Agent Provocateur CEO Garry Hogarth will step down from his role this month, after 10 years in the role.
The search for a replacement has concluded and the new chief executive will join the business in April.
It was widely reported yesterday that Agent Provocateur is now expected to be groomed for a sale following Hogarth’s departure, but Lingerie Insight can confirm that parent company 3i has no immediate plans to sell the business.
A spokesperson for the private equity firm reiterated what Hogarth told Lingerie Insight in May 2015 – that 3i was advised by Goldman Sachs to hold off from a sale due to the label’s “huge growth potential”.
Agent Provocateur chairman Chris Woodhouse, who will be acting CEO until Hogarth’s replacement joins the company, added: “Following the conclusion last year of a strategic review of the business, Agent Provocateur is entering an exciting new phase of its growth and we are convinced that the next decade will be as bright and successful as the last. Garry leaves the business with our best wishes and I am sure that he will be a success in whatever he decides to do next.”
3i said in a statement that Hogarth has stepped down to pursue new challenges and opportunities elsewhere.
Commenting on his departure Woodhouse said: “During his 10 years as Chief Executive, Garry has developed Agent Provocateur into a global, luxury brand. Under his leadership the company has more than trebled the store footprint, developed a market leading ecommerce business and launched the Soiree and L’Agent ranges. As a result of this, EBITDA has increased by a factor of five and AP now has over 110 stores in 29 markets."
Hogarth said: “I am incredibly proud of what we have achieved during the 10 years I have been CEO and would like to thank all of our colleagues for their continued commitment and dedication to the business, all of which have made it what it is today. The team here is outstanding, and I am sure they will continue to drive the business on. I am looking forward to taking some time to relax before embarking on a new chapter in my career and taking on new challenges.”