Michael Jeffries who has been the CEO of fashion brand Abercrombie & Fitch since 1992 announced he is to retire with immediate effect in the wake of declining sales.

In the interim non-executive chairman Arthur Martinez will step in until a successor has been found.

Mr Martinez said: "It is impossible to overstate Mike Jeffries' extraordinary accomplishments in building Abercrombie & Fitch to the iconic status the brand now enjoys. From a standing start two decades ago, his creativity and imagination were the driving forces behind the company's growth and success. Going forward, we are confident in our talented senior leadership team and the steps we are taking to revitalise our brands and business."