the business.
SCP said Torque’s specialist team is now working with the company to put processes and procedures into place that will safeguard the future of the business, Drapers reported.
The SCP team consists of ex-Harrods managing director Paul Taylor and ex-Asda chief executive Allan Leighton, who has also sat on the board of luxury department store Selfridges.
At least 650 of TM Lewin’s 700 staff have been furloughed under the government’s Coronavirus Job Retention Scheme.
It currently trades from 66 stores in the UK.