Men’s tailoring giant Moss Bros is set to draft in the chief executive of fashion group Joules as its new chairman, with the group looking to regain City confidence after last year’s lull in summer sales dented investor sentiment.

Shares in the formal menswear specialist, which has over 120 shops in the UK, climbed five per cent in morning trading after announcing plans to bring in Colin Porter as chair following the expected retirement of Debbie Hewitt later this year.

Porter, a retail veteran who oversaw the floatation of British lifestyle brand Joules in 2016, has been officially appointed as a Moss Bros non-executive director today and is set to to take the reigns as chairman in May at the group’s annual general meeting (AGM).

The news comes on the back of a recent decline in Moss Bros shares, which slumped in September after the tailoring group posted a profit warning.

Read more: Moss Bros issues profit warning

The company said that sales had been hit by the prolonged summer weather along with the "distraction" of the World Cup, with boss Brian Brick saying that trading during the period had been "one of the most volatile for many years".

However, shares in the firm rose back slightly in January after announcing a better-than-expected set of results for the Christmas period.

In a statement today Debbie Hewitt said: "I am delighted to have delivered on my commitment to provide a strong successor and well planned transition. As well as his proven multi-channel experience, Colin brings broad strategic, international, retailing skills, within a private and listed board environment."

Porter added: "I am really excited to be joining the Board and taking up the role of Chairman of Moss Bros, which is a company with a great heritage, committed colleagues and tremendous opportunities for growth."

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