Karen Millen boss Mike Shearwood exits after management buyout delay

The highly-respected boss of fashion chain Karen Millen has unexpectedly quit the business after failing to push through a management buyout.

Mike Shearwood stepped down and the company’s owners have approached Susanne Given, former creative officer of SuperGroup, to fill the role, the Standard understands.

Shearwood had been with Karen Millen since 2007 and helped spin the company out from the umbrella of its owners, Aurora, backed by Icelandic bank Kaupthing.

However, a source claims that the owners had become tired of the time it was taking for Shearwood and his team to put forward a proposal for a management buyout.

Kaupthing spoke with Given — who quit SuperGroup shortly after the arrival of new chief executive Euan Sutherland — with the intention of running one of Karen Millen’s brands, which also include Coast, Warehouse and Oasis.

Shearwood said: “It saddens me to be leaving the brand after so many years. However, I am confident that I leave behind an exceptional leadership team who will ensure that the repositioning of Karen Millen will continue to be a global success.”

Heavy investment in recent years saw the company record a £6.1 million loss last year.