L to R: David Neville and Marcus Wainwright

Rag & Bone founder David Neville has announced he will be stepping aside from his day-to-day role at the company while remaining a significant shareholder and board member.

Marcus Wainwright, who served as the co-chief executive officer, will now be the sole chief executive, allowing Neville to focus on building new businesses while remaining involved in the company.

"David and I have been planning this for some time now. We have an experienced senior management team in place. We've built a great culture. David is still invested emotionally and financially in the business. We're both going to make sure things keep moving forward," said Wainwright.

Wainwright insisted Neville's decision was not prompted by a falling out between the two, who have been great friends since childhood and stepped in as co-chief executive officers following the departure of Michael Tucci last year.

Wainwright also reiterated that he will continue to run the creative side of the business, including design and that senior management will report directly to him.

“There won’t be any change there. We’ve built a leadership team that can handle the business side of things, under my direction," said Wainwright.