Nicky Dulieu, chief executive of Hobbs, is leaving the retailer after five years.
Dulieu, who joined the womenswear chain in 2006, is expected to remain in her position until spring and will continue to work with the retailer after standing down from the top role, according to Drapers’ sister magazine Retail Week.
This move comes just a month after Hobbs’ owner 3i wrote down the value of its investment in the womenswear retailer by 40% after poor trading in the last quarter of 2013.
Private equity firm 3i, which bought Hobbs in 2004 for £111m, said that the value of its 47% stake in the business had dropped by £14m since September 2013, when it was valued at £35m. Its value in Hobbs had already experienced a significant drop since March last year, when its investment stood at £47m.
Hobbs declined to comment.