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Myla on the hunt for chief executive to drive growth

Lingerie brand Myla is searching for a chief executive to steer the business through the next phase of its expansion.
Daniel Gestetner, who was part of a consortium of private equity firms including the Duet Group, Octopus Asset Management and Lilestone that acquired the brand in 2005, will stand down as chief executive but will remain on the board.

The luxury brand is seeking a replacement with a “strong retail background”.

Gestetner said: “After we acquired the brand in 2005, my intention was to come in for a six- to 12-month period to set the brand up for significant growth. Now this objective has been achieved, I feel it is the right time to bring in an industry chief executive with the relevant experience to drive the business forward and achieve our vision of becoming a global luxury lifestyle brand.”

Over the past two years, Gestetner has been credited with growing Myla’s turnover by about 80% a year, although the company declined to reveal sales data to Drapers. He also launched the brand into new markets and opened new shops and concessions, including in Harrods and Brown Thomas in Dublin.

Gestetner added: “We want to find someone with a strong retail background teamed with an understanding of the luxury market, who can steer the business into the next phase. The new chief executive will oversee the brand’s global expansion and drive sales and profitability.”
He hopes to recruit his successor within the next three to six months.

Myla launched its first wholesale collection for autumn 07 at Harrogate Lingerie & Swimwear Exhibition in August, and hopes to secure 70 accounts by the end of the year.

The brand has 12 stores and concessions across the UK, US and Germany. It is also in talks with potential franchise partners in the Middle East and Europe.

Myla has four standalone stores in London and is stocked in Selfridges, House of Fraser, Liberty and Harrods.

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