The CEO of women's fashion group Sussan Corp, Naomi Milgrom, has taken ownership of the company's retail division from her parents Marc and Eva Besen.

The company, which operates around 500 stores throughout Australia and New Zealand, was founded by Milgrom's grandmother with a single Sussan store in Melbourne in 1939.

Milgrom became CEO of the company, which also controls the Suzanne Grae fashion chain, in 1990 and has since overseen the acquisition of young women's fashion retailer Sportsgirl in 1999.

"My father and mother have done an outstanding job in overseeing the transition of these businesses," she said.

"I am very proud to carry on the tradition of my grandmother and my parents in these dynamic and evolving businesses."