Derek Lovelock has said it will be business as usual for occasionwear retailer Coast, despite the departure of managing director Margaret McDonald just weeks into the demerger from Aurora Fashions.
As revealed by Drapers earlier this week, McDonald is leaving the business at the end of July to join US lingerie brand Victoria’s Secret as president.
Former Aurora chairman Lovelock is stepping in to oversee Coast alongside deputy managing director Jo McWilliams and Pall Olafsson, chief financial officer. There are no immediate plans to replace McDonald.
Lovelock told Drapers the change in management would not throw Coast off course as it continues to separate from former stablemates Oasis and Warehouse, which now come under the umbrella of Fresh Channel.
It is thought the split prefaces a sale of the occasionwear specialist. Lovelock said: “Coast has a clear strategy in place and a strong management team, perfectly capable of delivering the brand operating plan. “I will naturally be spending more time in the brand. However, this will not affect the demerger, which is running slightly ahead of our original time frame.”
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