I Saw It First founder and execs step down following Frasers acquisition

Following its acquisition by Frasers Group, the founder and leaders of fast fashion retailer I Saw It First have stepped down from the company.

According to documents filed at Companies House, the founder Jalal Kamani, the brother of Boohoo co-founder Mahmud Kamani, has stepped down as the company’s director.

Others that have left also include Kamani’s sons Tayyab and Mustafa.

In addition, the retailer’s buying, merchandising and brand director Leanne Holmes has also stepped down.

The filings further show that Stephen Mucklow, an associate of Frasers Group owner Mike Ashley, has become a director.

In its most recent trading update for the year to October 3 2021, I Saw It First reported a 70 percent year-on-year increase in turnover to 74.78 million pounds, however its loss before tax widened to 7.76 million pounds.

The retailer was acquired by Frasers Group in late July for an undisclosed sum just one month after the group had bought Missguided out of administration.