She said: "We know how to design bras, but I'm not a retailer, so I'm looking for a partner to open the shops. I've discussed it with Debenhams and depending on how well the concessions strategy goes, there's an opportunity there."
A spokesman for Debenhams declined to comment on specifics, but said: "We are talking about how we can maximise the Ultimo brand, but as yet nothing is confirmed."
Mone told Drapers that sales of Ultimo at Debenhams had risen 200% after the launch of the first five concessions.
She also unveiled plans to launch an Ultimo sub-brand for younger consumers, which would rival high street chain La Senza. Mone plans to unveil the range for spring 09, with bras retailing at £16.
She is searching for a celebrity to front the new brand's marketing campaign. Pop star Sarah Harding is the face of the Ultimo brand. Ultimo makes up 60% of sales at parent company MJM International, which also owns the Michelle for George and Adore Moi brands.