US private equity firm Carlyle is reportedly looking to hire former Gucci chief executive Patrizio Di Marco to be chair of British luxury, streetwear, and sportswear retailer End Clothing.
Sky News reports that Di Marco, who served six years as Gucci’s CEO before stepping down in 2015, will be joining End in the next months.
Di Marco has joined Dolce & Gabbana since he left the luxury Italian label was elected chair of the luxury shoe brand Golden Goose in September 2018. This position he held until he left the company last year.
End eyes international expansion
End was established in Newcastle in 2005 by Christiaan Ashworth, a University graduate, and John Parker.
The founding couple sold their majority stake to Carlyle in March for 750 million pounds. They are still co-CEOs of the company and hold a substantial minority stake.
Ashworth and Parker made a joint statement that said: “We are delighted to welcome Carlyle in our new partnership. End’s long-term sustainable growth strategy will benefit from their strong track record in luxury streetwear and luxury fashion.”
End will continue to be able to tap into a wider audience because of the industry expertise and global platform that Carlyle has.
End has more than 650 employees in the UK, and ships to more than 100 countries around the world.
The retailer had revenues of 170 million pounds in the year ended 31 March 2020. 65 percent of this was due to international sales.
Carlyle stated that the investment will allow the company to expand in its home market, UK, as well as further afield.