The storied brand, created in 1945, was once a pillar of postwar chic as Carmen de Tommaso, who later went by Marie-Louise Carven, injected a fresh and joyous style into young women's wardrobes.
It fell out of favour for several decades before enjoying a revival in the late 2000s, but it hasn't filed audited financial results for the past two years.
The company's last published results, from 2015, showed a net profit of just €67,000 euros on sales of €49 million ($56 million).
It was also the year when Marie-Louise Carven died aged 105.
Ruffieux, seen as a rising fashion star, was brought in from Dior in February 2017, having previously worked as the assistant to fashion stalwart Sonia Rykiel.
In a statement Carven "thanked him for all his creative contributions to the brand," but did not give a cause for his departure.
Last month a Paris court approved the company's takeover by China's Icicle for €6.5 million, along with a pledge to invest a further eight million.
It also promised to keep on 72 employees, the bulk of the label's staff, with the notable exception of the creative director.