Harrys of London got a new owner earlier this year but now it’s without a chief executive officer.
Steven Newey is stepping down “with immediate effect” from the role he’s held for more than two years, and it seems that Richard Cohen will be leading the company in an advisory role for the time being.
Harrys characterized Cohen as a “veteran men’s wear executive” in a brief statement and said he will “continue to advise the company in its planned global expansion” over the coming months, including the upcoming opening of a flagship store on Park Avenue in New York.
Newey’s apparently abrupt departure comes not long after Charles Cohen, an American billionaire best known as a commercial real estate developer, bought Harrys for an undisclosed sum from Palladin Consumer Retail Partners, a Boston-based private equity firm that in 2014 took a majority stake in the brand.
Charles Cohen and Richard Cohen are not related, a Harrys spokesman said.
Charles Cohen has held the position of chairman since the acquisition, but said at the time that he intended to keep Newey on as ceo and that he was looking forward to working “closely with Steven and the rest of the team.”
This was the same management method Cohen used when he in March bought a majority stake in Savile Row tailor Richard James, where Sean Dixon, cofounder of the brand, remains in his role of managing director.
Harrys was founded in 2001 as a high-end men’s dress shoe brand. It opened its first store in London’s Mayfair in 2008. Since then, the store has relocated to Burlington Arcade and the company has expanded to the Middle East with retail locations in Kuwait, United Arab Emirates and Saudi Arabia. The line is also sold at Barneys New York, Harrods, Holt Renfrew, Lane Crawford and Mr Porter.
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