Ted Baker chief executive Rachel Osborne is reportedly set to leave the business following its acquisition late last year by fashion giant Authentic Brands Group.
Osborne, who joined the upmarket British label in 2019 as finance chief before being promoted to CEO in March 2020, is expected to leave in the coming months, Sky News reports.
Sky cited a source close to the situation as saying that Ted Baker’s transformation into a brand licensing business means it no longer requires its own CEO.
Reebok-owner Authentic bought Ted Baker late last year in a deal valued at 211 million pounds.
The American fashion group has snapped up a slew of businesses in recent years as it expands its empire.
Most recently, the group this week announced it had acquired the intellectual property of British luxury label Vince, while last month it confirmed it would acquire Quiksilver owner Boardriders.
Like many fashion businesses, Ted Baker was hit hard by the pandemic. But the brand had also been struggling for several years prior to 2020, as it struggled with profit warnings and a falling share price.