Luxury lingerie retailer Agent Provocateur wants to double the size of its portfolio to more than 100 stores and concessions in the next three years, as it looks to boost its international presence and expand into new markets.
The business currently has 43 stores, with 12 in the UK. Chief executive Garry Hogarth told Drapers: “The sales growth at the moment is coming from international, so we are concentrating on international stores. We are opening a store in Moscow this Friday and expanding in the Far East and other parts of Europe.”
Hogarth said he had no plans to open any more UK stores at present. “The UK is the toughest market,” he said.
The UK accounts for about 30% of the chain’s sales, but Hogarth said this would fall as it opened more stores overseas.
Agent Provocateur’s sales rose 26% to £20.7 million for the year ended March 31 but EBITDA dipped from £2.7m to £2.2m because of investment in international expansion. It said sales since the year end were up 8% on the year before.
The business has invested £4.5m in new stores, systems and a head office since it was bought by private equity firm 3i in 2007.