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Rapha chief executive William Kim is stepping down from his position as chief executive for personal reasons, with the North London-based upmarket cycling clothing brand appointing two joint managing directors to run the business.
Kim – who previously worked at the London-based retailer All Saints and at luxury goods firms Burberry and Gucci – joined Rapha at the end of last year, succeeding Simon Mottram, who founded the company in 2004, as chief executive.
> Rapha chief executive Simon Mottram to step down after 17 years
The company says that he will move back to his native Korea with his family, and has appointed long-standing employees Francois Convercey and Daniel Blumire as joint Managing Directors with immediate effect.
In a memorandum sent to Rapha staff on Monday, Kim said: “As you can imagine, this has been a very difficult decision for me to make.
“Over the last year, I’ve grown to love the Rapha brand. Rapha is an amazing business, made of great people and a unique culture, a tight-knit community.
“You are each contributing to building a very special brand here at Rapha. It has been a privilege to experience how magical cycling is and I know you will continue to thrive and lead the industry.”
In a joint statement released via Rapha, Convercey, formerly chief brand and marketing officer, and Blumire, who was chief commercial and product officer, said: “We are both equally passionate about the Rapha brand, our company culture and values.
“Rapha created a market and a benchmark for performance and style-forward cycling clothing, and is well positioned to continue to expand and inspire the world to live life by bike.”
Mottram, who sold a majority stake in the business in 2017 to an investment firm owned by Tom and Steuart Walton, grandsons of Wal-Mart founder Sam Walton, retains a shareholding in the business and will continue to sit on its board.
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