East chief executive quits as owners Fabindia sell 80% stake

The chain’s owner Fabindia has sold the majority stake to Rahul Kakar, of Crore Capital, for an undisclosed sum.

Kakar will become East’s executive chairman and be supported by East product director Penny Oliver, one of the company’s founders.

A statement from East said it will “review” the role of chief executive, but “not be rushed into a quick decision”. 

Spink joined East in 2007 as retail and HR director and became chief executive in 2012.

The womenswear retailer completed a pre-pack administration in June last year, closing 19 stores and five concessions. However 82 stores and concesssions were saved.

Spink said: “I am pleased we have been able to successfully restructure East and attract further investment to help the brand reach its potential.

“I am proud of the work we have done to put the business back on track and secure the future of East.”

Fabindia managing director William Bissell said: “We would like to thank Suzi for her contribution and place on record our appreciation for her leadership of the brand over the past few years.”

Fabindia will remain an investor in East.