TM Lewin CEO, Sven Gaede steps down

TM Lewin chief executive Sven Gaede has reportedly resigned from his role following the sale of the brand to private equity firm SCP Private in May.

Gaede joined TM Lewin in March 2018, replacing Geoff Quinn, who had been leading the business since 1993.

Previously Gaede was the international managing director of fast fashion retailer New Look for three years, he also held chief executive roles at menswear brand Hackett and handbag brand Radley.

In addition, TM Lewin chief financial officer Marc Lombardo has also stepped down, after joining the retailer in August 2017.

The resignations come after the purchase of TM Lewin from Bain Capital by SCP subsidiary Torque Brands.

The deal was completed by SCP to “acquire a portfolio of complementary British brands into one centralised shared services platform”.

SCP’s executive team includes Simber founder James Cox, ex-Harrods managing director Paul Taylor and ex-Asda chief executive Allan Leighton.

The acquisition was led by corporate finance firm Alantra and took place nearly a month after TM Lewin asked for bidders to put their offers forward

Nearly 650 of TM Lewin’s 700 staff have been furloughed under the government’s Coronavirus Job Retention Scheme.

The business currently trades from 66 stores in the UK.