Chief executive of Harborough-based Joules is leaving after three years in charge

The chief executive of leading Market Harborough-based lifestyle business Joules is leaving after three years in charge.

Joules revealed that Nick Jones is going as the major national fashion retailer issued a profit warning as sales have been hit by the spiralling cost of living.

Shares in Joules fell sharply as it also launched a major shake-up of its wholesale operations – and gears up to pull out of the European Union and the USA next year.

Set up by Market Harborough entrepreneur Tom Joule in 1989, the high-profile company is also reducing its product dependence on China.

Joules is taking drastic action months after opening its new £20 million headquarters on Rockingham Road, Market Harborough, last November.

The global designer clothing giant employs about 400 people at the cutting edge building.

Announcing Nick Jones’s departure, non-executive chairman Ian Filby said: “On behalf of the board and everyone at Joules, I would like to thank Nick for his significant efforts over the last three years.

“He has led the business with integrity, care, and energy during what has been a particularly challenging period for the retail sector, including during the Covid-19 pandemic.

“Under Nick’s leadership Joules has made good progress against its strategy to develop as a digital-led lifestyle group,” said Mr Filby.

“More recently, he has led the business in implementing a number of important strategic initiatives that will underpin the group’s future over the coming years.”