Ted Baker has promoted its chief financial officer Rachel Osborne to chief executive.

She joined the fashion retailer in November - moving from the chief financial officer role at Debenhams - before being appointed as acting chief executive the following month.

Osborne has previously held roles in finance at Domino’s Pizza Group, Vodafone, Kingfisher, PepsiCo and John Lewis.

At Ted Baker, she has been responsible for leading change and transformation, including the development of key strategic priorities and the sale and leaseback of the company’s headquarters.

At the end of 2019, Ted Baker revealed that chief executive Lindsay Page - who took over from founder Ray Kelvin after a scandal saw him quit in March - was replaced by Osborne, while chairman David Bernstein stepped down.

This followed the brand calling in a law firm after it estimated that the value of the inventory held on its balance sheet was overstated by £20 million to £25 million, based on preliminary analysis.

Ted Baker also stated that non-executive director Jennifer Roebuck will be taking up the role of chief customer officer this week.

The company is still looking to appoint a new chairman, with Sharon Baylay continuing to lead the board as acting chair in the interim.

“Rachel has already made a significant contribution to Ted Baker, working tirelessly in recent months to develop a transformation plan for the business,” Baylay said. “She has brought hugely relevant retail and customer experience and is ideally positioned to lead Ted Baker’s turnaround in the future.”

Osborne commented: "We have challenges to face into in the coming months, not least the significant uncertainty caused by COVID-19, but I am confident that we will succeed through the hard work of our colleagues and the strength of our brand.”

Last week, Ted Baker said 384 of its 416 stores globally - more than 90 per cent of its estate - have now been closed until further notice.

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