Boux Avenue is understood to be close to signing a deal to open its first central London store on Oxford Street.
The lingerie retailer, which has 25 stores in the UK including one in Westfield London, is set to open a 2,500 sq ft store at 492 Oxford Street, according to Property Week.
The store was formerly occupied by footwear retailer Russell & Bromley and was vacated recently.
The trade publication reported that the deal is subject to HM Treasury approval because the building is owned by the Libyan Foreign Investment Company, which is currently subject to EU financial sanctions.
Boux Avenue, which is owned by Dragons’ Den star Theo Paphitis, has not yet responded to Drapers’ request for comment.