LONDON – Private equity group 3i has taken a majority stake in the British lingerie brand Agent Provocateur.
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London-based 3i said its investment, which according to industry sources is worth 60 million pounds, or about $123 million, will enable Agent Provocateur to fund its international expansion and pursue further growth opportunities.
“We are delighted to be investing in such a unique and exciting brand as Agent Provocateur,” said Jennifer Dunstan, of 3i partner buyouts, in a statement. “The company has a fantastic reputation and is already well established in Europe…[and] we believe there is enormous potential for the business to grow.”
Founded by Joe Corre, son of Vivienne Westwood, and Serena Rees, Agent Provocateur is known for innerwear with a risqué edge.
For more coverage, see Friday’s issue of WWD.