Icebreaker has promoted Australasian manager Greg Smith to chief executive and says Rob Fyfe will become non-executive chairman of the merino wool clothing company.

Smith joined the company in 2013, having previously worked at Michael Hill International.

The company was founded by Jeremy Moon, who handed the day-to-day running of the business to former Air New Zealand CEO Rob Fyfe in 2014.

Interests associated with Moon now own almost 37 per cent of the company, while Pencarrow Private Equity has a similar holding and smaller holders include Stephen Tindall's K One W One and Sam Morgan's Jasmine Investment Holdings.

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Icebreaker said it has annual sales of $220 million, of which 86 per cent were in offshore markets Its own outlets and e-commerce sales make up 32 percent of sales, according to the company's statement.

Fyfe said the company has spent the past four years positioning itself to respond to "evolving consumer preferences, changing buying patterns and the changing competitive landscape and Greg Smith has been integral in shaping our business strategies."