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Mosaic makes move on Zara boss to fill new deputy role

High street supergroup Mosaic Fashions is believed to have offered the new role of deputy chief executive to Inditex UK managing director Mike Shearwood.

Details of the offer are under wraps, but the group is said to be keen to poach Shearwood for the job, as predicted by Drapers last month (Drapers, May 12).

The news comes as Mosaic considers a bid by stakeholder Baugur to take the company private, to focus on streamlining the Mosaic and Rubicon Retail businesses away from the public eye.

One source suggested Shearwood could join as early as August, although he is not yet believed to have made a decision on the offer. He is also likely to be on a six-month notice period.The source said Shearwood could be a great addition. "I would be delighted to have someone like that in the business," he said.

Shearwood, who is understood to have received other high-profile approaches, is responsible for building the Zara, Massimo Dutti and Bershka chains in the UK and Republic of Ireland. The business is set to top 100 stores next year.

If Shearwood took the role, he would report to Mosaic chief executive Derek Lovelock. He would provide operational expertise to develop the group's chains, which include Oasis, Coast, Whistles, Karen Millen and Warehouse.

Mosaic floated on the Icelandic Stock Exchange in 2005. Baugur holds a 36.8% stake and has tabled an £850 million privatisation bid.

Shearwood was not available as Drapers went to press. Mosaic declined to comment.

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