The review will cover all areas of the business and is separate from the investigation the struggling retailer opened into its past overstatement of inventory levels it announced earlier in the week, according to the FT.

AlixPartners will come up with a turnaround strategy for Ted Baker, and will also look at its customer strategy, cost base, supply chains and cross departmental operations.

A spokesman for the brand said: “From time to time the group engages professional advisers to provide additional expertise in order to help enhance the group’s operations and drive progress against Ted Baker’s strategy to further develop as a global lifestyle brand.”