Karen Millen boss Mike Shearwood has left the business following a scrapped management buy-out.
Shearwood, who has been at the business since 2007, is stepping down with immediate effect. Karen Millen confirmed it is not for sale “at this time”.
According to industry bible Drapers, it was a mutual agreement between Shearwood and the board.
Karen Millen chairman Neil McCausland told the magazine: “We are extremely grateful to Mike for his significant contribution to the business over the years and wish him all the best in his future endeavours.
“I will be working closely with the management team to ensure the smooth and effective running of the business until a new chief executive is appointed.”
Shearwood added: “It saddens me to be leaving the brand after so many years; however, I am confident I leave behind an exceptional leadership team who will ensure the repositioning of Karen Millen continues to be a global success.”
His departure follows years of speculation around an MBO, which were fuelled further when he stepped down from the board of Aurora Fashions earlier this year.
Karen Millen was spun off from Aurora, which owns Coast, Oasis and Warehouse, in 2011.