THE RUG COMPANY APPOINTS NEW CEO, SELLS MAJORITY STAKE TO PRIVATE EQUITY INVESTOR
Suzanne and Christopher Sharp, co-founders of The Rug Company, have sold the majority stake in their firm to London-based Palamon Capital Partners. |
LONDON - As of Dec. 14, 2015, luxury handmade rugs brand The Rug Company, known for its collaborations with fashion icons such as Alexander McQueen, Diane von Furstenberg, Paul Smith and Vivienne Westwood, will have a new chief executive officer.
James Seuss, the former CEO of Hunter Boot Ltd., a maker of the iconic Green Welly will replace current CEO Christopher Sharp. The move follows the majority acquisition of The Rug Company by pan-European private equity investor Palamon Capital Partners, from founders Christopher and Suzanne Sharp, who launched the business in 1997.
Although he will step down in mid-December, Christopher Sharp will remain on the company's board as a non-executive director and will continue to be very involved in the company's growth initiatives. Suzanne Sharp will remain an executive board member and continue as creative director.
Marty Wikstrom, founder of investor Atelier Fund and currently chairman of the board of Harrys of London, and Tord Dyrssen, president of Europe, the Middle East and Africa wholesale at Ralph Lauren, were also appointed to the non-executive board.
"It is testament to the growing reputation of our business that we have attracted leaders of this caliber to support our growth plans," states Sharp. "Their experience will be invaluable as we continue to grow The Rug Company."
Of the appointments, investor Pascal Noth, a partner of London-based Palamon Capital Partners, says The Rug Company will now benefit from the addition of world-class managers with the experience to help the company enter new global markets, in addition to its strongest regions of the U.K., the United States and Germany.
The Rug Company, with sales of $35 million, has carved a niche for itself in the $4.5 billion luxury and affordable luxury segment of the global market. The company, founded in 1997, owns 10 showrooms and a number of franchisees and concessions worldwide. It sells a range of more than 300 high-quality, hand-crafted contemporary rugs.
"It is a privilege to be joining a company with such passion and focus on delivering exceptional products to consumers, and I look forward to building on the success the business has had globally," adds Seuss.
Palamon Capital Partners, LP is an independent private equity partnership founded in 1999, which is focused on providing equity for European growth services companies. The firm manages funds with $2.1 billion of equity capital for investment.