(Adds Ted Baker statement, background on retail sector)
Sept 26 (Reuters) - British fashion retailer Ted Baker Plc
said on Thursday Rachel Osborne will become its new
finance chief once she steps down from the same position at
Debenhams, following just one year in the role at the department
store chain.
Osborne, a retail industry veteran with more than two
decades of experience, will join Ted Baker "at a date to be
agreed within the next few months", the company said in a
statement and published after Debenhams announced her departure.
Debenhams said its current Group Finance Director Mike
Hazell, who has been with the company for nearly a decade, would
replace Osborne. She is leaving at a time the group is going
through a restructuring under company voluntary arrangement.
Osbourne is set to join Ted Baker's C-suite after its
founder Ray Kelvin infamously stepped down in March as chief
executive officer following claims that he presided over a
culture of "forced hugging".
UK retailers are battling severe challenges on Britain's
high streets with shoppers tightening their purse strings amid
Brexit uncertainties, while competition from online rivals and
higher costs also take their toll.
On the back of those struggles, Ted Baker posted its first
drop in annual profit since the 2008 financial crisis in March
this year. In April, administrators were appointed to assist
Debenhams through its restructuring.
Shares of Ted Baker were up 1.3% to 930 pence at 1126 GMT on
the London Stock Exchange. They have plunged 40% since the start
of 2019.
(Reporting by Muvija M in Bengaluru; Editing by Bernard Orr)