It's not a total departure from Rag & Bone though. David Neville, who co-founded the label alongside business partner Marcus Wainwright 14 years ago, told Business of Fashion that he wants to pursue other opportunities. Neville will keep his seat on the board of directors and remain a shareholder of the successful brand, while Wainwright will become the label's sole CEO.

Thanks to the mentorship of Theory CEO Andrew Rosen, who came on board as Rag & Bone's third partner in 2006, the British-born design duo have propelled the American brand into a hugely lucrative empire. Operating 22 Rag & Bone stores in the US, plus one in London, Rag & Bone's 2016 revenue is estimated to sit at $300 million in 2016 - that's a lot of skinny jeans and Newbury boots.

Breaking: Rag & Bone’s co-founder and CEO is exiting the label

The brand's cult-status boots, cool-girl denim and ready-to-wear are known and loved worldwide, so it's a pretty major move to step away from a business while in its prime. That said, Neville is keen to take on new challenges. "I'm looking at investing in some fashion brands in the same way Andrew did with us all those years ago," he said to BoF. "I find it exciting to go in and talk to some of these young brands about where they are and what they're trying to achieve. I would love be able to give them some guidance the same way Andrew did with us back in 2006."

Breaking: Rag & Bone’s co-founder and CEO is exiting the label