LONDON — British label Jack Wills said this week it has decided not to go ahead with a planned initial public offering for the business and that its founder and majority shareholder Peter Williams has resumed the group chief executive officer role at the firm.
Williams succeeds Wendy Becker, who had been promoted to ceo from chief operating officer in 2013, in order to “lead the business to an IPO,” Jack Wills said Thursday. Williams had remained at the company as a shareholder and non-executive director.
But the firm said that following a “detailed review of Jack Wills’ growth opportunities, the group’s board and its shareholders have decided not to pursue this route for the time being.” As a result, the company said, Becker has stepped down from the firm with immediate effect. She remains a shareholder in the company.
The company said Becker had been “instrumental” in building a senior operating team at Jack Wills, and noted that she has led the company through its 16th consecutive year of growth.
Williams said he was “excited” about resuming the ceo’s role at Jack Wills, after a two-year hiatus. “I would like to thank Wendy for her significant contribution to the business and for putting in place the people and the processes that will enable us to continue our growth,” he said.
Becker added: “I have thoroughly enjoyed my time at Jack Wills and, as a member of the board, I fully agree with the decision not to press ahead with an IPO at this moment,” she said.
Private equity firm Inflexion also has a minority stake in Jack Wills.
Since 2014, London designer Richard Nicoll has served as creative director of the label, and for fall 2015, he’s taken the collection in a collegiate direction, noting that he was inspired by “cleverness and quirkiness” and “nostalgia.”