David Neville is leaving his post as co-CEO at Rag & Bone, Business of Fashion exclusively reports. Marcus Wainwright, his longtime business partner, will become the brand’s sole chief executive officer and will continue to run the design and marketing sides of the business as well. Neville and Wainwright have been co-CEOs since mid-2015, when former chief executive Mike Tucci exited. The move comes as Rag & Bone is increasing its focus on the direct-to-consumer portion of the business, and according to BOF overall sales are up 20 percent year over year for 2016.
Andrew Rosen, who has been a longtime brand partner, has served as a mentor for the duo, which BOF speculates may have inspired Neville’s decision. Neville supported his wife, Gucci Westman, in launching her beauty and skincare company, and shared his plans to scout emerging labels. “I’m looking at investing in some fashion brands in the same way Andrew did with us all those years ago,” Neville told BOF. “I really enjoy the work that we do with the CFDA/Vogue Fashion Fund. I find it exciting to go in and talk to some of these young brands about where they are and what they’re trying to achieve. I would love be able to give them some guidance the same way Andrew did with us back in 2006.”