Paddy Byng to take helm next month
Luxury jeweller Asprey has announced the appointment of former Smythson chief executive Paddy Byng as managing director.
Byng has also worked as a senior executive at Alfred Dunhill and Polo Ralph Lauren. He will commence his managing director role at Asprey on February 1 and will look after the interests of the brand worldwide.
Asprey chairman John Rigas said: "We are pleased to have found a leader with a well-established reputation, and experience in the luxury industry. We believe Paddy strongly shares Asprey’s core values of refinement, innovation, superior quality, craftsmanship and timeless design, and will be a significant contributor and leader in the evolution of Asprey. We will welcome him on board and look forward to working with him in the years to come."
Byng is said to have resigned from his role at Smythson shortly after its former creative director Samantha Cameron stepped down, following her husband David Cameron’s appointment as Prime Minister.
Earlier this week the Daily Mail reported that Asprey had suffered losses for the financial year to March 2010 despite cost-cutting and staff reductions. Liabilities are now said to exceed assets by nearly three to one, with operating losses of £12.9 million on a company turnover of £13.6 million.