Fashion group Alexon has announced that chief executive John Osborn will retire from the retailer later this year.

Osborn will be succeeded by Peacocks buying and merchandising director Jane McNally at a date that is yet to be confirmed.

In the year to January 26, operating profit before exceptionals was£10.5 million, up from£9.9 million the previous year.

Alexon’s total sales fell from£271.2 million to£262 million and group like-for-like sales slid 5.6 per cent.

Alexon, which owns businesses including Bay Trading, Alex & Co and Ann Harvey, sold its menswear business – including its Envy chain – for£1 earlier this year with a loss of£15.1 million before tax for that division over the year.