Agent Provocateur chief executive Garry Hogarth will leave the business this month to pursue other opportunities, after 10 years at the helm.
Agent Provocateur spring 16
The move follows a strategic review completed by Goldman Sachs on behalf of Agent Provocateur’s private equity owner 3i last year. A spokeswoman confirmed that 3i may look to offload the business at some point, but said it wasn’t likely to be this year.
The luxury lingerie firm expects to announce a replacement in the coming weeks, who will join the business by April. Current non-executive chairman Chris Woodhouse will act as chief executive in the interim period.
Woodhouse said: “Following the conclusion last year of a strategic review of the business, Agent Provocateur is entering an exciting new phase of its growth and we are convinced that the next decade will be as bright and successful as the last.
“Garry leaves the business with our best wishes and I am sure that he will be a success in whatever he decides to do next.”
Hogarth said: “It was a privilege to lead the company into new markets, launch new ranges and build the company into a truly global brand. I am incredibly proud of what we have achieved during the 10 years I have been chief executive and would like to than all of our colleagues for their continued commitment and dedication to the business, all of which have made it what it is today.”
Hogarth is credited with increasing EBITDA by a factor of five to more than £10m during his 10-year tenure and increasing the store portfolio more than threefold to over 110 stores in 29 markets.
Agent Provocateur grew sales by 16% to £61.7m for the year ended March 28 but pre-tax profits fell 25% to £4.6m due to £0.6m exceptional costs relating to the strategic review and additional depreciation charges of £1.2m from investment in its international expansion.
The company opened 15 stores in eight countries during the period and confirmed it will open new stores in Berlin, Copenhagen and Macau in the next few weeks.
Hogarth said: “I am looking forward to taking some time to relax before embarking on a new chapter in my career and taking on new challenges.”
Woodhouse, who joined the business as chairman in 2011, was finance director of Debenhams for eight years to January 2012.