LONDON — The British fashion retailer All Saints is on the prowl for a new chief executive officer from outside the company after Stephen Craig abruptly stepped down Monday.
Craig, who helped find new majority investors earlier this year after All Saints’ main backer, the Icelandic bank Kaupthing, collapsed, said he had no choice but to resign his post. “The current leadership structure is untenable given the lack of clarity of roles between the chairman, Kevin Stanford, and me and, as such, I now believe it is the right time for me to explore other more entrepreneurial opportunities,” he said.
Lyndon Lea, a co-founder of Lion Capital, which purchased All Saints along with Goode Partners, said it was a sad day for him. “I get along with them both. But it was like one of those marriages that ends after so much time spent in the trenches,” he said in a telephone interview. “They have not been happy working together since the sale.”
Craig had been with the company since 2006, and had helped to boost turnover to 300 million pounds, or $465 million, from 14 million pounds, or $21.7 million. All figures have been converted at current exchange.
All Saints said Craig would be succeeded temporarily by Peter Wood, who is currently chief financial officer.
Lea called All Saints a “special, design-led business,” and said the stores could easily be rolled out and replicated. “We don’t have much presence in Asia and the Far East, and I think there is so much potential there. This could be a worldwide brand,” he said.
Lion and Goode injected 105 million pounds, or $162.8 million, into the company when they purchased it in early May. “I think the real myth of All Saints is the state the brand was in at the time of the sale. It was a success despite the problems with its capital structure,” Lea said.
Although the business risked filing for bankruptcy, Lea said it had never stopped growing. “Yes, it could have been growing more profitably — we were touching on 70 percent margins. It was very resilient.”
Lion Capital’s other investments include American Apparel, La Senza lingerie and Bumble Bee Foods.
From overseeing America’s fastest-growing speciality retailers to codifying cool, WWD talked to the women who are leading the way for the future of beauty. Check out our Instagram Stories to see how these women built today and are creating tomorrow. (📸: @hannah_khymych) #wwdbeauty
For @laperlalingerie's spring 2018 show, the brand chose to host their event at @thevenetianmacao. With Chinese megastars @bingbing_fan and @hubing in attendance, La Perla debuted a rock ‘n’ roll-inspired collection. The show marked the start of Sands Macao Fashion Week, which runs from October 19 to 24 — the city’s first such event. Pictured here are models backstage with glimmering eyes. #wwdfashion (📷: Cheuk-Yin To)
Trending for spring 2018: top stitch design. Gone are the days of stitch just for seams — designers are using the once-minimal detail to create strong decorative elements. (📷: Paola Testa; Styled by @andrew_shang) #wwdfashion
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews
Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
Renee Zellweger in yellow in 2001 and again in 2017. Chosen as one of the 12 @pantone Leading Spring Colors (and dubbed “Meadowlark”), it only makes sense that the bright hue stands the test of time and is making a resurgence this season, seen already on stars like @blakelively and @gigihadid. (📷: Donato Sardello & @rexfeatures) #wwdfashion #tbt
Dior’s 70th anniversary celebration continues with a new exhibition at the Royal Ontario Museum in Toronto. “Christian Dior,” which is scheduled to run through March 18, takes a look at the founders tenure from 1947 to 1057 and feature 40 designs. Pictured here is an evening gown from the Ailée, fall 1948-49 haute couture collection. #wwdfashion (📷: Brian Boyle)