Vivarte chairman and CEO Marc Lelandais has stepped down after failing to reach an agreement with the fashion retailer's new shareholders on its future strategy.

"The new shareholders nevertheless want to thank him and congratulate him for his success in the financial restructuring of the group, achieved in an unusually short time in 2014 under his leadership and in the interest of the 22,000 employees," Vivarte said in a statement.

Lelandais is succeeded by Richard Simonin, with immediate effect.

He was named deputy CEO at the request of the group's new shareholders, the main ones being investment funds Alcentra, Babson GoldenTree and Oaktree.

Simonin has previously held positions at LVMH, Kering and Harrods.

"His experience and his thorough knowledge of Vivarte's businesses will allow him to continue the in-depth modernisation and transformation work initiated two years ago," the statement added.