Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Mike Ashley 'enters race to acquire Agent Provocateur'

Mike Ashley has entered the race to acquire Agent Provocateur with a reported £27.5m bid for the lingerie retailer.

His sportswear firm Sports Direct is understood to be among the bidders for the label, joined by French womenswear brand Etam and private equity firms including Lion Capital and Terra Firma Capital Partners, The Times reported.

Agent Provocateur, which was established in 1994 by Dame Vivienne Westwood and Malcolm Maclaren’s son Joe Corré and his former wife Serena Rees, is being sold by private equity firm 3i. 3i has owned the business for more than 10 years and is expected to be seeking around £30m to cover the firm’s liabilities.

Ashley plans to retain Agent Provocateur’s 11 stores and sell the brand in his USC stores in a bid to move it more upmarket, the newspaper said. Agent Provocateur also has around 100 concessions in 13 countries, including at Harrods and Selfridges in London, Manchester and Birmingham in the UK.

3i is expected to make a decision on a preferred bidder in conjunction with its advisers at Rothschild shortly.

3i declined to comment and Sports Direct has not yet responded to Drapers’ request for comment.



Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.