Mike Ashley has won the race for lingerie brand Agent Provocateur, the troubled company having entered a pre-pack administration prior to being acquired by Ashley for around £31m. But the brand's founder is not happy.
In a year that is seeing a number of UK brands possibly changing hands, the latest is Jones Bootmaker. It has been put up for sale by owner Alteri despite a recent management change and investment in its web offer.
Could Agent Provacateur become part of billionaire entrepreneur Mike Ashley’s empire? A UK report Monday said the Sports Direct founder has entered the race to acquire the struggling lingerie brand currently owned by 3i.
Shares of L Brands Inc tumbled to a 3-year low on Thursday, a day after the retailer said it expected sluggish demand for Victoria's Secret to force its biggest brand's steepest ever monthly decline in comparable sales.
Lingerie brand Agent Provocateur could be facing a pre-pack administration that would allow it to be bought without being saddled with some of its liabilities, and a deal could be imminent, according to reports.
Former La Senza owner Lion is understood to be among a group of potential buyers for underperforming lingerie chain Agent Provocateur. Other interested buyers include also specialist turnaround investor Endless and Etam.
Under-performing lingerie chain Agent Provocateur could end up being acquired by its lender Barclays as private equity owner 3i struggles to attract bids for the business that are higher than its £30m debt load.
Agent Provocateur is being prepared for a possible sale according to press reports in the UK. The news follows the company’s private equity owner shocking the industry late last year as it reported accounting issues.