Lingerie brand Coco de Mer has been bought by its managing director and an unnamed investor, reportedly for £5m.
Sources told The Sunday Times Lucy Litwack led the buyout from online erotica company Lovehoney.
Litwack has been CEO of Coco de Mer since 2011. She was previously brand director at La Perla.
Coco de Mer was set up in 2001 by Samantha Roddick, daughter of Body Shop founder Anita Roddick. Lovehoney bought Coco de Mer in 2011.
Litwack is understood to have plans to expand Coco de Mer abroad.