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Agent Provocateur readies for £200m sale

Agent Provocateur’s owner 3i is considering a sale of the premium British lingerie brand for an estimated £200m.

The private equity firm is said to be meeting with banks in order to appoint a party to oversee the sale, Sky News has reported.

3i took a majority stake in the brand for £60m in 2007. It was founded by Serena Rees and Joseph Corré in 1994. Rees left the business during the takeover, while Corré has retained a minority stake.

Agent Provocateur’s profit before tax more than doubled last year to £3.7m. Total sales for the women’s lingerie retailer increased by 24.5% to £39m. Like-for-like sales rose by 5%.

The results followed a period of international expansion for the brand, which has 88 shops worldwide. Openings in Beijing and Shanghai took place last year, with further stores said to be in the pipeline in China’s Chengdu, as well as Los Angeles and San Francisco in the US and Toronto in Canada.

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