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Derek Lovelock has confirmed that he is to stand down as chairman of British fashion retailer Jack Wills by the end of 2017, after joining the board a year ago to "pursue other interests".

The fashion and lifestyle brand said that Richard Wyatt, vice-chairman of Rothschilds, will take over as non-executive chairman.

Lovelock, who is also the chairman of Joe Brown and once chaired Oasis and Warehouse parent company Aurora Fashions, was brought on as chairman at Jack Wills a year go to assist the brand following the transaction in September 2016 where Union Lifestyle Limited acquired 100 percent of the share capital of the Jack Wills Group. The joint shareholders of this new entity became BlueGem Capital Partners LLP and Peter Williams, founder and chief executive of Jack Wills.

Williams, said: “Derek joined us as chairman a year ago to help the business through the first 12 months after the deal with BlueGem.

“During that first year the business has undergone a significant revitalisation and we have hired some very exciting new talent. The business is in increasingly great shape and so, just over a year on, Derek will be stepping down at the end of this year.”

The brand’s incoming chairman Wyatt was lead adviser to Williams during the transaction with BlueGem Capital Partners.

Williams added: “I have worked very closely with Richard for some time, including through the transaction with BlueGem, and am very excited that he will be formally joining us as chairman.”