Matches: founders step down as CEOs
After 27 years of serving as joint CEOS, the founders of Matchesfashion.com, the luxury fashion retailer for men and women, Tom and Ruth Chapman, have stepped down.
Ulric Jerome, the current chief operating officer, will take over as chief executive while the couple will serve as joint chairmen.
"This is a very natural evolution," Tom Chapman told Vogue UK on Monday. "When Ulric Jerome joined matchesfashion.com two years ago, the intention was always that he would become CEO. This has now been formalised, and we are becoming executive chairmen. We do, of course, remain completely committed and involved in the strategic development of the business, and how we keep innovating and driving Matches forwards."
When asked about the rumours about the couple possibly selling the company, Chapman denied them and said that an IPO could be on the cards in "four or five years".
Together, Tom and Ruth Chapman own almost 70% of Matches, while private equity investors Scottish Equity Partners and Highland own the majority of the remainder. The company received £20m in funding in 2012, which was used to rebuild its website and expand internationally.
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