In 1990, Escada, formed by another husband and wife team Margaretha and Wolfgang Ley, purchased an 80% stake in St John Knits for $45 million. St John Knits used the funding to launch its own boutique stores. St John became a publicly owned company in 1993, with St John and Gray retaining 20% of the company. St John continued to manage the creative direction of the company while Gray served as CEO and Chairman of the Board. Their daughter, Kelly Gray, was appointed President of the company in 1996, ascending to the CEO position after her father's retirement in 2002. The Grays left St John Knits in 2005 when the company was purchased by a private equity firm. The pair were brought back only two years later as creative consultants after a series of disappointing collections and declining sales.