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Specialty Fashion Group (SFG) has announced that Gary Perlstein will retire from his role as CEO once an appropriate successor has been found.

Following the appointment of the new CEO, Perlstein will retire from both his executive and board responsibilities.

However, he will remain available to support SFG with the transition process.

Perlstein, who has been in the role for the past 14 years, said it was now time for him to step down and make way for new leadership.

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

“As a significant investor in SFG, I am a believer in the long-term opportunities for the business and I look forward to working with the Board and the management team to ensure a seamless handover.”

“I am very proud to have led the company during a period of expansion and change, and to have helped shape its evolution to an omni-channel retailer.

"However, it is healthy and timely after 14 years as CEO to make way for new leadership and fresh perspectives and also for me to explore other entrepreneurial opportunities.”

SFG operates brands including Millers, Katies and Rivers.

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