Fashion retailer JD Sports shocked the City last Friday afternoon with a brief announcement that long-standing chief executive Barry Bown was to depart with immediate effect.

Fashion retailer JD Sports shocked the City last Friday afternoon with a brief announcement that long-standing chief executive Barry Bown was to depart with immediate effect.

Bown has been a key part of JD’s success over his 30-year tenure. His product knowledge is second to none, and he has been instrumental in driving the business forward in a highly competitive market which has seen rivals such as JJB fall by the wayside, while dominant player Sports Direct continues to throw its weight around.

But Bown’s surprise departure, and JD not being in any hurry to appoint a successor, has not given the City too much to worry about. And that is because of the leadership of executive chairman Peter Cowgill.

While many analysts respect Bown’s input into the business, most saw Cowgill as leading the sports retailer.

Cowgill is a natural leader – straight-talking and tough. And throughout the difficult climate he has ensured JD has grasped opportunities which have been key to it staying ahead. He has been acquisitive, snapping up brands such as Allsports after they fell into difficulty, buying out fashion chain Bank to widen its appeal, and charging ahead internationally.

It seems Bown’s departure has been widely known internally for some time, and he has said he wanted to spend more time with his family. So while the news may have been a surprise on Friday, by the following week the waters were calm once more and it is very much business as usual for JD.

Is the IPO market still open?

Just when it seemed that the IPO market was drying up, both Blue Inc and MandM Direct threw their hats into the ring. The two very different businesses will have to work hard to tell their growth stories. Blue Inc may have a job to distinguish itself from Fat Face – which pulled its float – while MandM seems to have a very distinct offer.

The discount fashion etailer also has a low-capital roll-out model. MandM said recent launches in new territories have required less than £20,000 of initial investment and management expects to break even within one or two years.

Investors will be picking through both companies to work out whether they are gems worth buying.