The former Topshop brand director has become chief executive of the chain, following a deal backed by Baugur and Icelandic bank Glitnir, believed to value the retailer at£20 million.
She is understood to have taken a 20 per cent stake in Whistles to complete the deal. Baugur has hived off Whistles from Mosaic and taken a 49 per cent stake in the new company.
Shepherdson has hired fellow former Topshop colleagues Keith Wilks and Jo Farrelly as finance director and marketing director respectively. It is also expected that she will draft in Karyn Fenn, who briefly took over from Shepherdson at Topshop.
With 40 stores and 40 concessions and only eight overseas outlets, it is believed Whistles’ niche positioning made it less of an investment opportunity for Mosaic than some sister brands.
Since leaving Topshop at the end of 2006, Shepherdson has taken consultancy roles at Oxfam and ethical retailer People Tree.
She is expected to bring her ethical nous to Whistles and will broaden its ranges by introducing more casualwear and designer collaborations.
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