The founding family’s control at Eton is coming to an end.
On Friday, the upscale Swedish shirt brand said David Thörewik, currently managing director at Weekday, a brand owned by H&M, has been named chief executive officer. He will succeed Hans Davidson, the grandson of the founders, who has served as the company’s ceo since 1989. Davidson will continue to serve as a senior adviser to the company for at least the next two years to help with a smooth transition and “ensure Eton’s core values and culture remain,” a spokeswoman said.
“To Hans, it was important that they chose a successor that was a great fit with the company, someone who shares the same core values and has a similar cultural background. Hans is leaving the role as Eton’s ceo with great confidence knowing Eton’s future is in the best possible hands,” she said.
Under Davidson’s leadership, Eton has expanded its product assortment, improved its logistics, digitalization and brand identity. In 2018, the privately owned company reported double-digit growth, closing the year with revenues of 97 million euros, up 12 percent compared to the previous year. It is projecting sales of 100 million euros in 2019.
“Hans Davidson and the whole team at Eton have built a wonderful brand and a fast-growing company that is becoming a global leader in the men’s luxury shirt segment, servicing consumers across the globe,” Thörewik said. “Eton delivers a product of superior quality and has mastered the challenge to continuously deliver a shirt which is true-to-size, a central factor to succeed with your online business. I look forward to continuing to expand the business together with the team at Eton.”
Davidson pointed to the investment the company made in the past few years in IT and logistics, saying it “will serve as a great platform for strong growth across all relevant channels. During 2019, Eton will be fully digitalized and ready to take on a digital customer journey, especially in North America that today is our biggest market. I am convinced that David Thörewik is the right person to lead Eton through this next phase of evolution.”
Eton was founded in Gånghester, a town in Southern Sweden, by David and Annie Pattersson. It sells in 50 countries through a wholesale network of about 1,600 international retailers, including Harrods, Selfridges, Nordstrom, Saks Fifth Avenue, Neiman Marcus, Harry Rosen, Le Bon Marché, El Corte Inglés, Rinascente and KaDeWe. Since 2016, it has been owned by EQT.