Montreal-based retailer La Senza Corp is selling its shares in US clothing retailer The Wet Seal Inc in order to focus on its lingerie business.

The company on Friday said its board of directors had authorised the sale of its 3.123 million Wet Seal shares.

Irving Teitelbaum, chairman and chief executive officer of the company, said the sale "will complete La Senza Corporation's strategic transformation process into a pure play as an international lingerie retailer; will provide additional capital for its dynamic expansion; and will result in the abandonment of the equity pick up of the Wet Seal operating results in La Senza Corporation's financial statements."