Laura Ashley Holdings Plc has announces that its chairman Tan Sri Dr Khoo Kay Peng has retired and is stepping down with immediate effect. Tan Sri Dr Khoo, who has been chairman for the UK brand since 1999, will be replaced by Andrew Khoo Boo Yeow, Non-Executive Director of the Company and current Executive Chairman of MUI.

Commenting on the news in a statement, Andrew Khoo said: “Tan Sri Dr Khoo leaves an important legacy and retires having left Laura Ashley a stronger and much-loved global brand as a result of his vision. I look up to what he has achieved, draw inspiration from his remarkable accomplishments and continue to follow the values he espouses.”

Chief Executive at Laura Ashley, Ng Kwan Cheong, dded: “Laura Ashley has greatly benefited from the leadership of Dr Khoo and we are very grateful for his significant contribution to the company. We are pleased to have Andrew Khoo as our new Non-Executive Chairman.

“He has been on the Company Board for a number of years and has a substantial knowledge of the business and a deep affection for the Laura Ashley brand. His entrepreneurship will be a valuable asset to the business and we look forward to a strong future under his Chairmanship”.