Thomas Sabo to retire as CEO of his jewellery brand
Thomas Sabo, the founder of his eponymous jewellery brand, has decided to leave the management of his company and day-to-day operations to a younger chief executive. The 56-year old designer leaves a healthy company behind, with an equity ratio of 80 percent, according to reports.
Sabo decided to step down as CEO of the business to avoid becoming one of “the patriarchs who cannot let go, always wanting to do everything themselves only to realise that they have failed to set up a sustainable business”, according to German newspaper Nürnberger Nachrichten.
As a majority shareholder, however, the designer will remain closely linked to the company he founded in 1984 and will continue to work for the label as a consultant in design development.
According to the newspaper, Gunnar Binder, currently chief financial officer, will become CEO of the company following Thomas Sabo’s departure. Additionally, the brand’s head of sales Tony Björk will take on additional responsibilities.
The German brand has recently launched a collaboration with lingerie brand Triumph, and has become a Berlin Fashion Week staple, attracting crowds of guests to its star-studded events.
Last year, the business announced plans to accelerate its expansion in Asia and increase sales to 300 million euros by 2020. A new product line is planned to launch in 2019, with the expansion creating additional jobs at its headquarters. The company currently employs 1,860 people worldwide, including 490 in Germany.
Thomas Sabo has around 300 stores across the world, and works with more than 2,800 retail partners worldwide, as well as leading airlines and cruise operators.
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