Gary Perlstein plans to hang up coat as Specialty Fashion Group CEO

Gary Perlstein, who has led Specialty Fashion Group for nearly 15 years, plans to ­retire once a successor is found.

CEO Gary Perlstein has signalled plans to leave Specialty Fashion Group. Picture: Craig Greenhill.

Gary Perlstein, who has led ­Specialty Fashion Group for nearly 15 years, has signalled plans to ­retire as soon as a ­successor can be found.

Mr Perlstein, who has been associated with Specialty Fashion for 24 years and is one of its biggest shareholders, has guided the retailer through several ­challenges and the acquisition of ­Rivers in recent years.

As part of its succession ­process, the board has begun a formal search to identify and ­appoint a new chief ­executive.

“Specialty Fashion has been a significant part of my life for the past 24 years,” Mr Perlstein said. “It has been a privilege to work with such a talented and passionate group of people. The business is in good hands.”

Specialty Fashion has had a rocky time recently, with its share price dropping by more than 80 per cent since 2013 and the acquisition of Rivers proving disastrous as it produced a string of losses that undermined the company’s earnings.

There have also been a string of profit downgrades that further eroded the share price.

This year a potential $135 million takeover by Al Alfia Holdings, an investment company controlled by the Qatari royal family, collapsed after the death of the former Qatari ruler.

Specialty Fashion owns a portfolio of retail brands such as Millers, Katies and City Chic. The company recently posted a full-year net loss of $8.39m after a decision to exit its City Chic stores in the US triggered ­impairments.