Aquascutum chief executive Kim Winser will today leave the business after Japanese owner Renown rejected her bid for a management buyout.
Winser joined the luxury retailer in 2006 to try and salvage the business after consecutive years of losses.
Renown injected £40m to revive the brand in 2007 and Winser had been preparing earlier this year to head a buyout after Renown sought an exit from the business.
Sources close to Aquascutum said that her departure comes as a surprise, that she had not wanted to exit the business and that she had been trying to turn it around.
An announcement is expected later today.