Ann Summers is putting its underwear brand Knickerbox up for sale in order to concentrate on its core lingerie offering.
The retailer has enlisted accountants KPMG to head up the sales process, according to a press statement released today.
The Telegraph is reporting that Tesco and Debenhams may have shown early interest in buying the brand.
Ann Summers took Knickerbox under its wing in 2000 after the brand recorded a £5m loss. Since then, the underwear label has been a successful and profitable part of the Ann Summers, sold in its stores, online and through parties.
But the retailer said it has made the “strategic decision” to sell Knickerbox in order to focus on the brand’s “unique lingerie proposition” and wider product offering.
Ann Summers CEO Jacqueline Gold said: “Knickerbox has been a very successful part of the Ann Summers brand for over 13 years and we have made this decision as part of a wider strategic plan that we believe will allow us to experience continued growth and brand development.”
KPMG head of retail David McCorquodale commented: "The Knickerbox brand has a strong identity and a respected market position. We can envisage the brand sitting with a retailer, pure player or brand owner who can reach a broader section of its customer base than its current positioning."