LONDON — Paddy Byng, chief executive officer of Smythson, the Bond Street stationers and leather goods label, will leave the company at the end of the month.
This story first appeared in the May 26, 2010 issue of WWD. Subscribe Today.
Byng has been with Smythson, which also employs Britain’s first lady, Samantha Cameron, since October 2005.
His departure comes five months after Smythson’s purchase by Tivoli SpA in December. Byng will be succeeded by Jacques Bahbout, the chairman of Tivoli. Bahbout’s title at Smythson will be chairman and ceo.
“During [Byng’s] time at Smythson, the brand has become further recognized as one of the strongest luxury gift brands in the U.K.,” the company said. “He…leaves the business with a strong platform for further domestic and international expansion.”
Tivoli, which reportedly acquired Smythson for 18 million pounds, or $25.7 million at current exchange, is an Italian leather goods manufacturer that supplies accessories to a number of luxury labels.
It bought Smythson from Kelso Place Asset Management and Venrex Investment Management, which had purchased the company in 2005.
Byng joined Smythson from Dunhill, where he served as global marketing director. Prior to Dunhill, Byng was senior vice president of global marketing and advertising at Polo Ralph Lauren.
Under Byng’s tenure, Smythson’s number of units grew from nine to 15. The company has two stores in the U.S., one in Hong Kong and 12 in the U.K.