UK: 3i to acquire Agent Provocateur
Private equity company 3i has signed an agreement to acquire luxury brand lingerie retailer Agent Provocateur.
3i said that its funding will allow Agent Provocateur to pursue further growth opportunities. Although financial figures were not disclosed this morning (16 November), local press report that 3i will take up an 80% stake for around GBP60m (US$122.4m).
The investment firm has introduced Stuart Rose, who shares the same name as M&S' boss, as chairman. Rose has gained extensive experience of international retailing, franchising and brand development from his time at The Body Shop, where he held the positions of deputy chairman and managing director. He is also currently chairman of The Hamleys Group.
Agent Provocateur, founded in 1994 by Joseph Corré and Serena Rees, sells underwear products across 14 countries including the US, Europe and Middle East. In addition to lingerie, it has launched fragrances and added shoes to its existing product ranges. Both founders will continue to be shareholders in the business, but Rees has decided she wishes to pursue new opportunities. Corré will be staying with the business as creative director, a statement said.
Corré, the son of fashion designer Vivienne Westwood, said: "This new phase in the development of Agent Provocateur will give us the operational and financial platform to realise the company's potential so that it takes its rightful position as the world's most dynamic luxury lingerie brand!"
Jennifer Dunstan, 3i Partner Buyouts, commented: "We are delighted to be investing in such a unique and exciting brand as Agent Provocateur. The company has a fantastic reputation and is already well established throughout Europe. We believe there is enormous potential for the business to continue to grow and look forward to using both our retail experience and our global network to help Agent Provocateur achieve this ambition."
3i specialises in mid-market buyouts in Europe, targeting companies valued at up to around EUR1bn.
Help test our new apparel sourcing tool.
The lingerie industry is currently in a state of intense company turmoil, with international labels and private-label sellers re-assessing their market positions. But what does all this mean for manuf...
A huge number of Chinese manufacturers are worried about the US retail downturn - even though the country accounts for less than a fifth of China's apparel sales. One reason is that their businesses w...
Here is a roundup of the top five most-read stories on just-style this week. Click on each headline for the full story....
Outdoor clothing retailer Eddie Bauer Holdings Inc has halved its first quarter loss on lower costs and a higher tax benefit, and said it is making good progress on its turnaround....
Rebel Marks & Spencer shareholders are seeking advice from PIRC, the corporate governance watchdog, over the controversial appointment of CEO Stuart Rose as executive chairman....
The following is a general roundup of apparel and shoe chains' April 2008 sales results. The list will be updated as new results become available....
UK retailer Marks and Spencer today (May 08, 2008) launched the 'M&S International Logistics Hub' in Seeduwa, Sri Lanka, which is to start operations in June this year....
Apparel chain New York & Company reported net sales for the thirteen-week period ended 3 down 1.5% to US$270.1m, but raised its quarterly earnings expectations thanks to improved gross margins....
- Why collaboration is key to fashion supply chains
- Rana Plaza four years on – Timeline of change
- Industry groups reaffirm commitment to Bangladesh
- Using worker surveys to drive supply chain change
- Trump and Brexit get a dose of pragmatism
- Adidas to digitalise Speedfactory concept
- M&S extends sourcing deal with Lindsey brothers
- US Q1 in brief – Columbia Sportswear, Amazon
- Brandix rolls out Tukatech systems
- Nike filed patent for "reinforced denim"
- Global market review of denim and jeanswear – forecasts to 2022
- When Things Go Wrong - A Practical Guide to Managing Common Problems in Apparel Sourcing
- Clothing Market in the Top 5 American Countries to 2021 - Market Size, Development, and Forecasts
- Outdoor performance apparel 2016: A broader perspective
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar