Tigerlily owner Crescent Capital has jettisoned the bohemian brand’s chief executive and chief financial officer just three months after the business unveiled a major rebrand.
A spokesperson for Crescent Capital confirmed it was looking for a new CEO and said a senior executive who has worked with Tigerlily since the private equity firm acquired it in 2017 will lead the business in the interim.
The spokesperson told Inside Retail it was business as usual at Tigerlily despite the leadership shake-up.
CEO Chris Buchanan and CFO Steven Hill joined Tigerlily in the first half of the 2018 calendar year, a year after Crescent Capital acquired the fashion brand from Billabong for $60 million.
Under their leadership, Tigerlily announced a major rebrand in November 2019 to coincide with the business’s 20th anniversary this year.
The rebrand saw Tigerlily expand its apparel offering, raise its pricing and, as part of a broader focus on sustainability, start to use more natural materials in its products.
It also involved investment in a new mobile-friendly website and international expansion, building on the recent launch of stores in New Zealand and partnerships with Selfridges in the UK, Shopbop in the US and Bloomingdales in Dubai.
“The world is changing, customers and tastes are changing and everyone needs to evolve,” Buchanan told Inside Retail at the time.
“This process has been a 12-month journey, it’s very organic, we’ve considered our heritage, our values and for us, it’s about getting a cohesive message across all our touchpoints. That starts with our communication, tone of voice, product, messaging and in particular, our campaign.”
The company did not disclose the cost of the rebrand, though with a new look and logo to be rolled out across bags, stores, products and more, it would have been significant. It is also possible the higher prices alienated existing customers.
Crescent Capital has not disclosed the reason for its decision to let go of Buchanan and Hill; however, as a private equity firm, it is understood to be hyper-focused on growth.