Better Capital has confirmed the appointment of turnaround consultancy AlixPartners as a financial advisor to Jaeger following the departure of its chief executive Colin Henry last week.
Jon Moulton, founder and chairman of Better Capital, told Drapers they were “talking to” Alix Partners but it is not leading Jaeger’s turnaround plan.
He said: “The existing executive team are running the business at Jaeger. A replacement for Colin Henry has not been appointed, nor is close to being appointed.”
Last week it was revealed that Henry had taken an unexpected leave of absence from the Jaeger. He was appointed chief executive in 2013, having previously been chief product officer at Esprit and holding product roles at Nike, Umbro and Ralph Lauren.
Better Capital said that, during Henry’s time. Jaeger delivered like-for-like sales growth of 8% in 2014/15 and 10% in 2013/14. Online sales increased 42%for the 2014/15 financial year and have continued to increase since the financial year end.
Its two new concept stores in London’s Chelsea and Belfast have performed ahead of expectations and there are two new mainline stores planned before Christmas.
Reports suggest Henry left following a difference of opinion with Better Capital, which wanted to focus on the more mass-market end of the high street while he believed that this could damage the upmarket quality of the brand.
Following his departure, Better Capital said: “the business will continue in its strategy to reposition itself as a premium retailer in the current consumer environment whilst restoring its iconic brand.”
In a separate development, Moulton has split from long-term business partner Mark Aldridge. Aldridge, a former BDO partner, co-founded Better Capital with Moulton and operations chief Nick Sanders in 2009. Moulton described the split as “entirely amicable”.
Better Capital has also appointed former FTSE 100 company Capita chief operating officer Simon Pilling as chief executive of its UK-based consultancy arm. Pilling joined Better Capital as head of portfolio in November last year.