Julie Deane, the entrepreneur who founded Cambridge Satchel Co with a humble £600 in 2008, has stepped down as the company’s chief executive. This comes after the British accessories business was sold to French textiles giant Chargeurs. Deane has been replaced by Carine de Koenigswarter, the CEO and Chair of the Chargeurs-owned Swaine Group.

Cambridge Satchel Co made a significant impact during its early years, gaining popularity and partnering with trendy brands such as Comme des Garçons, Vivienne Westwood, J Crew, Melissa, and Ines de la Fressange. However, the company has faced losses for a number of years, prompting Deane to sell stakes to private equity firms.

In an effort to preserve the brand’s manufacturing base in the UK, Deane made the decision to sell the business to Chargeurs in August. Chargeurs, with its substantial financial resources, was seen as the ideal partner to provide the investment and support needed to turn the company around. Deane’s main concern was safeguarding the business and its employees, and she believed that Chargeurs was the best option for ensuring its future success.

Initially, Deane had intended to remain with Cambridge Satchel after the sale. However, as the process unfolded, she realized that it was time to step aside and allow Chargeurs to implement their own vision for the brand. Deane expressed her confidence in Chargeurs’ capabilities and resources to ensure the business’s success.

The new CEO, Carine de Koenigswarter, is honored to take over from Julie Deane and lead Cambridge Satchel Co into the next phase. She believes that the brand’s success is a testament to the impact of British craftsmanship, style, and authenticity on a global scale. De Koenigswarter and Swaine Group are committed to establishing Britishness as the epitome of true luxury through their partnership with Cambridge Satchel.

Useful links:
1. Cambridge Satchel Co official website
2. Chargeurs official website