Jack Wills has appointed Lord Davies of Abersoch as the firm’s non-executive chairman, effective March 24, the company said Thursday.

Davies takes over from Peter Saunders, who has stepped down after serving as Jack Wills’ chairman for the past six years. Davies, a member of the U.K.’s House of Lords, is a partner and vice chairman of the private equity firm Corsair Capital and his non-executive roles include that of non-executive chairman of PineBridge Investments Limited and senior independent director at Diageo. He was also the U.K.’s Minister for Trade, Investment and Small Business and Infrastructure from January 2009 through May 2010. The firm noted that as a former chief executive and chairman of Standard Chartered Bank Davies has “wide experience in Asia, a key growth market for Jack Wills.”

Wendy Becker, ceo of Jack Wills said of Davies’ appointment: “[Davies] has a fantastically wide knowledge of financial and consumer sectors, has a deep understanding of the U.K. and Asia, and has long taken a close interest in the fashion industry,” she said. “He will provide the Jack Wills management team and me with valuable guidance as we deliver our vision for the brand, particularly given his deep experience in all of our growth markets.”

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