Agent Provocateur to be put up for auction

Agent Provocateur is poised to be put on the market for £200m.

Private equity firm 3i has begun sounding out investment banks including Goldman Sachs and Rothschild about conducting an auction, Sky News reports.

London-based 3i, which was founded by Joseph Corré, the son of fashion designer Vivienne Westwood, acquired Agent Provocateur for £60m in November 2007.

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The firm is likely to hire an investment bank to oversee a sale in the next few days, Sky News said, but the sale of the company is unlikely to take place until next year.

3i could neither confirm nor deny the report when contacted by Lingerie Insight.

Agent Provocateur’s profit before taxes more than doubled last year, driven by an increase in store sales and international expansion.

Revenue rose from £1.7m to £3.8m to March 2013, as the lingerie company opened 11 new stores in Europe, Australia, Asia, the US and Canada.

The launch of Agent Provocateur’s diffusion range L’Agent in collaboration with Penelope Cruz in July 2013 is also thought to have supported growth.
 

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