Jigsaw, the UK fashion brand, has recently undergone a significant restructuring of its board in response to the ongoing coronavirus crisis. In an effort to streamline the company and address the challenges posed by the pandemic, six board members, including brand consultants Isabel Spearman and Silvana Rossi, finance director Despina Don-Wauchope, and directors David Hall, Richard Walker, and James Murray-Wells, have stepped down from their positions.
This strategic decision to reduce the size of the board reflects Jigsaw’s commitment to becoming a more agile and adaptable organization during this difficult period. By slimming down the board, the company aims to create a more focused and responsive leadership team that can effectively support the business and ensure the safe reopening of its stores.
Jigsaw has been facing financial difficulties for some time and has been actively seeking ways to revive its fortunes. Despite a £20 million rescue deal and the appointment of new directors in the previous year, the brand continued to struggle. The departure of CEO Peter Ruis in 2018 indicated challenging times ahead even before the pandemic hit. Earlier this year, Jigsaw made the decision to close its luxury emporium, The Shop at Bluebird, in Covent Garden, and requested rent reductions from landlords.
The departure of these board members is a clear reflection of Jigsaw’s commitment to adapting to the rapidly changing retail landscape. By streamlining its board, the company aims to facilitate faster decision-making and effectively respond to the challenges posed by the Covid-19 crisis. By sharpening its focus on core objectives and implementing a more agile approach, Jigsaw is determined to overcome these challenges and secure a brighter future for the brand.
This move by Jigsaw serves as a potential lesson for other fashion brands grappling with the impact of the pandemic. By reevaluating their organizational structures and prioritizing agility, fashion companies can position themselves to better weather future storms and emerge stronger than ever. While the road to recovery may be long and challenging, Jigsaw’s restructuring marks the beginning of a new chapter in the brand’s journey towards success.