Lingerie retailer La Senza has hired Land Securities commercial director Ronan Faherty as a non-executive.
Faherty has been drafted in by the retailer’s owner, private equity firm Lion Capital, and is believed to be exploring ways of reducing the number of older, smaller stores while opening larger ones in profitable locations including the Trafford Centre in Manchester, according to The Independent on Sunday.
The lingerie chain was reported to have kicked off a restructure in August. Reports at the time said that the chain had been weighed down by leases agreed by sister chain Contessa, which merged with La Senza in 2007. However, according to sources as many of 66 leases are still registered under the name Contessa which may allow Lion Capital to place any unwanted leases into Contessa and then sell the business on.
Sources said that as many as a quarter of La Senza’s 180-strong store portfolio could be disposed of in this way.