Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Figleaves founder wants 'real retailer' for top job is searching for a new chief executive as it gears up to make a profit for the first time next year.

Daniel Nabarro, who co-founded the lingerie etailer almost nine years ago, will step down as chief executive but will remain as chairman.

Nabarro has a 34% stake in Figleaves and wants someone with a retail background to run the company. He said: "I'm a serial entrepreneur and Figleaves has evolved beyond my expectations. It is now ready to be run by a real retailer."

He is in talks with a handful of candidates and said he hoped to make an appointment within three months. "I'm looking for a great communicator with knowledge of the industry," he said. The ideal candidate would not need an online background, he added.

Nabarro sits on the board with Benchmark Europe, which holds a 38% stake, and other major shareholders.

He also revealed that Figleaves as a whole would post a profit for the first time next year. "We're expecting significant growth," he said.

Figleaves' UK division hit profit for the first time in 2004, but the US-owned company reported pre-tax losses of £4.2 million for the year to July 2, 2006.

Part of the new chief executive's challenge could be to float the company in the next two to three years. "It makes a lot of sense, but public markets are very fickle," said Nabarro. "We'll do the right thing for the company when the time is right."

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.