Dafiti Group, the largest fashion and lifestyle e-commerce platform in Latin America, has announced its CEO and co-founder, Philipp Povel, along with the platform’s other co-founder, Malte Huffmann, will step down after 10 years of leading the company.

Their departure comes only days after Dafiti’s parent company, Global Fashion Group (GFG), reported its fashion platform reached a net merchandise value of 3.4 billon Brazilian reais (approximately $609 million) in 2020, representing an increase of 31 percent compared to the previous year.

In a statement, Povel and Huffman said the “difficult” decision to leave Dafiti was taken in order to spend more time with their families, but they were pleased to be “leaving a very strong company that is positioned to attract the growth that the fashion and lifestyle sector still has in Latin America.”

From an initial team of four people, Dafiti Group now employs more than 3,700 people in Brazil, Argentina, Chile and Colombia.

Current CFO and COO of Dafiti Group, Sergio Silvestre, will assume the position of interim CEO until an official appointment is made.