A deal that would have seen former House of Fraser deputy chief executive David Adams join Monsoon as interim managing director has collapsed.
Adams told Retail Week that last week's reports saying that he had signed a contract to join the fashion retailer were premature.
“I never really started at Monsoon”, he said. “It was my intention and Monsoon’s to work together, but it wasn’t right for me.”
Adams declined to detail the reasons for his departure, but said the decision had been made amicably.
Adams was poised to replace outgoing Monsoon chief executive Rose Foster.
After resigning only last week, Monsoon chief executive Rose Foster has been confirmed as the new boss of high street lingerie retailer La Senza. Foster will join as chief executive next year. She is not expected to be held to her six-month notice period.
Analyst Richard Ratner said increasing La Senza’s average price points should be a key priority for Foster to move the chain upmarket. However, he added: “She’s a great person for operations, but not product.” Monsoon’s like-for-like sales fell 7% in the seven weeks to July 15, with profit before tax dropping 2% to £58 million.
A source close to Monsoon, who has worked with Foster, added: “Rose loves to work on a big scale. She’s a great motivator and will make things happen at La Senza.”
Trading at Monsoon has weakened since its signature style fell out of fashion with shoppers.
For the six months to November, like-for-like sales were down 6 per cent, with pre-tax profits slumping 5 per cent to £24.2 million. There is persistent speculation that Monsoon chairman Peter Simon wants to take the fashion retailer private or that he may try to buy the company's international arm.
Adams said he will remain in retail and continue to look at options in the UK and abroad.