Jaeger boss Colin Henry has quit the fashion retailer with immediate effect, two years after being drafted in to rejuvenate the business.
- Jaeger boss Colin Henry quits two years into turnaround plan
- Henry says it is “the right time to move on”
- Jaeger vows to continue strategy, but it is unclear who new boss will be
The retailer revealed the news this morning after it emerged last week that Henry was poised to take a non-health-related leave of absence.
Henry, who was two years into his five-year turnaround of Better Capital-owned Jaeger, has stepped down just months after chairman Peter Williams parted ways with the retailer.
Henry previously served as chief product officer at Esprit and held product roles at Ralph Lauren as well as sportswear giants Umbro and Nike.
He said it was “the right time to move on to a new opportunity” and hand over the reins to continue the next phase of the turnaround plan. It is not yet clear who will succeed him as chief executive.
In a brief statement, Henry said: “I have enjoyed the challenge of the Jaeger turnaround and feel that now is the right time to move on to a new opportunity.
“I would like to thank all the staff at Jaeger for their hard work and wish them and Better Capital all success as they continue on the journey.”
Jaeger reduced its pre-tax losses from £12.6m to £9.9m in the year ending March 1 2014, as sales jumped 12% to £79.4m. Like-for-likes grew 10% during the same period and 8% during the 2014/15 financial year.
Online sales also soared 42% in 2014/15, while Jaeger hailed the “good headway” that Henry had made in improving the profile of the retail store estate. Jaeger has 56 standalone stores and around 70 concessions.
Jaeger said it will “continue in its strategy to reposition itself as a premium retailer”. A statement from the retailer and Better Capital added: “Both Better Capital and the team at Jaeger are grateful to Colin and wish him every success in his next venture.
“In the meantime the existing and highly-experienced executive team remains fully focused upon and committed to leading the continued transformation and turnaround programme with the full support and assistance of Better Capital.”