Triumph International is reportedly in talks with La Senza to acquire a series of the lingerie brand’s high street stores, after it was announced that it would be entering into administration last month.
The German company is looking to take advantage of La Senza’s touted 81 outlet closures to set up its own store network in the UK, as reported in The Times.
It is currently in discussions with KPMG, which is expected to be appointed as La Senza administrator later this week.
Triumph could see competition from Victoria’s Secret, which is set to enter the UK market, this year.
Victoria’s Secret is owned by Limited Brands. The group owns pre-emptive rights to the La Senza name in the event that it enters into administration, a clause which has reportedly limited the ability of La Senza private equity owner Lion Capital to react to the company’s problems.
Discounts of up to 70 percent are already taking place on the La Senza website as part of an ‘everything must go’ sale.
Staff cuts are expected and Limited Brands has allegedly already lined up Kuwait-based franchise operator Alshaya to run the remaining La Senza stores on its behalf.
Dragon’s Den panellist Theo Paphitis bought the UK and Ireland franchise, called La Senza UK, from La Senza Corp., expanding it and eventually selling it to Lion Capital for an estimated £100 million.
He set up a competitor brand, Boux Avenue, in 2011, that presently operates eight stores.