Loading
Before Faraguna’s appointment, Best & Less announced in April 2023 that former The Iconic boss Erica Berchtold would be joining as its incoming chief executive.
But by May, Itaoui and Blundy had made a takeover bid for the discount fashion retailer.
In late June, months before Berchtold was due to begin in September, Best & Less said it and Berchtold had “agreed not to proceed with her appointment” and that Itaoui would instead assume the responsibilities.
In July 2023, Itaoui and Blundy delisted Best & Less from the ASX, privatising the company two years after it floated.
“I knew some of the directors, it was a publicly listed company. I thought, OK, I’m going to go for this,” Berchtold told Australian businessman Mark Bouris in an August 2023 episode of his podcast, The Mentor.
“I resigned, I quit my job, I signed up. I wasn’t allowed to start straight away [and] that was fine, I really wanted to do the right thing by The Iconic and see out my notice period,” Berchtold told Bouris.
“During that notice period …that company got bought out, privatised and actually the role I wanted, the role I signed up for, was no longer going to be the role that was there. That role just wasn’t there any more.”
Loading
Itaoui owns Best & Less alongside Brett Blundy, who also founded Lovisa and owns a 40 per cent stake in Dissh.
A spokesperson for Best & Less declined to respond to further questions and said Itaoui was unavailable for interview.
In the 12 months to June 30, 2024, the clothing and homewares retailer’s sales declined 2.2 per cent to $625.1 million, but net profits nearly doubled to $17.5 million from $9.1 million in 2023, according to the company’s most recent financial report filed to the corporate regulator.
The Business Briefing newsletter delivers major stories, exclusive coverage and expert opinion. Sign up to get it every weekday morning.
