Sir Stuart Rose is to step down as chairman of young fashion chain Blue Inc ahead of the retailer’s imminent stock market flotation.
However, Rose will remain an investor. It is thought Rose felt conflicted due to his chairman role at fashion retailer Fat Face, which is also eyeing a float.
Rose, who is leaving the role after two years, will be replaced by Richard Rose, the current chairman of AO.com and cash-and-carry chain Booker.
Richard Rose said: “I am delighted to be joining Blue Inc at this exciting phase of its development. The company has created a clear niche in the young fashion market and I am excited about the huge potential for on-going growth both online and in-store.”
Lord Howard Leigh, a senior partner at Cavendish Corporate Finance, has also joined its board.
The boardroom restructure comes as Blue Inc prepares to launch an IPO, with the 240 store retailer forecast to be valued at £60m. Last year the company reported sales of £120m and EBITDA of £5m.
Cantor Fitzgerald has been appointed by Blue Inc to oversee the IPO, the latest in a series of high-profile retailer flotations. It is thought it aiming to debut on the stock market in the summer.
Already this year Boohoo, AO.com, Poundland and Pets at Home have made their City debuts.
Fast-growing Blue Inc, which targets the under 25, has grown from 28 to over 240 stores since chief executive Steven Cohen acquired it in 2006.
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