Higginson, who has served in the position for nearly five years, will be pursuing opportunities in private equity, N Brown said.

Higginson, who spent 15 years as an executive director at Tesco, is also chairman of Morrisons Supermarkets Plc, and a non-executive director of Woolworths Za (South Africa), McCurrach Ltd, and the Rugby Football Union.

He will remain in his position as chairman at N Brown during the search for his replacement and handover period, the company said.

(Reporting by Arathy S Nair in Bengaluru; Editing by Sunil Nair)