Sir Stuart Rose is to stand down as chairman of Blue Inc as the young fashion retailer prepares to float on the stock market.
Rose, the former chief executive of Marks & Spencer, is stepping down from the board ahead of the flotation because of his commitments in chairing Fat Face, which is also preparing to list on the stock market. Rose is also on the board of online food retailer Ocado, which floated in 2010.
Rose remains a key investor in the business.
Blue Inc, which is thought to have a value of £60m in an IPO, will now be chaired by Richard Rose, who also chairs AO.com and cash-and-carry retailer Booker.
Blue Inc has hired Cantor Fitzgerald to advise on the flotation and has strengthened the board by hiring Lord Leigh of Hurley, the Tory party treasurer and co-founder of Cavendish Corporate Finance.
In 2013, Blue Inc generated sales of £120m and EBITDA of £5m.