Fashion group Alexon has rejected an unsolicited approach from an unnamed third party wanting to acquire the retailer.

In a statement to the Stock Exchange, Alexon — which operates retailers including Ann Harvey and Bay Trading — said: “The Board has received an unsolicited indication of interest from a third party to acquire the company.  No price or other terms were indicated. The Board of Alexon has considered the approach and has decided to reject it.

“The Board is confident in the strategy being implemented by the company’s new management team and believes that progressing with this strategy is the best way to enhance shareholder value.”

In the 23 weeks to January 3, like-for-like sales slumped 10.5 per cent at the group, although it expects operating profit for the year to January 31 to be “slightly higher” than management expectations.

Chief executive Jane McNally joined the retailer in June and has overseen the implementation of the retailer’s strategy to minimise excess stock, strengthen the management teams and improve profitability through clearer direction on brand and product design.