Farhi Change

Updated Tuesday May 8, 9.12am: Nicole Farhi has revealed Francois Steiner as its new interim CEO with immediate effect, following the departure of Niki Scordi late last week. Steiner - formerly managing director of Sonia Rykiel, CEO of Kenzo and president of Louis Vuitton Europe - said in a statement today that he is looking forward to the challenge. "I am thrilled to be working with Nicole, her team and Kelso Place to drive this business forward," he said today. "With the new flagship store and plans for UK and international expansion, this is a very exciting time for the brand." Updated Friday May 4, 9.03am: Nicole Farhi CEO Niki Scordi has resigned from her position, the brand announced this afternoon. The British-based label, which shows at London Fashion Week, was sold to private equity group Kelso Place Asset Management in January. "Over the past four years, we have reinforced the brand's position as an iconic British designer fashion house and launched new store concepts, international franchises and new product ranges," Niki Scordi said. "I wish the new owners, Kelso Place Asset


Management, success in the direction they wish to take the business for the future." "We want to thank Niki for her significant contribution to the business and wish her every success," Sion Kearsey, managing partner of new owner Kelso Place, added. "An announcement for the appointment of a new CEO will be made in due course." Updated Friday January 13, 11.12am: Nicole Farhi is on the cusp of a new wave of business expansion after private equity group Kelso Place Asset Management acquired a majority stake in the company. Kelso Place, which sold British luxury leather goods company Smythson in 2009, bought the stake from OpenGate Capital, which only acquired Farhi in 2010 for £5 million.

 As with the OpenGate buyout, Kelso Place will retain Nicole Farhi as creative director and Niki Scordi as chief executive for the next phase of the expansion. Kelso Place has pledged to invest up to £15 million in to the brand over the next five years as it expands - with a particular focus on Asian growth. "This is an international growth story," Sion Kearsey, managing partner of Kelso Place, told the Financial Times. "Nicole Farhi is well represented in the UK, and currently sells in 40 countries worldwide, but the opportunity is to deepen the penetration of the brand. We get on well with the management team, and we're all agreed on where the business should go."












 LAUREN MILLIGAN 08 May 2012
http://www.vogue.co.uk/news/2012/01/13/nicole-farhi---kelso-place-new-investor-opengate-sold