Annabel Astor, mother-in-law of Foreign Secretary David Cameron, is set to resign from OKA, the luxury furniture firm she founded 25 years ago.
Lady Astor, 75, is at odds with OKA’s owner, the Italian firm Invest Industrial, over its rapid expansion in the United States.
It was sold to Invest Industrial in 2018 for around £40m but remained on the board as a non-executive director.
His decision to resign comes after the owners rejected his proposal to lead a management buyout.
The price of the offer, which she said would have been financed with family money, has not been disclosed. OKA’s expansion in the United States has been problematic.
Resignation: Lady Astor (pictured with her husband Lord William Astor) is at odds with OKA’s owner, Italian firm InvestIndustrial, over its rapid expansion in the US.
But Lady Astor said the British side, which has 13 stores, continues to prosper.
Sales for 2022 were £42m and adjusted profits were £6.3m. “I was offering a good deal,” he said.
OKA products include trays costing £160 and ottomans at £1,750.
She added that she is “sad” to have to leave and that Industrial Invest has supported her.
“Maybe I have another idea for starting a new business,” he said.
