A senior manager at Marks & Spencer’s is thought to be the frontrunner for an executive role at internet lingerie retailer Figleaves.
Figleaves chairman Daniel Nabarro is thought to want Nayna McIntosh, who is director of M&S’s UK store presentation, to replace him when he steps down as chief executive later this year. Figleaves currently offers over 200 designer brands and has annual sales of £16m.
American private equity firm Benchmark Capital acquired a near 40 per cent stake in Figleaves two years ago and has since set up an offshoot in North Carolina which accounts for around a fifth of sales. Figleaves’ UK division made a profit for the first time in 2004, but according to the most recent figures available the group made a pre-tax losses of £4.2m in the year to July 2006.
According to the Observer, British retailers are reporting booming internet sales with industry body IMRG predicting web sales will hit £42bn this year. The UK lingerie market is worth around £2.5bn.
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