The Best & Less Group Board of Directors have appointed Ray Itaoui as a director of the company and Executive Chair.
Itaoui will assume the responsibilities of CEO for a transitional period until Erica Berchtold joins BLG as CEO, expected to be in September 2023.
The BLG directors associated with Bignor and Allegro - now former majority shareholders - have resigned from their positions, with Jason Murray resigning from his position as Executive Chair.
Itaoui is the former owner of Sanity alongside its founder Brett Blundy, with both owning capital market firm BB Retail Capital.
For over 20 years, Itaoui has operated and invested in Australian and global retail businesses including Sanity, Bras N Things, Honey Birdette, Mr Vitamins, MakeUp Cartel and Universal Store.
He also served as the Chairman of Sanity, Bras N Things, Honey Birdette, Mr Vitamins and as an independent non-executive director of ASX-listed Aventus Group.
As of its 2022 annual report, BLG operate 182 Best & Less stores across Australia. The Group also owns New Zealand value apparel brand Postie, which operates 61 stores across NZ.
The company's revenue for FY22 was $622.2 million.